Guarantor penetration, or wrapped proceeds over total proceeds, came in shy of 6.5% for the third quarter 2003, with less than $9 billion in guaranteed proceeds versus a strong $138 billion in total supply, according to a compilation of deals from ASR and Thomson Financial.

This compares to the 12.12% of insured proceeds in the second quarter, and 10.19% during the third quarter last year.

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