Assured Guaranty Ltd. (AGO): The bond insurance industry, which in 20...

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Wednesday, 01/05/2011 12:47:54 PM

Wednesday, January 05, 2011 12:47:54 PM

The bond insurance industry, which in 2010 was solely represented by Assured Guaranty Ltd., guaranteed 1,701 issues totaling $26.96 billion.

That represents 6.2% of the entire market, or 9.8% of tax-exempt issuance. Compared to 2009, the market for bond insurance fell by 23.8%.

Given the recent downgrades of Assured and its former rival, MBIA Inc., Holmes said there is no sign that wrapping bonds will rebound in 2011. The business has been in free fall since the financial crisis erupted in mortgage-backed securities.

“Over the next couple of years, the bond insurance market, to me, is not going anywhere,” he said. “The five-year or 10-year horizon is a different story, but in the near term I don’t think too much is going to change.”

http://www.bondbuyer.com/issues/120_2/new_issue_volume-1021711-1.html

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