Surety activity in the U.S. term market picked up during the second quarter, as guarantor penetration, or wrapped proceeds over total proceeds, increased to 12.12% from 9.94% during the first quarter 2003, a 20% gain in market share. Year-over-year, however, the $17.5 billion in wrapped proceeds trails 2Q02’s $24 billion, when nearly 22% of the market was insured. See this quarter's Guarantor supplement for deal list.

The tally — based on a rough compilation of Thomson Financial and ASR inputs — includes non-CDO, U.S. public and 144A term deals. Real estate ABS insured by the government-sponsored agencies is also captured.

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