Last quarter, insured proceeds in the primary U.S. Public and Rule 144A market (excluding CDOs) were at $11.7 billion, roughly 14% of total issuance. This is at least few percentage points below typical industry penetration of 20% or so, according to a deal sampling derived from Thomson Financial Securities Data and IFR Mortgage Data.

As the frequent asset-backed issuers are finding a stronger bid for their subordinated bonds, the monoline insurance companies have devoted more of their efforts on the esoteric, one-off type transactions and new issuers, as well as the robust collateralized debt obligation market.

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