Municipal bond prices have had a great run over the past year, but they still remain cheap compared to Treasury bonds, said Thomas Metzold, portfolio manager for the Eaton Vance National Municipal Income Fund. Metzold added that muni bonds also saw a nice bounce as a result of Federal Reserve Chair Janet Yellen's dovish stance last week. He said he is less sanguine about the high yield muni market because of some potential credit issues in the tobacco and charter school arenas. Metzold also said Illinois may not be the next Greece as a result of its pension crisis, yet Chicago may have trouble in the future meeting its obligations along with Puerto Rico.