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.

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.

During 2016, Assured Guaranty led the municipal bond insurance market in terms of both par and the number of transactions insured during the year, capturing 56% of all insured new-issue par and 48% of the insured transactions.  Our 902 primary-market transactions represented $14.2 billion of insured par – over $3 billion more than the combined total for the rest of the industry. Counting secondary market activity, our total 2016 U.S. public finance par insured was $16 billion.

Indicating increased institutional demand, 58 primary-market transactions in 2016 utilized $50 million or more of Assured Guaranty insurance, and reflecting the value of our guaranty, more than $1.6 billion of our insured volume involved credits with S&P or Moody's underlying ratings in the AA category. Additionally, our MAC platform had a record year with 223 transactions.

For the first half of 2017, Assured Guaranty insured $7.0 billion of primary-market par volume and 438 small, medium and large transactions in the U.S. public finance market. This included second-quarter insured par sold of $4.1 billion, 1.9 times that of our nearest competitor and representing 257 small, medium and large transactions           

Demand has increased for our guaranty on larger transactions, which typically interest institutional investors.  We insured 12 primary-market transactions with insured amounts of $100 million or more in the first half of 2017, more than in any first half since 2011. 

Secondary-market activity for the first half of 2017 was strong, as we issued 241 policies for a total of $1.2 billion of par, up 62% from par insured in the previous year’s comparable period. In aggregate, our primary and secondary market activity totaled an industry-leading $8.2 billion for the first half, including $4.6 billion for the second quarter.

Second Quarter 2017 Transaction List

Select Recent Transactions

Contact Information

  • William J. Hogan
  • Senior Managing Director
  • 212 408 6006
  • Email

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