A paradigm shift has transformed the municipal bond market in the last four years and RBC Capital Markets, now on the fifth rung of the underwriter ranking ladder, believes it has a firm hold on the new reality.

The shift is known to anyone with a passing knowledge of the market: monoline insurers once wrapped more than half of new issues but now play just a niche role, and their downfall forced the market to transform itself from one governed by rates to one shaped by credits.

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