California raises further $150mn with quake bond II
The California earthquake bond Embarcadero Re has closed,
raising $150mn reinsurance for state insurer the California
Earthquake Authority (CEA) in the second issuance from the
platform.
This takes total cat bond sales for the year to date to $793mn.
The deal was placed by Deutsche Bank Securities, adding to the
$150mn deal closed in August last year.
The bond will pay an insurance-related coupon of 7.25 percent above
benchmark Treasury rates for risk, with an expected loss of 2.21
percent...
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