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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2 HSBC 16,094.53 24 7.65%
3 BNP Paribas 15,919.65 22 7.57%
4 Barclays 15,870.51 25 7.55%
5 Goldman Sachs 14,733.99 25 7.01%

Dollar Denominated SSA (Excl US Agency)

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4 Bank of America Merrill Lynch 34,298.88 106 7.45%
5 Deutsche Bank 31,295.15 75 6.80%

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4 Goldman Sachs 31,906.26 88 6.64%
5 BNP Paribas 31,635.81 68 6.58%

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5 Bank of America Merrill Lynch 66,702.63 219 5.09%