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The fund was renamed from the Pioneer Cat Bond Fund. -
The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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The body said cat bonds are closer to an insurance product than a security.
