For insurers of asset-backed bonds, very little changed in 2Q00, with overall market penetration rising to 21.0% from 20.1% in the first quarter - not a meaningful shift, industry watchers said.

However, for the second consecutive quarter, monoline penetration was down from its 1999 numbers. In the 2Q99, the sureties did $12.8 billion in asset-backed business, which amounted to 23.9% of the $53.5 billion in total U.S. public issuance, compared to this quarter's $12.6 billion (of $58.9 billion), according to Thomson Financial Securities Data.

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