Zenkyoren secures $225mn of Nakama Re quake coverage
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Zenkyoren secures $225mn of Nakama Re quake coverage

Aisling Finn
17 April 2023
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Japanese carrier Zenkyoren has secured $225mn of quake coverage with its latest Nakama Re cat bond, as the Class 1 notes upsized to $75mn and pricing on both tranches settled on the low side of guidance.

The final spread offered on the Class 1 notes is 2.5%, 9% lower than initial guidance of 2.75%. The final price gives a multiplier of 3.2x

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