With its role as the dominant bond insurer in the municipal market, Assured Guaranty Corp. upped its new-issue production by 31.6% in the first quarter of 2009.

Despite a Moody's Investors Service downgrade of its Aaa rating last November, Assured wrapped 434 new issues with a par value of $9.3 billion in the first quarter, compared to 203 issues with a par value of $6.8 billion in the first quarter of 2008, according to Thomson Reuters. It wrapped about 11% of all new issues, which compares favorably to the penetration rate the market's now-downgraded former leaders recorded at the market's peak.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.