The Cayman Islands Stock Exchange has delisted the two tranches of Munich Re’s $267.7m (€170m) catastrophe bond Queen Street Ltd. after the deal matured without any losses. Maturities are a feature of the first half of this year with a total of $4 billion of cat bonds scheduled to mature by the end of Q2.
The Queen Street Ltd. transaction, issued in March 2008, provided Munich Re with three years of protection against peak European windstorm risks. It was an innovative transaction as the second tranche of €70m securitised windstorm frequency losses as an aggregate XL tranche for the first time.
Munich Re still have some European windstorm risks covered by their latest Queen Street II Capital Ltd. transaction and their 2010 EOS Wind cat bond.
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