BAM insured $3.6 billion of new issues in the first quarter, up 19% from Q1 2025, helping 226 member-issuers finance essential infrastructure across 43 states. More than 80% of the insured par was for new-money uses in a diverse range of municipal sectors, including:
School Districts: $1.4 billion
Cities, Towns, and Counties: $775 million
Higher Education: $742 million
Water and Sewer Utilities: $735 million
Insurance utilization rose among larger issuers in the primary markets — BAM wrapped 21 transactions with par of $50 million or more — and broadly in the secondary market, where the BAM’s Capital Markets desk executed 53% more secondary market insurance trades vs. Q1 2025.
Noteworthy new-money transactions included:
$150 million - University of New Hampshire
$146 million - Oakland Unified School District, California
$88 million - Finney County, Kansas
$87 million - Eagle River Water District, Colorado
You can learn more about these transactions and all BAM-insured bonds by accessing their BAM Credit Profiles on our website: BAM analysts published or updated more than 3,400 BAM Credit Profiles during the first quarter 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. Hosted by journalists like Kelly Evans, it features interviews with industry experts regarding trends, risks, and opportunities in muni bonds.
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.
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.
*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.
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.
Please be advised that insurance coverage cannot be bound or changed via submission of (i) any online form/application provided on our website or otherwise or (ii) any email, voice mail or facsimile. No binder, insurance policy change, addition, and/or deletion to insurance coverage goes into effect unless and until confirmed directly in writing by us.
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