These are municipal bond insurers.

这就是市政债券保险公司。

Bond Buyer Municipal Bond Index.

债券买主地方公债指数。

The urbanization results in the birth of municipal bond.

城市化的进程催生了市政债券的诞生。

Lot's of investors won't buy a municipal bond unless it's insured.

如果市政债券没有投保，很多投资者是不会去购买的。

Then, the value of the subprime loans that the municipal bond insurers own starts to go down.

接着，市政债券保险公司，持有的次级贷款价值开始下跌。