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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: NOW who wrote (127986)10/7/2001 6:10:27 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
David...thanks, glad you reminded me to look at Noland, I had overlooked that. This part bodes especially badly for MBI, methinks:

As one would expect, the public-sector construction boom is being driven by surging municipal debt issuance. According to CFSB, third-quarter muni issues jumped to $55.1 billion, up 13.4% year over year. The comparison would have been even greater had it not been tempered by a 19% decline in September issuance as the market came to a standstill post September 11th. Year-to-date, municipal issuance of $187 billion is up 29% from last year. New money (issuance less muni refinancings) raised of $136.9 billion is running up 15% from last year. It is worth noting that almost one-half of muni issuance is insured by one of the credit insurers.

If rates start back up, these guys will have insured prices on stuff issued RIGHT AT THE TOP OF THE MARKET!. They may pop in the (very) short term, but probably time to start legging in on shorts and poots on MBI and ABK.
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