New monoline market players wait in the wings
Financial guarantor woes open door to potential new entrants
With financial guarantors hit by a raft of downgrades in recent months as a result of their exposures to subprime mortgage-linked securities, new players are waiting in the wings.
In June, Australia's Macquarie Group served notice of its intent to establish a New York bond-insurance arm. If it does so, the subsidiary - Municipal and Infrastructure Assurance - will focus on financial guarantees and credit insurance, with initial capital of $2.5 billion. Macquarie declined to comment, but has
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