The new bond insurer, BAM, intends to begin under- wri ng in September, with expecta ons for at least $10Bn of par wrapped in the rst twelve months. In the- ory, this will trade more weakly at outset and will slowly improve over the next few years. Whether or not this outperformance will outweigh other market vectors is debatable; however, ini ally insured, longer maturity BAM bonds will provide at least modest outperformance prospects for investors with pa ent capital to spend.