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Consistent with their 2009 performance, Assured and FSA guaranteed a total of approximately $8.7 billion in U.S. municipal new issue volume, which represents 9.6 percent of total par issued for the third quarter 2009. Year-to date, both companies combined have guaranteed approximately $29.6 billion in new issue, representing 10.3 percent of new public finance issuance.
"Our market activity for the first nine months of 2009 demonstrates the demand for bond insurance," said Bill Hogan, Senior Managing Director of the Public Finance Group. "In the current challenging economic environment, our guaranty has generated debt service savings for a broad range of issuers, both large and small."
Assured and FSA provided guaranties on a number of notable transactions during third quarter 2009 including: $386 million in bonds for the Indianapolis Local Public Improvement Waterworks Project; $347 million in toll road revenue bonds for the Dulles Metrorail and $168 million in airport system subordinate lien revenue bonds for Clark County, Nevada.
Assured was also active in the Build America Bonds program where they guaranteed $103 million in sales tax bonds, of which $85 million were Build America Bonds for Utah County, Utah and $63 million in revenue bonds for Troy University in Alabama, of which a majority were Build America Bonds.
Assured Guaranty is a Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, structured finance and mortgage markets.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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