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The cat bond market was very active in April as spreads began to widen. -
Market sources are speculating on the reasons behind the spread widening on index-based deals.
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The four-year deal will be the second Nature Coast Re bond issuance.
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The multiple on the Class A notes is lower compared with last year.
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Florida Citizens' Everglades Re bond priced up by 6% across three tranches.
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Spreads on all tranches of notes settled above the initially guided range.
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Longleaf Pine Re priced, while spreads on Everglades Re deal moved higher.
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Spreads could continue widening throughout the rest of the year.
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The sponsor was targeting between $850mn-$1.1bn of coverage in the latest mega-bond to hit the ILS market.
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The index-based coverage will be for the benefit of Lloyd’s Syndicate 1910.
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The Mexican government’s IBRD quake bond priced 4% ahead of guidance.
