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The calculation agent has now found that holders of the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond do not face any loss of principal following the wind-related impacts of tropical storm Megi (locally known as storm Agaton), Artemis has learned.

Having already been triggered and paid out US $52.5 million, we’ve now learned the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond will not face any additional loss of principal because of the rainfall from super typhoon Rai (locally known as Odette).

The Bureau of the Treasury of the Republic of the Philippines has issued a notice to the calculation agent of the World Bank issued IBRD CAR 123-124 catastrophe bond after the impacts of recent tropical storm Megi (locally known as storm Agaton), Artemis has learned.

The triggering and impending $52.5 million payout of the Philippines catastrophe bond by recent typhoon Rai (known in the Philippines as Odette), demonstrates a “tangible result” of the country’s disaster risk financing work, according to its Finance Secretary.

The Philippines government will make a recovery under the terms of its World Bank issued IBRD CAR 123-124 catastrophe bond, as the event calculation process has now run and super typhoon Rai (locally known as Odette) has breached the parametric trigger for wind, Artemis has learned.

The Philippines Government Treasury department has now issued a notice to the calculation agent requesting that an assessment be made as to whether recent super typhoon Rai (locally known as Odette) might have triggered its World Bank issued IBRD CAR 123-124 catastrophe bond coverage.

We understand that the World Bank has been put on notice as the Philippines government hopes to trigger the $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4.

Super typhoon Rai, or typhoon 28W which is known locally in the Philippines as Odette, is tracking towards the country’s central and southern islands and is expected to make landfall with sustained winds as high as 160 mph, putting holders of the World Bank issued IBRD CAR 123-124 catastrophe bond on alert.

The Bureau of the Treasury of the Republic of the Philippines has issued notice to the calculation agent for its World Bank facilitated IBRD CAR 123-124 catastrophe bond transaction that it believes recent super typhoon Goni to be an applicable event that requires a calculation of the modelled losses to be undertaken.

The Philippines government’s World Bank facilitated IBRD CAR 123-124 catastrophe bond transaction is under threat from typhoon Goni, which may cause a partial loss of principal for investors in the cat bond if it maintains significant wind speeds as it approaches Manila.