Bond insurance

The two main insurers, Assured Guaranty Municipal Corp. and Build America Mutual, accounted for $17.132 billion of deals in the first two quarters compared to $18.794 billion a year earlier.

A court-ordered modification of the plan is more likely than outright rejection, sources say.

The top two bond insurers — Assured Guaranty and Build America Mutual — accounted for $17.132 billion of deals in the first two quarters.

Bond premiums decrease when a city facing flood risk adopts measures that will reduce those risks, according to a recent study.

Unsecured Creditors Committee attorney Luc Despins, said, “After five years, the results are in: the strategy has gone nowhere.” 

The two active municipal bond insurers wrapped $8.176 billion in the first quarter of 2022, a 3.25% decrease from the $8.442 billion of deals done in the first three months of 2021.

The underwriters filed a defense to the court earlier this month and analysts are skeptical of MBIA’s chances of prevailing.

Assured Guaranty Municipal Corp. and Assured Guaranty Corp. both resolved their exposure to its insured Puerto Rico debts leading to the upgrade to A1.

The two active municipal bond insurers wrapped $38.7 billion in 2021, an 8.7% increase from the $35.6 billion of deals done in 2020 and the highest level since 2009.

Swain's order affects $1.9 billion of PRIFA bonds and $384 million of CCDA bonds, for which insurers and bondholders will receive minimum recoveries of 14% and 29% of par, respectively.

Morgan Fahy has joined BAM’s capital markets team from Citigroup.

Municipal bond insurers are seeing the most business since the global financial crisis of 2008 crushed the sector.

Bond insurance grew to 8.4% of total market par covered in the first half of 2021.

Weill was involved in the municipal bond insurance industry from its inception in the late 1960s, as well as the original entrepreneurial group that created MBIA and its predecessors.

Officials from the Westchester County city and ACA Financial Guaranty disagree over who is on the hook for revenue bonds that aren't generating enough revenue.

Over the years, Assured Guaranty has been open to guaranteeing in the U.K. and most of Europe, Australia, and New Zealand and through AGM in the U.S. they cover certain transactions within the Latin American region.

Bank of America, JPMorgan, Goldman Sachs, Citigroup, UBS, Morgan Stanley, RBC, and Santander are defendants.

A total of $14.8 billion of par has been wrapped by bond insurance through May of this year, compared to $9.76 billion through the end of May 2020.

Shea, a veteran of the municipal bond business, joins the insurer's board. She will serve on its audit and environmental and social responsibility committee.

Bond insurers grew their business in Q1 2021 to $8.497 billion from $4.826 billion in Q1 2020 as more investors demand and issuers purchase insurance for their deals in the COVID-19 era.