Leveraging the firm’s extensive experience in distressed investing, Madison purchases distressed and defaulted tax-exempt bonds.

The tax-exempt bond market is inherently inefficient, with a market comprised of more than 60,000 issuers, has no centralized exchange, a lack of research coverage, and relatively small transaction sizes, all resulting in limited liquidity for asset holders and investors.

Due to the drag of non-performing assets on institutional portfolios, mutual funds, insurance companies and other investors who purchased these assets at issuance, many assetholders may elect to dispose of these bonds once they go into distress. When that happens, Madison provides institutional and retail bond holders, and their intermediaries, with reliable liquidity solutions.

With significant committed capital resources and considerable experience in complex transactions, Madison is a leading liquidity resource for profit and non-profit borrowers, multifamily and senior housing owners, operators and developers, and bond trustees.