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The deal would take Swiss Re retro cat bond cover issued this year to $1.2bn.
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Books are scheduled to close on Monday, with final pricing being decided on Tuesday. -
Retro deals make up a third of this year's volumes, versus a quarter in 2019.
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The carrier has returned to the bond market after a 2017 Northshore Re deal lapsed in June.
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The multi-peril notes offer a 12% coupon in the latest issuance of an active quarter.
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Pricing on the deal has settled at the low end of the insurer's target range.
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Pricing on the issuance has narrowed towards the lower end of the initial range.
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Several of the insurer's cat bonds have been heavily marked down in the secondary trading.
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The deal will provide the insurer with annual aggregate ILW cover.
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The deal would provide the corporation with California earthquake coverage.
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The increase was largely driven by successful capital raising, large numbers of maturities and fewer new issuances to replace them.
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The size of the cat bond deal increased by $25mn over the marketing period
