Why Mexico’s cat bond won’t pay out yet

The devastating earthquake that hit Mexico this week could well mean a pay-out from a World Bank catastrophe bond issued in early August that provided the country with insurance protection against such a disaster. But Mexico’s chosen structure for the bond means that any cash payment is unlikely to be made for at least 30 days, while more data is collected.

  • By Craig McGlashan
  • 21 Sep 2017
If an earthquake — or on the other two tranches of the bond, a tropical storm in either the Atlantic or the Pacific — activates the trigger on the $150m August 2020 Class ‘A’ earthquake tranche of the $360m bond, then money will be released to the Mexican ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 18,605.78 27 8.83%
2 HSBC 16,094.53 24 7.64%
3 Barclays 15,995.15 26 7.59%
4 BNP Paribas 15,919.65 22 7.55%
5 Goldman Sachs 14,733.99 25 6.99%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
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2 Citi 52,833.87 135 11.48%
3 HSBC 35,719.21 90 7.76%
4 Bank of America Merrill Lynch 34,298.88 106 7.45%
5 Deutsche Bank 31,212.00 75 6.78%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
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1 UniCredit 34,793.50 122 7.22%
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3 Barclays 33,100.55 82 6.87%
4 Goldman Sachs 31,906.26 88 6.62%
5 BNP Paribas 31,647.57 69 6.57%

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1 Citi 96,179.86 335 7.29%
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3 HSBC 82,198.94 302 6.23%
4 Barclays 67,551.66 221 5.12%
5 Bank of America Merrill Lynch 66,801.88 220 5.07%