Capital Guaranty Insurance Co. yesterday offered secondary market bond insurance through a new method patterned off a system launched in March by Financial Guaranty Insurance Co.

Capital Guaranty requested bids for $20 million of insurance for New York City general obligation bonds at 2:05 p.m. The offering differed from FGIC's auction in two major ways: Capital Guaranty limited capacity to $5 million for any one bidder; and the firm is allowing investors 24 hours to submit their bids.

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