Bond insurance from Assured Guaranty's municipal-only Municipal Assurance Corp. is now available on secondary market trades through alternative trading system TMC Bonds.
TMC bonds, originally known as TheMuniCenter, is a hybrid fixed-income electronic trading marketplace for both sell-side and buy-side clients.
“TMC’s broad market reach makes MAC insurance highly accessible,” William O’Keefe, senior managing director for municipal marketing at Assured, said in a statement Monday. “It is particularly efficient for executing smaller size trades, with MAC and AGM insuring par amounts of $100,000 or more.”
MAC currently has secondary market insurance capacity available for more than 9,500 municipal credits, Assured said. Users of TMC’s platform can now get quotes and request the purchase of MAC insurance on approved issues by entering the CUSIP number of specific bonds. Assured began offering secondary market insurance through TMC in 2011.
“We are pleased to offer TMC users the ability to attach MAC bond insurance to eligible trades with just a mouse-click,” O’Keefe said.
MAC began operating in July and wrapped $60 million across seven deals in the third quarter. Assured backed 59% of insured bonds across 364 issues as of Oct. 11.
