The second parametric earthquake catastrophe bond Sierra Ltd. (Series 2021-1), sponsored by specialist mortgage security focused investment manager Bayview Asset Management, LLC, has now been successfully upsized to $200 million, while pricing for each of the two tranches of notes has settled at the bottom end of reduced guidance.
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The targeted size of the second parametric earthquake catastrophe bond for specialist mortgage security focused investment manager Bayview Asset Management, LLC looks like it could increase in size by as much as one-third, with the upper target for the Sierra Ltd. (Series 2021-1) cat bond deal now lifted to $200 million.
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Mortgage security focused investment manager Bayview Asset Management, LLC has returned to the catastrophe bond market for its second transaction, as the investor seeks upwards of $150 million of parametric earthquake protection from a Sierra Ltd. (Series 2021-1) cat bond deal.
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