The first full catastrophe bond issuance from Tokio Millennium Re (Bermuda) has increased in size by 72% while marketing, with the now $430 million Spectrum Capital Ltd. (Series 2017-1) cat bond set to secure an enlarged layer of reinsurance protection for the firm, with pricing now fixed at attractive levels.
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The price guidance has been tightened on both tranches of sponsoring reinsurance firm Tokio Millennium Re’s Spectrum Capital Ltd. (Series 2017-1) catastrophe bond, with one tranche seeing pricing fall to below the initial coupon range.
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A new $250 million Spectrum Capital Ltd. (Series 2017-1) catastrophe bond has been launched to the ILS investor community, we understand, with the issuance set to provide a collateralized source of multi-peril risk transfer protection to sponsoring reinsurer Tokio Millennium Re (Bermuda).
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