Sakura Capital Ltd.

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Sakura Capital Ltd. – At a glance:

  • Issuer: Sakura 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: Japan earthquake
  • Size: $15m
  • Trigger type: Parametric index
  • Ratings: S&P: 'BB+'
  • Date of issue: Aug 2003

Sakura Capital Ltd. – Full details:

Sakura Ltd., a Cayman Islands special purpose vehicle, provides Swiss Re with a layer of protection for certain Japanese earthquake risks over four years.

The transaction utilises a parametric trigger based on an index which has specified attachment and exhaustion points to calculate how much of the cat bond prinicipal is lost after an event.

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