IBRD – Chile 2023

The fact capacity and capital was tight in the catastrophe bond market at the time of the issuance of the $350 million of IBRD – Chile 2023 cat bond notes drove the World Bank team to look to traditional re/insurers and the issuance of simultaneous catastrophe swaps, resulting in much stronger execution for Chile.

Hong Kong has now listed the first catastrophe bond notes on its stock exchange, with the World Bank issued $350 million of IBRD – Chile 2023 cat bond notes now housed on the Hong Kong Exchanges and Clearing Limited (HKEX).

The World Bank is “extremely pleased” with the response from investors and reinsurance markets to the recent placement of $630 million of catastrophe bonds and catastrophe swaps to protect Chile, Jorge Familiar, Vice President and Treasurer told us in our latest Artemis Live video.

For Chile, the completion of the largest single country catastrophe bond and swap transaction ever executed by the World Bank has resulted in $630 million of protection against earthquake risks, an important step towards more resilient public finances, the country’s Finance Minister Mario Marcel has said.

Chile has secured $630 million of earthquake insurance cover through its World Bank IBRD issued arrangement, with $280 million of catastrophe swaps to add to the recently priced $350 million IBRD – Chile 2023 catastrophe bond.

The Republic of Chile has now secured the upsized $350 million size target for its new IBRD – Chile 2023 parametric earthquake catastrophe bond, with pricing of the World Bank IBRD issued transaction now finalised at the low-end of initial guidance.

The Republic of Chile is clearly seeing strong investor demand for its new IBRD – Chile 2023 parametric earthquake catastrophe bond, with the World Bank IBRD issued transaction set to increase again, with between $325 million and $350 million now targeted.

The Republic of Chile has lifted the target for protection from its new IBRD – Chile 2023 parametric earthquake catastrophe bond to as much as $300 million, a potential doubling in size for the World Bank IBRD issued transaction.

Chile’s new catastrophe bond will sit as a key component of a new catastrophe risk management strategy that the country is putting into place, with the proposed $150 million or greater parametric IBRD – Chile 2023 cat bond transaction set to play a key financing role for less frequent, but more severe earthquake events, Finance […]

The Republic of Chile is aiming to secure $150 million of parametric earthquake disaster insurance protection through a new IBRD – Chile 2023 transaction that is being issued by the World Bank’s multilateral development bank, the International Bank for Reconstruction and Development (IBRD).