In what proved to be the most robust quarter for the asset-backed market, monoline penetration, or insured proceeds over total proceeds, dropped to roughly 14%, which is at least few percentage points below the typical industry penetration.*

In fact, between 1999 and 2000, the surety penetration averaged in the low 20th percentile. Still, at close to $12 billion in combined insured proceeds - up 10% compared to 4Q2000, and 20% over 3Q2000 - the monolines had few complaints about the asset-backed business in the first quarter.

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