Investment Style & Strategy  >  High-Yield Tax-Exempt Bonds
High-Yield Tax-Exempt Bonds
  • Analyze and invest in both established and growth sectors. Engage in a very entrepreneurial fashion with credit worthy borrowers 

  • Find and restructure distressed or defaulted bonds

  • Acquire entire bond issues whenever possible

Our specialized staff identifies issuers of tax-exempt bonds and potential borrowers in established and emerging sectors where growth potential is present. We then create transaction structures that allow us to address market dynamics while controlling risk by requiring certain terms and provisions in security documents that further enhance credit quality. We have developed a significant track record and strong, long-term relationships with issuers, underwriters, attorneys, and investment bankers in the area of high-yield securities providing our clients with tax-exempt bonds that may not be available elsewhere. We view ourselves as highly entrepreneurial in this space.  

What makes GIM managed bonds so attractive?  

  1. The demand for tax-exempt income from high quality, tax-exempt revenue bonds has historically been much greater than the supply.

  2. We undertake our own due diligence prior to the purchase of any bond issue which includes everything an underwriter and its disclosure counsel would do and more; our clients are comfortable that they hold securities in which risk is properly evaluated and well-managed.

  3. On behalf of our clients, we will generally purchase an entire bond issue or a supermajority position with the intent to hold the bonds as a long-term investment. We are not a broker-dealer of securities. We have no broker-dealer capabilities nor do we engage in frequent trading. We act as Bondholder Representative (a defined term in bond and other legal documents) for our clients and in cases where our clients own a majority of the outstanding bonds. As Bondholder Representative, we are uniquely positioned to provide the continuous analysis and oversight necessary to manage risk and monitor and enhance credit quality.