Bond insurance

The top two municipal bond insurers wrapped $5.735 billion in the first quarter of 2023.

The deal is expected to close in the third quarter of 2023.

Mark Cappell is the president of the National Federation of Municipal Analysts for 2023, its first bond insurer to take the role since 2009.

It says the plan of adjustment can treat bonds of National Public Finance Guarantee differently and let National vote in a different class.

The proposed plan's superior treatment of National Public Finance Guarantee-insured bonds is discriminatory and thus illegal, they allege.

The two main insurers, Assured Guaranty Municipal Corp. and Build America Mutual, accounted for $28.823 billion of deals in 2022 compared to $37.193 billion of in 2021.

School districts must sell bonds based on their own ratings or with private insurance because the triple-A-rated Permanent School Fund's capacity is nearly maxed out.

Arrick was formerly a managing director and healthcare group leader for S&P Global Ratings.

The top two municipal bond insurers wrapped $22.897 billion in the first three quarters of 2022, a 21.1% decrease from the $29.028 billion of deals done in the first nine months of 2021.

The bankruptcy judge indicated her support for the deal reached between Assured Guaranty and Franklin Advisors and Nuveen.