Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018
Three cat bonds upsize and price at low end of range
- 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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