multicat mexico

Share

MultiCat Mexico 2012 Class C cat bond notes officially a 50% loss

It is now official, investors in the $100m tranche of MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes are facing a 50% loss of principal after calculation agent AIR Worldwide delivered its final report on the matter.AIR had to wait for the National Hurricane Center (NHC) to release read the full article →

NHC’s Patricia pressure uncertainty could be unhelpful for MultiCat

One of the key elements of any catastrophe bond trigger needs to be a transparent, rapid and fair payout process. This is especially true for parametric of index triggers, where a third-party may be reporting data on which decisions over losses are made.This brings us to an interesting aside to read the full article →

MultiCat Mexico cat bond notes price up to 50 in secondary market

The $100m of still outstanding catastrophe bond notes from the loss-facing MultiCat Mexico Ltd. (Series 2012-1) Class C cat bond deal have been priced by brokers back at around the 50 cents on the dollar mark, reflecting the increasing likelihood that the tranche only faces a 50% default.After the impact read the full article →

NHC puts Patricia landfall at 932mb, suggests 50% MultiCat loss at least

The U.S. National Hurricane Center (NHC) has finally delivered its final tropical cyclone report for hurricane Patricia, putting the minimum central pressure of the storm at 932mb at landfall on the Mexican coast, suggesting the MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes face at least a 50% read the full article →

MultiCat cat bond downgraded to default, uncertainty on loss remains

Uncertainty is still the order of the day when it comes to the size of the loss faced by investors in the $100m Class C tranche of the MultiCat Mexico Ltd. (Series 2012-1) catastrophe bond due to the impact of hurricane Patricia.ILS investors exposed to the potential loss of the MultiCat read the full article →

Speculative investors buy MultiCat cat bond, in hope not a full loss

Speculative investors have been buying some of the at risk $100m Class C tranche of the MultiCat Mexico Ltd. (Series 2012-1) catastrophe bond at very low prices, likely hoping that the event report reveals that hurricane Patricia only caused a 50% loss of principal, which could allow them to profit.We're read the full article →

S&P downgrades MultiCat cat bond notes on default expectation

S&P has downgraded the rating of the $100m Class C tranche of the MultiCat Mexico Ltd. (Series 2012-1) catastrophe bond, on the expectation that unless there is a significant change to the reported minimum central pressure figures for hurricane Patricia, "a default appears to be inevitable."Ratings agency Standard & Poor's read the full article →

Pressure recordings show uncertainty in MultiCat cat bond loss

Recordings of the minimum central pressure of hurricane Patricia, taken just a little way inland from the landfall location in Mexico by a storm chaser, look likely to sustain the uncertainty over the level of loss faced by catastrophe bond investors.When Patricia struck Mexico the National Hurricane Center reported an read the full article →

S&P put MultiCat Mexico Class C notes on negative watch post-Patricia

The $100m tranche of notes from the MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond, which are exposed to a loss due to recent hurricane Patricia's impact on Mexico, have now been placed on CreditWatch with negative implications by S&P.As a result of the Category 5 landfall near Manzanillo, read the full article →

MultiCat Mexico cat bond facing hurricane Patricia loss, but how much?

The $100m tranche of MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes look almost certain to face a loss from the impact of hurricane Patricia yesterday, but the question now, due to the parametric triggers conditions, is how much.Hurricane Patricia weakened on approach to the Mexican coastline, but read the full article →