All municipal bond insurers wrapped $18.306 billion in the first half of 2022, a decrease from the $20.842 billion of deals done in the first six months of 2021, according to Refinitiv data, but the overall insured market rate was 8.8%, higher than the 8.4% for the first half of 2021. The figures align with the overall decrease in issuance so far in 2022.

The two most active bond insurers — Assured Guaranty and Build America Mutual — accounted for $17.132 billion of deals in the first two quarters compared to $18.794 deals over the same period in 2021.

The industry par amount was achieved in 833 deals versus 1,174 deals the same time in the year before.