Secondary trading
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Gator Re has recovered value in the New Year after the bond's annual aggregate loss tally reset, Trading Risk understands.
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The Gator Re cat bond has traded as low as 79 cents on the dollar after sponsor American Strategic Insurance (ASI) reported a deterioration to its loss reserves for 2014.
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The Swiss Re Cat Bond Global Price Return Index took its biggest fall of 2014 in November.
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Prices on American Strategic's Gator Re cat bond dropped by roughly 10 percent in the week following the sponsor's updated loss report, but sources said a wide variation on indicative pricing remains.
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The volumes of US-linked industry loss warranties (ILWs) traded in the first half of 2014 came to about $800mn as suppliers broadened the terms of their cover, according to estimates from Aon's Global Re Specialty unit
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Cat bond prices remained 1.16 percent below the peak recorded for 2014 by the end of August, after beginning their seasonal climb in mid-July
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The regulator for securities firms operating in the US has begun to publish data on catastrophe bonds traded by its members in an attempt to make the Rule 144A bond market more transparent
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Plenum Investments said its cat bond fund will become the first ILS fund to be traded on the SIX Swiss Exchange, thereby offering investors daily liquidity.
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Secondary cat bond pricing, as measured by the Swiss Re Global Cat Bond Performance Price Return Index, took a small 0.2 percent dip in June after dropping 1 percent during April and May
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A "seismic shift" following the $1.5bn Everglades Re issuance led the Swiss Re Global Cat Bond Performance Price Return index down 0.7 percent during May, continuing several months of seasonal price tightening.
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The $1.5bn Everglades Re issuance has helped soak up investor demand for Florida hurricane risk and put pressure on secondary market pricing for such bonds, Trading Risk understands.
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The largest price rises on the secondary cat bond market have been seen at both the very low and very high risk ends of the ILS spectrum over the past month, traders told Trading Risk.