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Pricing is now targeted for 30 January, and closing on 6 February. -
The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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Earlier today, the insurer updated the spread on the cat bond which has settled at 5.75%, and updated the target price to $300mn-$350mn.
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The bond will provide protection from named storms in Florida for three years.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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Nearly 90% of the fund’s allocation is in cat bonds, with a small allocation to other ILS securities and US Treasury Bills.
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The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.
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GC Securities is the sole structuring agent and sole bookrunner on the deal.
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The multiple on the deal has settled at 2.3x the sensitivity case expected loss, down from 2.6x, according to initial pricing guidance.
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Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.
