European cat bond market poised to grow as UK ILS law passes

Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.

  • By Jasper Cox
  • 11 Jan 2018

Last month's Risk Transformation (Tax) Regulations 2017 and Risk Transformation Regulations 2017 represented the final stage of a process stretching back to the UK government's budget in 2015, when then chancellor George Osborne announced a plan to design a framework to attract ILS business to the country.

“The change ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,296 9 13.13
2 BNP Paribas 3,026 10 9.25
3 Bank of America Merrill Lynch (BAML) 2,411 8 7.37
4 Lloyds Bank 2,213 9 6.76
5 Credit Agricole 2,025 6 6.19

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 39,776.93 110 12.20%
2 Bank of America Merrill Lynch 31,199.90 89 9.57%
3 Wells Fargo Securities 27,406.11 76 8.41%
4 JPMorgan 24,953.34 73 7.65%
5 Credit Suisse 21,208.34 50 6.51%