Sequoia Capital Ltd.

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Sequoia Capital Ltd. - At a glance:

• Issuer / SPV: Sequoia Capital Ltd.
• Cedent / Sponsor: Swiss Re
• Placement / structuring agent/s: Swiss Re Capital Markets acted as sole bookrunner
• Risk modelling / calculation agents etc: ?
• Risks / Perils covered: California earthquake risks
• Size: $23m
• Trigger type: Parametric index
• Ratings: S&P: 'BB+'
• Date of issue: Aug 2003

Sequoia Capital Ltd. - Full details

Sequoia Capital Ltd., a Caymans Islands domiciled SPV, provides Swiss Re with cover for certain California earthquakes.

The transaction is triggered on a parametric index to calculate whether an earthquake event qualifies. The index has the usual attachment and exhaustion points to determine how much of the principal has been lost.