With its strong presence in the auto sector, MBIA was the leading financial guarantor in the first quarter, having wrapped roughly $5.9 billion of primary ABS supply in the first three months of the year. Overall wrapped volume was up from the same period last year, accounting for 12.1% of total supply - led by the auto sector, which was bolstered by numerous auto rental fleet lease transactions - up from the 6.62% of wrapped volume in 1Q04.

With MBIA practically running away with the majority of the quarter's business, rivals FGIC and AMBAC were the next most active guarantors in the quarter, with $3.2 billion and $2.7 billion, respectively, in business throughout the quarter. By contrast, the remaining two guarantors seen in the first quarter, FSA and XLCA, each backed just one deal each.

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