The top two municipal bond insurers wrapped $22.897 billion in the first three quarters of 2022, a 21.1% decrease from the $29.028 billion of deals done in the first nine months of 2021, according to Refinitiv data. The overall insured market rate was 7.8%, less than the 8.6% for the first three quarters of 2021.

The figures are in line with the overall decrease in issuance so far in 2022.

The industry par amount for the top two issuers was achieved in 1,146 deals versus 1,715 deals at the same time in the previous year.