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With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.
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Cat events in 2017 and 2018 were a significant test of alternative capital. -
Pricing is expected to be settled this week and the transaction formally closed on 14 December, sources said.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
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Spread guidance has dropped to the bottom of the carrier’s target range.
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The spread settled at 5.75%, lower than the 6.0%-6.5% range advertised in November.
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The Google parent is seeking to secure California earthquake cover for under 3% in its latest Phoenician Re issuance.
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The new retro notes would cover US named storms and US and Canada earthquakes.
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The $100mn+ Bonanza deal is the Floridian’s third foray into the cat bond market
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Pricing has also been reduced below original spread ranges for both bond tranches.
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The spread on the bond settled at the previously marketed mid-point of 300 basis points.
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The bond is being issued through the company's third-party capital vehicle Sussex.
