2026 Third Quarter Update

Overview

BAM insured $5.3 billion of new issues that priced during the Third Quarter, an 8% increase vs. 2025.

BAM wrapped 17 issues with par of $100M or more, and 22 transactions where underwriters and issuers strategically used bond insurance on select maturities to broaden demand for their sales.

Notable examples included:

• $436M of the $2.3B sale by the Aquarion Water Authority
• $126M of last week’s $782M sale for the Nashville Convention Center, and
• $103M of an $818M sale by the Long Island Power Authority

For the year to date, BAM has insured $14 billion across 603 series for 590 member-issuers

Recent Headlines

• BAM Weekly Update: Munis Find Support After Week-Long Selloff

• CNBC Muni Money: How Climate Risks Are Impacting Muni Markets

• BAM Credit Insights: How sales-tax reform is impacting Iowa school districts

• CNBC Muni Money: Franklin Templeton: Alphabet’s muni bond deal is a success, with more to come

BAM 9M Activity

Market Activity

Note: Primary market only; priced basis.

Source: BAM; IPREO

BAM's Insured Portfolio*

As of September 30, 2026

*All BAM insured bonds are purchased by third parties - BAM is not a purchaser for any of these transactions. Sector distribution is reported according to BAM's internal categories; ratings distribution is based on BAM's internal ratings. Insured Par amounts shown in the chart above are based on original par insured; the percentages depicted in the pie charts above are based on current par outstanding. Both include surety policies. Numbers may not add up due to rounding.

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Don Farrell 
Head of Investor Relations
dfarrell@bambonds.com

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The material contained in this Weekly Update (the "Material") is provided for informational purposes only and does not constitute (i) an offer to sell or a solicitation to buy any security or any insurance product, (ii) a template or form for use or (iii) financial, tax, legal, investment or accounting advice. You should not rely on any Material for any purpose, including, without limitation, as the basis for any financial, investment or insurance decision. In no event will BAM be liable to any party for any damages, costs, expenses, legal fees or losses in connection with any use of the information, even if advised of the possibility of such damages.

BAM does not act as a fiduciary or investment advisor. The Material is not intended as a recommendation to purchase or sell any of the securities referenced there and should not be used or considered as such under any circumstances. The Material has been obtained from various public sources: BAM does not represent that it is accurate, timely or complete, and it should not be relied upon as such. BAM assumes no obligation to update the Material. BAM does not perform an audit and undertakes no duty of due diligence or independent verification of any information presented here.

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