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Sierra parametric cat bond hits $200m, prices 14% down on guidance

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. The upsizing read the full article →

Mortgage investor Bayview lifts second cat bond target to $200m

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 read the full article →

Mortgage investor Bayview returns for second parametric quake cat bond

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. Bayview entered the catastrophe bond market in late 2019 with read the full article →

Recent parametric cat bond a “really important” transaction, Swiss Re CEO explains

Commenting on the completion of a recent landmark parametric earthquake catastrophe bond, issued for the benefit of an asset manager focused on mortgage investing, Swiss Re CEO Christian Mumenthaler explained why he sees this kind of transaction as important. The recently completed Sierra Ltd. (Series 2019-1) catastrophe bond was the first read the full article →

Swiss Re assists with “pioneering” parametric cat bond for investor Bayview

Swiss Re Capital Markets, the insurance-linked securities (ILS) focused unit of the global reinsurance firm, has successfully helped to bring the first parametric catastrophe bond covering some of the earthquake risks in a portfolio of mortgage investments to market. Calling the recently completed Sierra Ltd. (Series 2019-1) catastrophe bond transaction "pioneering" read the full article →

Sierra parametric quake cat bond successfully upsized 50% to $225m

The innovative Sierra Ltd. (Series 2019-1) catastrophe bond transaction, that is designed to provide parametric U.S. earthquake protection to an investment manager’s portfolio of mortgage related securities, has successfully upsized by 50% to reach $225 million for the sponsor. The Sierra Ltd. catastrophe bond was launched in November represents a first read the full article →

Sierra parametric quake cat bond may grow 50% to $225m for mortgage investor

The innovative Sierra Ltd. (Series 2019-1) catastrophe bond deal, that seeks parametric U.S. earthquake protection for an investment manager's portfolio of mortgage related assets, has a new upsized target, now aiming to secure up to 50% more, or $225 million, of coverage for the sponsor. The Sierra Ltd. catastrophe bond was read the full article →

Sierra cat bond targets parametric quake cover for mortgage asset manager

A particularly interesting and novel catastrophe bond transaction has been launched to the market, with the Sierra Ltd. (Series 2019-1) deal seeking $150 million of parametric U.S. earthquake protection for an investment manager that largely invests in mortgage related assets. It's an interesting transaction for a number of reasons, given the read the full article →