Munich Re has listed the notes of its recently closed $100m Queen Street II Capital Ltd. U.S. hurricane and European windstorm catastrophe bond on the Bermuda Stock Exchange. This will please Bermuda which is seeking to grow its share of the global catastrophe bond market by offering attractive listing terms to issuers.
The full press release from the Bermuda Stock Exchange follows below.
BSX Approves Listing of Queen Street II Capital Limited Principal At Risk Notes
Hamilton, Bermuda: 23 March 2011 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Queen Street II Capital Limited Principal At-Risk Variable Notes due April 9th, 2014 that constitutes a $100 million dollar issuance under the Exchange’s Restricted Marketing provisions for Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Insurance Related Securities.
Queen Street II Capital Limited is an Irish Private Limited Company incorporated under the laws of Ireland. The purpose of the Principal At-Risk Note Program is to provide the Issuer with funds in order to support its obligations under the respective Risk Transfer Contracts it enters into with the Risk Transfer Contract Counterparty.
The Risk Transfer Contract Counterparty for the Notes will be Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (“Munich Re”) specified in the applicable Offering Circular Supplement.
Appleby Securities (Bermuda) Ltd sponsored the listing of the Notes and has also been appointed ongoing listing sponsor.
James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Queen Street II Limited’s Principal At-Risk Variable Notes to the Official List of the BSX. The BSX Listing Regulations for International Issuers of Insurance Related Securities are specifically designed to facilitate the listing of this type of Notes that are offered to institutional and sophisticated Qualified Investors”.
Mr. McKirdy continued, “This is yet another issuance of Notes that have taken advantage of the Exchange’s Listing Regulations for Insurance Related Securities and we are extremely pleased to be working with Queen Street II Capital Limited, Munich Re and Appleby Securities (Bermuda) Ltd.
Carol Feathers of Appleby Securities (Bermuda) Ltd noted, “It has been a pleasure to assist in bringing another listing of this type to The Exchange. The co-operation and assistance of the BSX Officers made it a very smooth exercise.”