An uptick in Q2 for bond insurance

The top two municipal bond insurers wrapped $15.571 billion in the first half of 2023, a 12% decrease from the $17.689 billion of deals done in the first half of 2022, according to Refinitiv data.

Market demand for bond insurance increased quarter-over-quarter, up 72% in the second quarter of 2023. Total insured penetration for Q2 was 10.1%, the highest penetration rate since 2009. 

The industry par amount for the top two issuers was achieved in 621 deals in 1H 2023 versus 844 deals in 1H 2022.

Insurance penetration for the first half of the year was 9%.