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Cat bond market pricing MultiCat Class C for potential loss

The catastrophe bond market seems to be on the verge of accepting that the $100m of MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes are destined for a loss, given hurricane Patricia's continued approach as a major storm towards the parametric trigger zone.Update 24th October: MultiCat Mexico cat read the full article →

Hurricane Patricia intensifies further, MultiCat cat bond risk rising

Hurricane Patricia has intensified rapidly into one of the strongest Category 5 storms on record in the region, threatening a devastating blow to Mexico when it makes landfall late on Friday and with the potential to trigger the MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes.Update 24th October: read the full article →

Hurricane Patricia heads for Mexico, MultiCat cat bond at risk?

Read our latest on Hurricane Patricia here. Hurricane Patricia formed this morning off the Pacific coast of Mexico. With sustained winds of 85mph currently the forecast calls for Patricia to strengthen towards a Cat 3 or stronger landfall, perhaps putting the Class C notes of the MultiCat Mexico Ltd. (Series read the full article →

Mexico targets October renewal for MultiCat catastrophe bond

The Mexican government has confirmed that it will seek to renew its MultiCat Mexico catastrophe bond protection in October, with another three-year term of catastrophe insurance protection expected to be secured from a MultiCat Mexico 2015 issuance.The protection from the current MultiCat cat bond, MultiCat Mexico Ltd. (Series 2012-1), expires read the full article →

S&P affirms MultiCat Mexico cat bond as Odile not a triggering event

Rating agency Standard & Poor's has now affirmed its rating on the MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes and removed them from CreditWatch as hurricane Odile was not a triggering event.The MultiCat Mexico 2012 Class C cat bond notes had been threatened with a 50% loss read the full article →

No Odile loss for MultiCat Mexico 2012 catastrophe bond

Investors in the MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes will not face any loss due to September's hurricane Odile as calculation made using the latest data from the NHC deems the parametric trigger had not been triggered.The calculation agent for the MultiCat Mexico 2012 cat bond, read the full article →

MultiCat Mexico 2012 cat bond may not trigger, hurricane Odile data shows

The fate of the MultiCat Mexico Ltd. (Series 2012-1) catastrophe bond, after hurricane Odile threatened to trigger its Class C notes, looks more secure as the official report data from the National Hurricane Center suggests a loss may not be guaranteed.Update: It has been confirmed that the notes will not read the full article →

Fate of MultiCat Mexico 2012 should be known within 120 days: S&P

It's no surprise to see that rating agency Standard & Poor's has now placed the $100m MultiCat Mexico Ltd. (Series 2012-1) Class C catastrophe bond notes on CreditWatch with negative implications as they sit at risk of loss due to hurricane Odile.S&P is the rating agency for the World Bank read the full article →

MultiCat Mexico 2012 cat bond payout not guaranteed yet

The fate of the MultiCat Mexico Ltd. (Series 2012-1) catastrophe bond is not as clear-cut as it seems. We understand that investors must wait for confirmed data on hurricane Odile to be released by the National Hurricane Center (NHC) which can take some weeks.The calculation agreement for the MultiCat Mexico read the full article →

Did hurricane Odile just trigger the MultiCat Mexico 2012 cat bond?

Hurricane Odile made landfall in southern Baja California Sur, near Cabo San Lucas as a major storm with winds of 125mph and more importantly for catastrophe bond investors a minimum central pressure of 930mb, according to the NOAA.Update 23rd Dec 2014:It looks like the MultiCat Mexico Class C notes will read the full article →