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The European ETF launch has benefited from the performance of the Brookmont US cat bond ETF. -
The sponsor is offering two notes but will only place one depending on market interest.
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Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.
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One fund tracked by the index had a negative month.
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The fund held $10mn in AuM, with $3mn the minimum investment required.
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North Carolina Farm Bureau raised $500mn with its latest Blue Ridge Re cat bond deal.
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Demand for top layer coverage may also need to be supported by underlying market growth.
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The single note is offering an effective coupon of 23.5% at the midpoint of guidance.
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Assets under management in UCITS cat bond funds stood at $17.8bn as of 7 November, according to data from Plenum Investments.
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The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The two funds feed into the $892.5mn Schroder IF Flexible Cat Bond Fund.
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The issuance will be the fourth deal offered by the Lloyd’s carrier.
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The shift in multiples is indicative of price softening in the cat bond the past two years.
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The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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The ratings agency first indicated it would consider a new methodology in March.
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The single Class A note is offering an initial spread range of 1,050-1,150 to investors.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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One William Street priced its debut cat bond 13% below the midpoint of guidance.
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The reinsurer-linked manager now offers three ILS funds encompassing private ILS and cat bonds.
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The sponsor has $200mn of cat bond protection maturing in December this year.
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Total yield is down from 11.18% in the last week of October 2024.
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Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis.
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