FloodSmart cat bond target increases by $25mn as price guidance lowers

23 February 2023

The US Federal Emergency Management Agency (FEMA) has expanded the target size of its FloodSmart Re cat bond issuance by $25mn as pricing moved to the lower end of initial guidance across the Class A and Class B tranches.

The target size of the tranche of Class A notes expanded to $200mn-$225mn, from the initial $200mn.

The pricing guidance for these notes moved to 1,625 basis points (bps), the lower end of earlier guidance, which was 1,625-1,725 bps.

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