Patrick McGee

Raymond James & Associates has been grabbing talent from larger firms ever since the credit crisis tossed and turned the financial world upside down in late 2007.

It may seem crazy to predict that in 2019 the municipal market will see $850 billion of new issuance, but for that to happen only one thing needs to occur: the trend of the past decade must hold steady.

The financial crisis resulted in the collapse or merger of many firms, but for Samuel A. Ramirez & Co. it was a clear opportunity. Ramirez expanded its underwriting business sevenfold in 2009, ranking them 21st last year compared with 60th in 2008, according to Thomson Reuters.

Robert G. Shoback resigned on Dec. 31 from his post as senior managing director of Ambac Financial Group and its bond insurer subsidiary Ambac Assurance Corp., the parent company announced today in a filing with the Securities and Exchange Commission.

Citi experienced great difficulties throughout the financial crisis but in the municipal world it was business as usual. The firm took top honors for municipal underwriting in each year of the tumultuous decade, capturing 14.4% of the market overall, according to data from Thomson Reuters.

As 2009 draws to a close, the outlook for the municipal bond insurance market is looking uncertain.

Responding to calls from various regulators for rating agencies to be more transparent in their practices, Fitch Ratings is publishing new rating criteria for all credits within public finance.

Standard & Poor's late Tuesday downgraded to BB-minus from BB the financial strength, financial enhancement, and corporate credit ratings of bond insurer Radian Asset Assurance Inc. The company was taken off negative watch and placed on negative outlook.

Standard & Poor's late Tuesday downgraded to BB-minus from BB the financial strength, financial enhancement, and corporate credit ratings of bond insurer Radian Asset Assurance Inc. The company was taken off negative watch and placed on negative outlook.

Moody's Investors Service late Friday confirmed the Aa3 insurance financial strength ratings of Assured Guaranty Corp. and Assured Guaranty Municipal Corp. AGC's outlook was changed to negative and taken off review for a possible downgrade while AG Municipal retained its negative outlook.

RBC Capital Markets announced that health care finance professional John Wells has been hired by the bank's municipal unit, which is ranked seventh as senior manager nationwide so far this year, according to Thomson Reuters.

MBIA Inc. is being taken off the S&P 500 index this Friday, Standard & Poor's said late last week.

The New York Stock Exchange has given Ambac Financial Group Inc. 10 days to respond to a notice issued late Wednesday warning the bond insurer it could be delisted for failing to maintain a minimum share value of $1.00 for the 30 trading days ending Dec. 8.

The municipal market showed firmness yesterday with yields one or two basis points lower overall and greater strength further out along the curve.

Highlighting its capital and distribution capabilities, Janney Montgomery Scott LLC wants to continue taking advantage of the shake-out of major firms due to the credit crisis. The firm said its public finance division has tripled profits and doubled staff in the past 18 months.

Michael J. Schozer resigned Monday from his post as president of Assured Guaranty Corp., a position he has held since December 2003, according to a company filing with the Securities and Exchange Commission on Tuesday.

The regulatory decision to block bond insurer Financial Guaranty Insurance Corp. from paying claims has resulted in “a failure to pay credit event” according to the International Swaps and Derivatives Association.

Despite the relative ease with which Assured Guaranty Ltd. raised capital last week, layoffs at the company are expected to continue into the first quarter of 2010, cutting its total workforce by about 40% in a period of nine months.

Assured Guaranty Ltd., the holding company of the two principal players in the bond insurance industry, is expected to raise at least $499 million of capital today when its offering of 23.9 million common shares closes with underwriter UBS Securities LLC.

Standard & Poor’s late Wednesday raised the counterparty credit rating of Ambac Assurance Corp. to CC from SD, selective default. The agency also affirmed Ambac’s financial strength rating of CC and changed its outlook on the guarantor to developing from negative.