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The bond’s Class A notes are priced at 8.5%, while the Class B notes are priced at 16.5%. -
Pricing on the bond has settled at the lower end of initial guidance.
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The bond is offered with price guidance in the range 500-575 basis points.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
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The ceding insurer is targeting EUR100mn of Class A reinsurance coverage for windstorm and hail and EUR50mn of Class B cover for windstorm.
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ILS Advisers Index returns 1.23% in August, taking YTD gains to 10.75%.
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Asagao VI is fourth largest private cat bond deal this year.
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The cat bond will provide indemnity coverage on a per occurrence basis.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Investors will have to wait for official Verisk data before knowing if the bond will trigger.
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The carrier is looking to raise $50mn in zero-coupon Class 2 notes, $100mn of Class 3 notes and $150mn of Class 5 notes.
