Secondary trading

A group of ILS funds tracked by the Eurekahedge ILS Advisers Index posted an average return of 0.42 percent in May, with all the funds represented posting positive figures for the month

Most cat bonds with exposure to aggregate tornado risk showed positive pricing movement between the start of May and early June after a spate of severe US storm strikes last month, according to pricing data obtained by Trading Risk.

The sustained seller's market in secondary cat bonds experienced in the first quarter has subsided after new issuance flooded into the market, but investor appetite remains strong, ILS traders have indicated.

ILS funds tracked by the Eurekahedge ILS Advisers Index posted an average return of 0.83 percent in April

Former Rochdale Securities ILS trader Craig Bonder has moved with his team from Maxim to AK Capital to set up the firm's first ILS trading desk.

A busy period for primary issuance and buoyant demand for cat bonds has fuelled a very active secondary market over the past month, but pricing has finally started to ease back from sustained highs earlier in the year.

Tokio Millennium Re recouped $20.5mn from industry loss warranties (ILWs) traded as livecat contracts during Superstorm Sandy, the company disclosed in its 2012 annual report

Strong demand in the secondary cat bond market is resulting in "pre-sell" bids being placed on new notes above par value before the deals have even closed, according to sources

The strength of investor interest in the (re)insurance sector is expected to keep spreads tight as ILS prices remained strong on the secondary market throughout March

Buying demand on the secondary ILS market remains strong but there have been few trading opportunities in recent weeks as cash-flush investors await new issuance opportunities

Strong demand for bonds on the secondary market has outpaced supply after lower-than-expected new issuance in the fourth quarter and first weeks of January

Guy Carpenter has hired former Goldman Sachs trader Sung Yim to support its launch of a secondary trading desk serving the ILS market, Trading Risk can reveal.