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The bond offers earthquake cover for several European countries. -
The cover will include the 50 US states, District of Columbia and Canada.
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The bond is structured into four tranches of notes.
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Class A notes are priced at 1,400bps, Class B at 1,725bps.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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Pricing and sizing details were provided for the Class C notes.
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The spread guidance on both notes has moved lower.
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The bond will insure against named storms in eight US states.
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The vast majority of 2023 recoveries were from events in prior years.
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The notes were further marked down after a year-end Ian loss update.
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The state pool is seeking indemnity, annual aggregate cover.
