Philippines looks to issue cat bond

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Philippines looks to issue cat bond

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EDITOR'S NOTE: IMAGE PROCESSED USING HIPSTAMATIC Ominous graffiti in Tacloban in the Philippines, Wednesday, Dec. 4, 2013. The city was decimated by last month's Typhoon Haiyan but rebuilding efforts are underway. (AAP Image/Neda Vanovac) NO ARCHIVING ** STRICTLY EDITORIAL USE ONLY ** | NEDA VANOVAC/AAP/PA Images

The Philippines is preparing a sovereign catastrophe bond, the World Bank said on Monday. The imperilled country could be the next to use the instrument as insurance against natural disasters.

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