Calypso Capital II Ltd. Series 2013-1

Both tranches of notes from the Calypso Capital II Ltd. (Series 2013-1) catastrophe bond issuance, which was sponsored by insurance and reinsurance firm AXA Global P&C in October 2013, have been upgraded by rating agency Standard & Poor’s.

With the completion of AXA’s Calypso Capital II Ltd. European windstorm catastrophe bond occurring yesterday we now have statements from a number of the participants who had key roles in getting the largest Euro denominated natural catastrophe bond on record to market.

With the successful completion of the latest catastrophe bond to be issued, AXA’s Calypso Capital II Ltd. European windstorm cat bond, the total volume of catastrophe bond risk capital issued so far in 2013 is now officially $6.24 billion, according to the Artemis Deal Directory.

AXA’s latest catastrophe bond transaction, Calypso Capital II Ltd., has grown by 75% while marketing to now offer €350m of protection against losses from windstorm events in Europe. At the same time the price guidance has fallen to the low-end of the marketed range.

A new catastrophe bond has been launched on behalf of French insurance group AXA, the third in the insurers series of cat bonds named Calypso. Calypso Capital II Ltd. will seek to secure the insurer €200m of protection against losses from windstorm events in Europe.