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Munis ‘in much better shape’ today: BlackRock pro

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Halftime Playbook: Munis

There's value to be found in the municipal bond market, Peter Hayes, a managing director at BlackRock, said Thursday.

"I think the best playbook I can design right now, I would say, is to barbell your portfolio with short duration, but with some of that 10-, 15- or even 20-year maturity … because the curve has steepened, and investors are getting rewarded more than they were two years ago," he said.

"And then I'd focus on certain sectors and the revenue part of the spectrum, like health care, like transportation—a lot of value without going way down in credit."

On CNBC's "Fast Money," Hayes, who oversees more than $108 billion in assets as head of the municipal bonds group at BlackRock, said that the summer's selloff in municipal bonds had been overdone.