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Secondary trading

  • $2bn Q4 issuance drives secondary trading
    The secondary ILS market had a strong trading quarter in the fourth quarter of 2011, buoyed by strong new issuance on the primary market, broker Aon Benfield Securities says in its latest market review.
    19 January 2012
  • Hardening market sees secondary prices stumble in 2012
    The Swiss Re global cat bond price return index has gradually been shedding value over the final quarter of 2011 to start 2012 at a similar level to that recorded after the March earthquake in Japan
    19 January 2012
  • UBS closes ILS desk
    Investment bank UBS has closed its New York cat bond desk, Trading Risk understands.
    18 January 2012
  • Goldman and Swiss only brokers trading for own account
    Traders at Goldman Sachs and Swiss Re are the only broker-dealers authorised to trade cat bonds for their own account, according to a Trading Risk survey.
    14 December 2011
  • Hunt for yield on 2009 vintage bonds
    As a large number of 2009 vintage cat bonds roll-off over the next six months, investors are on the hunt for remaining yield in the transactions now that the US wind season is over.
    14 December 2011
  • Ifex interest still open
    Trading platform ICE is continuing to list seven Ifex event-linked futures contracts after de-listing a group of the products earlier this year
    11 November 2011
  • Liquidity is a manager’s job: DeCaro
    ILS funds and traders must create their own transparency in the cat bond market by actively working with broker-dealers to get a sense of the market price, according to Elementum Advisors founding partner John DeCaro
    11 November 2011
  • Secondary pricing falls
    Prices in the secondary trading market are being depressed by a flurry of keenly priced new cat bonds in the fourth quarter and an element of seasonality as the US wind season closes
    11 November 2011
  • Investors positive on Mariah loss
    Pricing on American Family Mutual's Mariah Re 2010-1 cat bond increased slightly on news that the notes were to suffer an $11.6mn loss
    11 November 2011
  • Solidum sells $50mn cat bond from CEA line
    Swiss-based ILS fund manager Solidum Partners will issue a new private cat bond off the back of its participation in the California Earthquake Authority (CEA)'s 2012 reinsurance programme, Trading Risk can reveal
    11 November 2011
  • Mexican cat bond trades in Jova's path
    A portion of MultiCat Mexico's $50mn Class C notes changed hands in the secondary cat bond market as Hurricane Jova sped towards Mexico's Pacific coast earlier this month, Trading Risk understands.
    13 October 2011
  • Diversifiers fall from favour as investors seek yield
    The frenetic search for diversifying cat bond exposures has slowed as investors turn their attentions to seeking yield, Trading Risk understands.
    13 October 2011
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