|
|
Article: Bond Insurers: MIAC Gets N.Y.'s OK To Become Guarantor; Firm a Step Closer To Backing Munis.(Underwriters and Dealers)
- Article from:
- The Bond Buyer
- Article date:
- October 22, 2008
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Jack Herman and Patrick Temple-West
The Municipal Infrastructure and Assurance Corp. came one step closer to insuring municipal bonds by gaining approval from the New York Insurance Department to act as a financial guarantor.
As a well-capitalized addition to the beleaguered bond insurance industry, the new venture - co-sponsored by Macquarie Group and Citadel Investment Group - could help drive down costs for municipal issuers once it enters the market, MIAC executive vice chairman Richard Kolman said in an interview.
"At the end of the day, this is about lowering cost of funds," he said. "It's a difficult time in the municipal sector, ...