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HSBC opens US Treasury Fund in Bermuda to target reinsurance & ILS

HSBC Global Asset Management has launched a new U.S. Treasury fund that it has domiciled in Bermuda, with the aim of capitalising on rising opportunities due to the continued expansion of insurance-linked securities (ILS), as well as other forms of insurance and reinsurance on the island.The new U.S. Treasury Fund read the full article →

U.S. Gov & Treasury Money Market Funds See Minimal Reform Impact

In October 2016, the U.S. Money Market Fund (MMF) industry changed dramatically with new requirements for U.S. institutional prime and institutional municipal MMFs becoming effective. In our opinion however, thanks to a carve-out for U.S. government and Treasury funds, the insurance-linked securities (ILS) markets needn’t lose sleep over these changes.Under read the full article →

U.S. money market fund reforms could impact on catastrophe bonds: S&P

Recent proposals from the U.S. Securities & Exchange Commission (SEC), regarding tightening of money market fund (MMF) regulations, could impact the catastrophe bond and insurance-linked securities market. Most cat bonds, ILS and many collateralized reinsurance transactions utilise money market funds as collateral assets.The proposals from the SEC, made on the read the full article →

The death of the total return swap in the cat bond market is almost upon us

Collateral arrangements in catastrophe bond deals, not a subject we touch on particularly often, but something worth revisiting now that the long forecast death of the total return swap as collateral solution is almost upon us. When we last covered the total return swaps demise back in December 2011, it read the full article →

The death of the total return swap and the rise of the Treasury money market fund

Here's an interesting graph which shows how rapidly the catastrophe bond market has moved from one which was dominated by transactions with collateral structured as a total return swap to one predominantly using Treasury money market funds. Swiss Re shared this graph during their insurance-linked securities media event last week read the full article →