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Cat bond prices are now approaching historic lows on certain types of deal and compare to “hot market years” such as 2018. -
The broker estimated spreads fell by 15%-20% year on year to return to 2018 levels.
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The insurer will recoup $253mn from the Sanders Re aggregate bond, up 30% from the Q1 level forecast, but traditional treaty recoveries have fallen significantly.
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GC Securities’ Cory Anger said using capital freed up from ILS transactions for ESG investing could become a hallmark of future green deals.
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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
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It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
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The bond forms part of a wider trend towards public risk transfer in the ILS market.
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Collateral will be used to finance sustainable development projects and programs in the IBRD’s member countries.
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Rates are still more than 40% ahead of the pre-Hurricane Irma trough in late 2016.
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In the last round of marketing, the firm said it would lift the principal to $125mn-$150mn after initially seeking just $100mn.
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ILS managers said that large volumes of new issuances could carry on through the rest of the year.
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The deal is more than three times bigger than prior Asagao private cat bond deals.
