Bond insurer Assured Guaranty Municipal (AGM), has signed an agreement with TheMuniCenter (TMC) for AGM to offer real-time quotes and electronic execution of its bond insurance on secondary market trades.
AGM said initially it has listed nearly 5,000 approved municipal credits for its insurance and it will add additional names as new issues become available for trading.
According to the bond insurer, the registered users of TMC’s electronic trading platform can get AGM bond insurance quotes by entering the Committee on Uniform Securities Identification Procedures (CUSIP) number of bonds they want to insure.
AGM said the insurance will be available for trades with a minimum par amount of $100,000.
AGM senior managing director for municipal marketing William O’Keefe said through the broad market reach of TMC’s system, traders, institutional investors and retail trading desks can get real-time quotes and purchase the bond insurance for bonds they are trading or for positions already held, from the pre-approved list of insurable credits.
TMC CEO Thomas Vales said the ability of AGM to offer bond insurance for municipal bonds trading over the system is an important enhancement to the platform and will increase its service to the municipal market.