Cat bond spreads face pressure as market deals with abundant capital
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Catastrophe bonds

Cat bond spreads face pressure as market deals with abundant capital

Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.

By Jai Singh
October 20, 2025
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Cat bond spreads are under pressure as available capital outweighs the supply of deals.

The spreads on USAA’s latest US multi-peril occurrence Residential Re issuance priced below their initial targets and below comparative deals issued in prior years.

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Topics

Catastrophe bonds North America USAA ILS managers Property treaty Analysis
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