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The bond has priced at the mid-point of guidance.
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Pricing on the Class A notes settled 11% below guidance.
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The bond is split across Class A and Class B notes that have different levels of risk.
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The cat bond market was very active in April as spreads began to widen.
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Market sources are speculating on the reasons behind the spread widening on index-based deals.
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The four-year deal will be the second Nature Coast Re bond issuance.
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The multiple on the Class A notes is lower compared with last year.
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Florida Citizens' Everglades Re bond priced up by 6% across three tranches.
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Spreads on all tranches of notes settled above the initially guided range.
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Longleaf Pine Re priced, while spreads on Everglades Re deal moved higher.
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Spreads could continue widening throughout the rest of the year.