The two active municipal bond insurers benefited from the issuance boom in the third quarter, as the insurance penetration rate in munis rose even as interest rates went back down.
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Assured Guaranty and Build America Mutual insured a total of $5.81 billion in the third quarter alone, bringing the total par amount insured to $15.56 billion — more than the $13.28 billion insured during the same time last year.
Total industry insurance penetration currently sits at 5.82%, up from the 5.54% after the first nine months of 2018.