Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018

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Three cat bonds upsize and price at low end of range

  • Lucy Jones and Sofia Geraghty 27 March 2018
  • Three cat bond issues closed last week, surpassing their target sizes by 21-42 percent and pricing at the lower end of initial guidance.

    MS&AD Insurance Group's Akibare Re 2018-1 typhoon cat bond settled at $320mn (£224mn), an increase of 42 percent from its initial $225mn target size. Both tranches of the Japanese cat bond settled at 190 basis points (bps), after each launched with a guidance range of 200-250 bps.

    This translates into a 16 percent decrease, using the mid-point...

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