U.S. Public Finance
Assured Guaranty is the leading provider of municipal bond insurance in the United States.
Our municipal credit enhancement products include:
- Municipal bond insurance policies covering principal and interest, for both new issues and those already trading in the secondary market
- Surety policies that take the place of cash-funded reserves in municipal bond transactions
- Specialized financial guaranty policies, such as swap sureties guaranteeing a municipal issuer’s obligations under a swap agreement with a broker-dealer
We guarantee a wide range of municipal bond types supported either by tax revenues or revenues from essential public projects or services. We insure both tax-exempt and taxable municipal bonds, such as Build America Bonds.
While we have three platforms – AGM, insuring only public finance transactions, MAC, insuring only U.S. municipal bonds in select categories, and AGC, a diversified provider -- we are one team, applying a uniform underwriting standard and dedicated to the highest level of customer service. In addition to our large municipal bond insurance department in our New York headquarters, we maintain a fully staffed western regional office in San Francisco. (MAC is not licensed in all jurisdictions, including California.)
Additionally, through our Sure-Bid program, we simplify administrative procedures for qualified bidders in the competitive-bid market for both insured and uninsured municipal bonds.
For the first half of 2014, Assured Guaranty insured $3.9 billion of new issue volume, representing 299 primary market transactions. In the secondary market, 253 policies were issued for approximately $492 million of insured par, which represents an 83% increase over secondary insured par in the first half of 2013. The combined primary and secondary insured activity totaled $4.4 billion - a 20% increase over activity in the first half of 2013.
In looking at Assured Guaranty’s new issue activity in the second quarter of 2014, there was a 72% increase in par and a 56% increase in transaction count compared with the first quarter of this year.
|Second Quarter 2014
|Select Recent Transactions|