Penetration Competition

Chang, Helen
January 2005
Bond Buyer;1/25/2005, Vol. 351 Issue 32056, p1
Trade Publication
The article reports that in 2005, bond insurers predict lower volume, tight municipal credit spreads, stiffer competition, and downward pressure on premium rates. Yet opportunities will remain in the U.S. public finance market as insurers also expect more borrowing by localities, and sustained demand for insurance, as well as opportunities internationally. Most insurers expect tax-exempt issuers to borrow $325 billion to $335 billion in 2005. Of that, Financial Security Assurance Inc.'s managing director for municipal finance, Scott Richbourg, predicts $75 billion worth of refunding deals. INSET: Expectations for 2005.


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