The U.K. private finance initiative and European infrastructure projects are no strangers to the benefits a monoline wrap provides. Now it's likely that a greater number of municipal and public sector securitizations throughout Europe will feature bond insurance. The monolines are significant players in the U.S. municipals market.

According to Merrill Lynch, since 1995 European public sector bodies have issued a total of E50 billion of asset-backed securities and structured bonds. Municipalities have issued E1 billlion of that total.

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