Secondary Market Municipal Bond Insurance


AGM, MAC and AGC offer insurance for approved municipal bonds trading in the secondary market or held by investors. Secondary market insurance allows investors to meet portfolio credit requirements cost-effectively, obtain greater comfort on positions they want to retain, or increase the value of securities they plan to sell.

To be eligible, the bonds must meet the underwriting criteria of the insuring company. Because we have pre-approved thousands of credits, we can provide immediate quotes for qualified institutional investors and traders. The pre-approved list generally includes the most recent new issues that qualified for insurance in the municipal market. Upon request, we also consider transactions that are not currently on the pre-approved list.

For 2016, Assured Guaranty wrote secondary market policies on $1.8 billion of municipal bonds. Our full year secondary market par insured was approximately $1 billion in 2015, 2014 and 2013, and $1.3 billion in 2012.

We offer secondary market insurance in two ways:

  • Institutional investors and broker-dealers may call our Secondary Market Desk at 212 408 6067 for AGM, MAC or AGC insurance, generally in amounts of $1 million or higher. The desk offers insurance for both the pre-approved issues in the searchable database on this page and for other issues, subject to our approval process.

  • For municipal bonds trading on TMC Bonds, users who access the electronic trading platform at www.tmcbonds.com can purchase AGM and MAC insurance online in amounts starting at $50,000. On TMC, approximately 40,000 bond issues (i.e. CUSIPs) representing 5,000 pre-approved credits are already approved for single-click access to insurance from AGM, MAC or both companies, and we continue to expand the pre-approved list for each company. Our insurance is available for new purchases of any pre-approved municipal credit, and for any pre-approved name that a TMC member already holds. Trading on TMC is anonymous, with TMC the counterparty on every trade.  Founded in 2000 by major financial institutions, TMC counts among its owners units of Bank of America Merrill Lynch, Citi Global Markets and Morgan Stanley, as well as Assured Guaranty.

Additionally, users of Bloomberg Terminals can find indicative insurance pricing and availability information for AGM or MAC insurance on the Bloomberg All Quotes (ALLQ) page and then contact our secondary market desk by telephone, email or over the Bloomberg messaging network.  To view insurance pricing, users simply load a nine-digit municipal CUSIP and navigate to the All Quotes page with the command ALLQ (e.g., {123456789 Muni ALLQ <GO>}). Indicative prices for AGM or MAC to insure $1 million in par amount appear in the Ask Price column, expressed as the price per bond. The amount of insurance potentially available is also displayed if the user activates the Show Bid/Ask Sizes column in the ALLQ Settings menu. To initiate a purchase of insurance, users may contact Assured Guaranty’s secondary market desk over the Bloomberg network by sending messages to Richard Cassata, rmc176@bloomberg.net, Leonard Lasek, llasek@bloomberg.net, or Dana Villanova, dvillanova2@bloomberg.net.

Assured Guaranty does not sell bonds, and we do not offer bond insurance directly to individual bondholders. If you are an individual who wishes to own insured bonds, please contact your broker or financial advisor.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.