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Optimism seemed to be returning to the bond insurance market , with two of the three main transactions seeing an increase in business in the first half of the year . Although total deals by the three were down 8.5 % year on average in the first half , credit Guaranty said it had been the recipient of more than half of all transactions and insured $ 7.01bn of par in 435 transactions in the muni bond market . National Public Guarantee also saw an increase in par insurance , up from $ 376 m to $ 609 m . By contrast , Build America insurance saw its principal amount slide .