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The cedant’s Namaka Re bond is offering a spread range of 225-250bps. -
The two classes of notes are sponsored by separate insurers.
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The carrier has priced the Class A tranche at 525 bps.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The carrier also narrowed the pricing guidance for the two types of notes.
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A diverse investor base is among market characteristics seen as important for growth.
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Proceeds from the bond will be used to fund IBRD projects.
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The carrier has priced the Class A tranche at 500 bps.
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Pricing on the Class A notes is at the lower edge of guidance.
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The pricing guidance is now 550-575 basis points.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
