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Pricing on the transaction is up 12 percent, according to sources.
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The fund generated more than double the return on the Swiss Re Cat Bond Index in Q4 19.
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Last week, sources told this publication it is “unlikely” the bond will pay out this month.
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A source said it was unlikely the bond would trigger as early as this month, but noted that the pandemic remains unpredictable. -
Exposure to the Covid-19 pandemic was limited during the month, said Eurekahedge ILS Advisers.
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The California body’s $900mn in bonds constitute 20 percent of unrenewed notes maturing before July.
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The platform transacted the most cat bond lite deals of 2019, with $300mn raised from such listings.
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Countries from several continents have received disbursements of varying sizes to help them deal with the Covid-19 pandemic via the CAT-DDO credit lines.
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The deal marks the third time the bank has brought operational risk to the ILS market.
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Spillover from the Covid-19 stock and bond market crashes made for some turbulence towards the end of the quarter despite the impressive volumes issued.
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The bonds could trigger this year if the pandemic drives mortality rates sufficiently high.
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The ILS market has used every reversal as a base for its future growth and this should happen again after Covid-19, the firm argued.
