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Queen Street IV Capital cat bond notes list on Bermuda Stock Exchange


Munich Re’s recently closed $100m U.S. hurricane and European windstorm catastrophe bond notes issued through their Queen Street IV Capital Ltd. Irish domiciled vehicle have now been listed on the Bermuda Stock Exchange according to a BSX press release. The deal completed a week ago and you can read our previous coverage on the transaction here. The full press release from the BSX follows below.

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BSX Approves Listing of Queen Street IV Capital Limited Principal At Risk Notes

Hamilton, Bermuda: 2nd November, 2011 – The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Queen Street IV Capital Limited Principal At-Risk Variable Notes due April 9th, 2015 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 IV 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 IV Capital 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 IV Capital Limited, Munich Re and Appleby Securities (Bermuda) Ltd.

Carol Feathers, on behalf of Appleby Securities (Bermuda) Ltd. noted, “Once again, it has been a distinct pleasure to assist in bringing another high quality Insurance Linked Securities (“ILS”) listing to The BSX. The usual co-operation and assistance of BSX personnel made it a very smooth exercise indeed. Appleby Securities (Bermuda) Ltd. looks forward with optimism to working with the BSX on many more ILS listings as Bermuda continues to grow as a choice destination for such listings.”

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