Third Embarcadero cat bond launches
The California Earthquake Authority (CEA) has launched its third Embarcadero Re cat bond on the market, which has been given a BB+ preliminary rating by Standard & Poor's (S&P).
The 2012-II Class A notes provide indemnity California quake cover on an aggregate annual basis for three years. This is in line with the bond's two predecessors issued in February and August 2011, which each closed at $150mn.
After a quiet patch in the ILS issuance market since the US hurricane...
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