Pacific Re – Full details:
Coverage against Japanese typhoon-related losses. The notes have a dual trigger structure which can be triggered by either one large typhoon or two smaller, separate typhoons.
Multi-year structure with an option to convert the notes to cover a lower layer if a major catastrophe causes reinsurance prices to rise in the traditional market.
The notes priced at 370 points over LIBOR with an initial maturity of five years.
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