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The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target. -
Spreads have fallen 14% on a weighted average basis on new deals marketed in the quarter to date.
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Spreads fell by 11%-33% during the marketing process, with several of the deal’s layers pricing well below revised guidance.
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The cat bond will renew an expired 2017 multi-peril deal for the US insurer.
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Spreads are back in line with early 2019 levels after strong new issuance was not enough to meet a rising wave of investor demand, the broker said.
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The ILW deal will offer a spread of 1775-1850 basis points (bps), including a wide range of perils and notably high coupon for the ILS market.
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The cedant was able to cut pricing on its occurrence layer by 25% from initial forecasts.
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Projected spreads on the deal range from 300bps at the bottom end of the lowest risk notes to 1000bps at the top of the highest-risk layer.
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The Bermuda (re)insurance firm will pay a final spread on the deal of 675 basis points (bps).
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Investors are seeking to take higher-attaching risks with pure peak peril deals in stronger demand.
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It will more than replace a $250mn deal from 2018 which will mature this year.
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The spread on the aggregate ILW bond for the first-time sponsor has dropped by 7%.
