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Queen Street III cat bond principal repayment falls short, defaults

Munich Re’s Queen Street III Capital Ltd. catastrophe bond which matured last week saw a shortfall in the amount of principal repaid to investors, as the cat bonds exposure to last years U.S. debt ceiling financial issue shrank the capital returned to investors.To refresh your memories, last October we wrote read the full article →

Queen Street II & III cat bonds downgraded on risk of principal loss

Two Queen Street catastrophe bond transactions, sponsored by reinsurance firm Munich Re, have been downgraded by S&P over a heightened risk that investors will not receive back 100% of the outstanding principal amount at maturity.The two cat bonds, Queen Street II Capital Ltd. and Queen Street III Capital Ltd., were read the full article →

Queen Street II Capital cat bond collateral also affected by debt ceiling

Another of reinsurer Munich Re's catastrophe bond transactions has been adversely affected by the uncertainty over the U.S. debt ceiling. Queen Street II Capital Ltd. has suffered a loss of principal in the collateral account due to a decline in its per-unit mark-to-market value.The Queen Street II Capital catastrophe bond read the full article →

Cat bonds not immune from U.S. debt ceiling issues, Queen Street III on watch

Anyone who thought that catastrophe bonds were immune from the financial market uncertainty surrounding the U.S. debt ceiling has been proven wrong as Munich Re's Queen Street III Capital Ltd. cat bond is placed on a negative credit watch due to collateral issues triggered by the debt ceiling issue.The Queen read the full article →

Queen Street IV Capital Ltd. catastrophe bond sponsored by Munich Re comes to market

Regular catastrophe bond sponsor Munich Re are once again seeking to issue another transaction in their Queen Street series of deals. Queen Street IV Capital Ltd. is  being marketed to investors as a single tranche catastrophe bond seeking to issue notes which would provide Munich Re with $75m of cover read the full article →

S&P reinstates rating on Queen Street III Capital Ltd.

As promised on Monday when they suspended its rating, Standard & Poor's have reinstated the rating on the Queen Street III Capital Ltd. catastrophe bond which provides Munich Re with protection amounting to $150m of their European windstorm risks.S&P suspended the rating due to 'an administrative oversight regarding Standard & read the full article →

S&P suspends rating on Queen Street III Capital Ltd.

Standard & Poor's have published an announcement stating that they have suspended the rating on the recent Queen Street III Capital Ltd. catastrophe bond which provides Munich Re with protection amounting to $150m of their European windstorm risks. The reason for the suspension is the same as the reason that read the full article →

Further details on completion of the Queen Street III Capital Ltd. catastrophe bond

Further details have emerged on the completion of Munich Re's latest catastrophe bond transaction issued through their Queen Street III Capital Ltd. special purpose vehicle. The deal completed yesterday, and as we wrote at the time managed to triple the amount of protection originally sought by closing at an upsized read the full article →

Queen Street III Capital Ltd. catastrophe bond triples in size to $150m, lists in Bermuda

Munich Re's latest catastrophe bond, issued by their newly domiciled in Ireland SPV Queen Street III Capital Ltd., began marketing as a $50m issuance when we wrote about it on the 15th July. Thanks to significant investor demand for a European windstorm cat bond, which offered investors an opportunity for read the full article →

Limited impact to expected loss of European windstorm catastrophe bonds from new model

Last week Risk Management Solutions (RMS) announced the release of a new version of their Europe Windstorm Model. The new version increases the number of countries covered, enhances the dataset and offers a much improved view of European windstorm risk according to RMS.They held a webinar event this week which read the full article →