Atlas VI Capital Ltd. (Series 2009-1)
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Atlas VI Capital Ltd. (Series 2009-1) - At a glance:
- Issuer / SPV: Atlas VI Capital Ltd. (Series 2009-1)
- Cedent / Sponsor: SCOR
- Placement / structuring agent/s: Aon Benfield and BNP Paribas - arrangers. Aon Benfield, BNP Paribas and Deutshe Bank - joint book runners
- Risk modelling / calculation agents etc: RMS
- Risks / Perils covered: European windstorm, Japan earthquake
- Size: €75m
- Trigger type: Parametric index
- Ratings: S&P: 'BB-'
- Date of issue: Dec 2009
- Artemis.bm news coverage: Articles discussing Atlas VI Capital Ltd. (Series 2009-1) from Artemis.bm
Atlas VI Capital Ltd. (Series 2009-1) - Full details
Atlas VI Capital Ltd. (a Dublin, Ireland based SPV) is issuing a €75m catastrophe bond deal on behalf of SCOR. The transaction is designed to provide SCOR Global P&C SE with protection against major Japanese earthquakes and certain northern and western European windstorms over 3.5 years.
The deal is scheduled to provide protection between December 2009 and April 2013. Initial model payout factors and factors of calculation can all be reset annually on 1st April if SCOR chooses.
Structured in a single tranche of series 2009-1 Class A notes the deal uses Parametric loss triggers for both the Japanese earthquake risk and the European windstorm risk. Risk Management Solutions Paradex index will be used for Euro windstorm and the Kyoshin network of earthquake monitoring stations in Japan will be used for quake.
For collateral this deal will utilise a tri-party repurchase agreement in which BNP Paribas, Euroclear and Atlas VI will be involved. Assets used will have to be highly rated corporate and sovereign debt of U.S. or European entities, cannot be debt issued by certain named companies and must be overcollateralized.
Standard & Poor’s have assigned a rating of ‘BB-’ to the series 2009-1 Class A notes issued by Atlas VI.
The transaction can extend by up to 3 months to allow for loss development and reporting.
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