美国债券保险业:迟来的复苏?

A Gradual Recovery of the US Bond Insurance Industry

通过对美国债券保险业发展的现状以及当前美国债券保险业低迷的原因进行分析,本文认为,当前美国债券保险业尚未复苏主要有三个原因:一是货币环境不利于债券保险业发展;二是债券保险市场认可度大幅下降;三是债券保险公司整体实力下降严重。未来美国债券保险公司将继续坚持市政债券保险业务的"单线模式"。同时,受益于货币环境更加有利以及市政债券发行量的扩大,债券保险业将持续复苏。

This paper analyzes the downturn in the US bond insurance industry, and concludes there are three main reasons for the industry＇s weakness. It contends the monetary environment is not conducive to the sector＇s development, the public acceptance of the bond insurance market has declined significantly and the overall strength of bond insurance companies has decreased substantially. In the future, US bond insurers will continue to adhere to the ＂single line model＂ as seen in municipal bond insurance. Meanwhile, the bond insurance sector will continue to recover, benefiting from a somewhat more favorable monetary environment and stepped up offers of municipal bonds