Monoline market doubts

With financial guarantors hit by a raft of downgrades in recent months as a result of their exposures to subprime mortgage-linked securities - restricting their ability to generate new business - several new players are waiting in the wings to fill the void. But is there enough business to justify their optimism?

In June, Australia's Macquarie Group served notice of its intent to establish a New York bond insurance arm. If the plan goes ahead, the subsidiary - Municipal and Infrastructure