Bond insurance

The hire comes as more BAM clients are considering public-private partnership financing structures.

"Nothing could delay a restructuring or a consensual deal [more] than the existing board was doing," said Assured Guaranty CEO Dominic Frederico of the Trump administration's removal of Puerto Rico oversight board members.

The top two municipal bond insurers wrapped $22.121 billion in 1H 2025, up from $19.4 billion in 1H 2024, the data shows.

Municipal bond insurers wrapped $7.316 billion in the first quarter of 2025, a 2.6% increase from the $7.132 billion insured in the first quarter of 2024, according to LSEG data.

In the coming year, we'll find out if public pension disclosure and transparency have improved enough to protect municipal bond investors.

In total, municipal bond insurers wrapped $41.09 billion of debt in 2024, an increase from the $35.38 billion insured in 2023, according to LSEG data.

Walrath will support BAM's underwriting and credit departments in executing every credit BAM insures and advise the bond insurer on other legal matters.

The central Texas city of Clyde said it issued tax and revenue anticipation notes with a 9.5% interest rate to repay its insurers after an Aug. 1 bond default.

Vales is currently a director for fixed-income focused broker-dealer InspereX and an independent trustee for the Axonic Funds, having previously served as the CEO of electronic trading platform TMC Bonds, which ICE acquired in 2019.

Build America Mutual insured the majority of the maturities in the West Contra Costa Unified School District GO deal.