News

Build America Mutual Assurance Company (BAM or the Company), the first mutual municipal bond insurer, today announced its U.S. municipal insured par of public finance new issuance for the first quarter. BAM guaranteed 114 primary transactions for a total of $866.5 million of new issue volume in the first quarter. Since inception in July 2012 through the first quarter of 2013, BAM has insured 118 new issue municipals with a par amount of $898.5 million.

“We were particularly gratified that our market share of insured new issues grew substantially over the quarter, from 20% in January to 53% in February and March, and we continue to see inquiry from a variety of newly licensed states where BAM is now qualified to do business,” said Seán W. McCarthy, co-founder of BAM. BAM is now licensed in 37 states and the District of Columbia, and the Company expects to achieve nationwide licensing over the next few months.

BAM, which is operated for the benefit of its issuer members — the cities, states and other municipal entities that use its AA/Stable rated financial guaranty — is chartered to insure essential public purpose municipal issuers of fixed rate debt in core sectors. These are primarily G.O., general fund and appropriation bonds; utility and transportation revenue bonds, public colleges and universities and dedicated tax revenue bonds.

BAM’s market focus will remain on small to medium size municipal issuers, which use its guaranty to lower their interest costs and achieve greater market access. BAM’s average transaction size during the first quarter was $7.6 million, with a minimum size of $1.0 million and a maximum size of $52.7 million.

About BAM

Domiciled in New York, BAM is a mutual monoline insurer of municipal bonds, exclusively. BAM is rated AA/Stable by Standard & Poor’s Ratings Services and is sponsored by the National League of Cities.

For further information, please contact:

Betsy Castenir, Head of Corporate Communications 212-257-6148 or 917-940-2462