2026 Second Quarter Update

Overview

BAM set a new record for par insured in the first half, guaranteeing $10.3 billion in the primary and secondary markets and helping 618 member-issuers finance essential infrastructure across a diverse range of municipal sectors, including:

• School Districts: $3.1 billion
• Water and Sewer Utilities: $1.9 billion
• Higher Education: $1.5 billion

BAM saw strong demand for its guaranty on large transactions in the primary markets — 43 transactions with par of $50 million or more used BAM insurance in the First Half, a 35% increase from 2025 — and broadly in the secondary market, where BAM’s Capital Markets desk executed more than 700 secondary market insurance trades.

Noteworthy new-money transactions included:

• $300 million - City of Georgetown Utility System (TX)
• $224 million - Kean University / NJ Educational Facilities Corp.
• $204 million - Olathe School District (KS)
• $109 million - Norfolk Airport Authority (VA)

You can learn more about these transactions and all BAM-insured bonds by accessing their BAM Credit Profiles for free on our website. More than 13,500 BAM Credit Profiles are now available, and BAM analysts published or updated 6,725 during the first half alone.

Muni Market News and Insights

Subscribe to BAM’s YouTube and LinkedIn pages for weekly updates on municipal bond market conditions and upcoming transactions, plus bonus coverage of the market from CNBC and Bloomberg Radio. Recent highlights include:

CNBC Muni Money: A regular segment and video series produced by CNBC, in partnership with BAM, focused on educating investors and policymakers about the municipal bond market.

• World Cup host cities use muni bonds for financing - Nuveen

• Airports are great as yield spreads tighten - Invesco

   

Bloomberg Munis in Focus: A recurring segment on Bloomberg Radio and podcast series that provides in-depth analysis of the municipal bond market. It covers news, market performance, and trends, often featuring Bloomberg Intelligence analysts discussing topics such as demand for tax-exempt bonds, yield trends, and issuance trends.

• Sectors to watch in H2 2026 - Parametric

• What municipal bond investors want in today’s market — Hilltop

BAM Weekly Update: A weekly video-based, report from BAM Mutual that provides a summary of the municipal bond market, insights on weekly market activity, and highlights of BAM-insured bond transactions. It offers analysis on market demand, interest rates, and specific issuer activity for investors and analysts.

• Munis stay on record pace to wrap first half

• Fed chief’s focus on inflation sparks rally

2026 Insurance Activity

BAM's Insured Portfolio*

Total Par Outstanding: $141.8 billion

Inception to June 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 in-force par insured; the percentages depicted in the pie charts above are based on in-force par insured. Both include surety policies and assumed reinsurance. Numbers may not add up due to rounding.

BAM Watchlist

• Click here to view BAM's Watchlist

Contact Us:

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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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