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Capital markets wake up to insurance risk A year ago a Californian earthquake bond seemed exotic. Now for a small group of fixed-income investors it's old hat -- they want new risks. Bond and derivative investors are slowly but inexorably applying their vast resources to insurance risk, and investment bankers argue the scope is limitless.

THE FRENCH government is proceeding undaunted with a heavy sale schedule, which includes the second tranche of its privatisation of France Télécom, the flotation of insurance group, Caisse Nationale de Prévoyance (CNP) and the sale of shares in Crédit Lyonnais. Although the government remains characteristically tight-lipped about its intentions, bookrunner ABN Amro Rothschild is expected to launch the sale of CNP in the next week with a view to pricing the deal just after the execution of the Swiss government's sale of shares in Swisscom.