Hints and tips:
...Given the scrutiny of the regulators, such assurances make sense....
...The Securities and Financial Markets Association, which counts investment managers with $34tn in assets as members, said it feared that US-based investment advisers and broker dealers could be precluded...
...The agreement did not include a key party to the negotiations, as the utility continues to thrash out terms with monoline insurers, including Assured Guaranty, National Public Finance Guarantee and Syncora...
...MBIA and Assured Guaranty have billions of dollars of exposure to Puerto Rico. They may come out of the latest crisis with just a few scrapes here and there....
...These include the Bermuda-based insurance companies Maiden Holdings, Assured Guaranty, Axis Capital Holdings, Validus Holdings and Aspen Insurance Holdings....
...TMC Bonds, a consortium owned and backed by the likes of Bank of America Merrill Lynch, Citigroup, Morgan Stanley and the bond insurer Assured Guaranty, announced on Tuesday that it is launching a so-called...
...Assured Guaranty Municipal Corp and National Public Finance Guarantee Corp allege that the city is “unlawfully diverting voter-approved” taxes meant for “the sole purpose of paying principal and interest...
...MBIA, through its subsidiary National Public Finance Guarantee Corp, has insured $5.3bn of Puerto Rican municipal debt; Assured backstops $5.5bn....
...Assured Guaranty, the bond insurer, unveiled a new, um, bond insurer last week. Called Municipal Assurance Corp, or MAC, it will insure US municipal bonds....
...Last month, Assured launched a new double A rated subsidiary, Municipal Assurance Corp, to write new muni business, and MBIA hopes to start writing new business shortly....
...The settlement came on the same day that UBS agreed to pay $358m to Assured Guaranty to settle claims that it underwrote faulty residential mortgage-backed securities....
...The fund will be a mutual, 100 per cent owned by participating muncipalities, and managed by Sean McCarthy and Robert Cochran, the ex-chief executive and chief operating officer of Financial Security Assurance...
...Under the new structure, and pursuant to the insurance cancellation agreement, Wells Fargo reserves the right to cancel the insurance policy with Assured Guaranty Corp....
...Wells Fargo has agreed to pay $148m to settle allegations of rigged bids in the US municipal bond market by the Department of Justice and the Securities and Exchange Commission....
...At the same time, Standard & Poor’s affirmed the ‘AA+’ ratings on the members of five other insurance groups–Assured Guaranty, Berkshire Hathaway, Guardian, Massachusetts Mutual, and Western & Southern–and...
...The Depository Trust Co, National Securities Clearing Corp, Fixed Income Clearing Corp and Options Clearing Corp were all downgraded from triple A to double A plus....
...This left the stock down 2.3 per cent to $12.83, with news that the bank had made a deal with Assured Guaranty to resolve all its mortgage repurchase claims serving to limit further losses on the stock....
...Units of Ambac Financial Group and Assured Guaranty had received subpoenas, according to a person familiar with the inquiry, while MBIA and Syncora Holdings Ltd also confirmed the receipt of subpoenas....
...Assured Guaranty’s new business comes from insuring bonds sold in the US municipal bond market....
...On Monday, Standard & Poor’s downgraded Assured Guaranty Corp. and Assured Guaranty Municipal Corp. from AAA to AA+....
...Only Assured Guaranty is still writing business and it too has been seriously weakened by its foray into insuring residential mortgages. As incredible as it may seem, there are yet more casualties....
...Yet there is just one company providing it now [Assured Guaranty], and National wants to be another one,” says Chuck Chaplin, MBIA’s president and chief financial officer....
...But it’s been all downhill since then, and on Wednesday, S&P declared the outlook for the bond insurance industry was “uncertain”, and pointed out that only one active bond insurer remained – Assured Guaranty...
...This suggests municipal ratings that were issued before the financial crisis struck are still attached to the securities as they trade in the secondary market....
...The only prior CDS event on a bond insurer involved Syncora, formerly known as XL Capital Assurance, which was itself an operating subsidiary of Security Capital Assurance (SCA)....
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