Strong demand for the first European wind bond of the year - French insurer Groupama's EUR100mn Green Valley II - pushed pricing on the sale down below guidance, The Insurance Insider's sister publication Trading Risk revealed last month.
The bond was issued at 350 basis points (bps) above a discounted rate to the benchmark Euribor - below the 375-405 bps price proposed in marketing earlier this month - according to sources.
Green Valley II was over-subscribed by investors keen to...
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