MAC in the New Issue Market

When MAC insures bonds at issuance, it provides investment protection for the life of the insured bonds and both immediate and long-term benefits to issuers.

For issuers and their advisors, MAC’s underwriters bring experience and professionalism to the process of issuing insured municipal bonds.  This is the same team that underwrites public finance business for MAC’s affiliates AGM and AGC, both of which have assisted issuers in achieving efficient market executions for more than a quarter century.  Our underwriters, analysts and legal professionals understand the importance of timely and certain execution to bond issuers and their advisors, and we are dedicated to providing the highest level of customer service.

MAC insures both negotiated and competitive issues.  For negotiated transactions, we provide details at the outset about the legal terms and conditions that our independent credit committee will require. We work cooperatively and creatively to reach agreement on a structure that satisfies MAC’s requirements and provides efficient financing for the issuer.

For competitive issues, our bids are made available to underwriters and bidders on the day of sale through an email distribution.  To subscribe to this distribution or for questions on premium pricing, please contact our competitive bid desk at 212-408-6067.

Once a transaction is sold with MAC insurance, we work as a team with all parties to close the transaction promptly and smoothly.   Critical materials for preparing the official statement are readily available on our Closing Documents web page.


MAC’s mandate is to write bond insurance only for U.S. municipal bonds in select categories such as G.O. and tax-backed bonds and public electric, water, sewer and transportation revenue bonds, generally in insured amounts from $1 million to $100 million.  For more on the types of bonds we insure and our eligibility requirements, please see What We Insure.

Additionally, for pricing market transactions the issuer must be in a state where we are licensed to write insurance.  We are licensed in all 50 states and the District of Columbia.


If you are an issuer, municipal financial advisor or investment banker with an upcoming negotiated or competitive municipal transaction, please provide the following documents to us, preferably no later than seven business days prior to the sale date:

  • Preliminary Official Statement
  • The last three years of audited financials of the issuer
  • Any other material documentation

Send electronic copies to:

For additional information contact:

William J. Hogan
Senior Managing Director
1 212 408 6006

Christopher Chafizadeh
Senior Managing Director
1 212 339 0832

James Binette
Managing Director, Eastern Region
1 212 408 6005

Jasan Kissane
Managing Director, Western Region
1 415 995 8023

To assist broker-dealers, MAC and its affiliates maintain an active investor education program through digital and radio advertising, websites like this one, investor fact sheets and presentations to sales forces.

For more information, contact:

Bernard Bailey
Managing Director
1 212 261 5528

George Mulry
Managing Director
1 212 261 5597

Jason Falzon
Managing Director, Pricing
1 212 408 6036

Len Lasek
Vice President, Public Finance
1 212 408 6078

Dana Villanova
Vice President, Public Finance
1 212 408 6065