Mexico cat bond on watch after Otis’ landfall
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Mexico cat bond on watch after Otis’ landfall

Hurricane Otis_Oct_23.png

Hurricane Otis has made landfall as a Category 5 storm near Acapulco, Mexico, with its minimum central pressure of 923 millibars (mb) putting the World Bank’s 2020 Class D notes at risk.

The Class D layer of the International Bank for Reconstruction and Development’s (IBRD) 2020 bond provides $125mn of parametric, per occurrence cover for Pacific named storm, with the trigger linked to minimum central pressure.

The

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