World Bank Capital-at-Risk Notes Program

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Jamaica cat bond is largest World Bank issue relative to beneficiary GDP

Fitch Ratings has made an interesting observation related to the Jamaica’s first catastrophe bond, the $185 million IBRD CAR 130 transaction that came to market in July. It represents the largest World Bank facilitated cat bond, relative to the sponsor government's GDP. That's important as it shows a catastrophe bond that read the full article →

Cat bond not a “handout”, Jamaica aims to renew by itself: Minister

The fact foreign donors paid for the premiums associated with Jamaica's first catastrophe bond does not mean it was a "handout" the country's Minister of Finance has explained. Jamaica’s first catastrophe bond, the recently placed IBRD CAR 130 transaction, was priced and saw the Caribbean island nation securing the upsized target read the full article →

Jamaica’s cat bond priced at upsized $185m, ILS funds take 66% of notes

Jamaica's first catastrophe bond, the IBRD CAR 130 transaction, has now been successfully priced and the Caribbean island nation has secured the upsized target of $185 million of coverage, with pricing closer to the upper-end of guidance. Dedicated insurance-linked securities (ILS) investment funds took the lions share of the cat bond read the full article →

Jamaica’s World Bank catastrophe bond could upsize to $185m

The first catastrophe bond for Jamaica, which as we were first to report ten days ago launched as a $175 million IBRD CAR 130 transaction with the support of the World Bank, is now said by our sources to have a chance of closing a little larger, at $185 million read the full article →

Jamaica’s first cat bond launched at $175m by World Bank IBRD

The first catastrophe bond to benefit the Caribbean island nation of Jamaica has now been launched to investors, with the IBRD CAR 130 transaction, that is being issued via the World Bank, set to provide the Government with a $175 million or greater source of named tropical storm and hurricane read the full article →

Philippines Gov requests cat bond loss calculation for typhoon Goni

The Bureau of the Treasury of the Republic of the Philippines has issued notice to the calculation agent for its World Bank facilitated IBRD CAR 123-124 catastrophe bond transaction that it believes recent super typhoon Goni to be an applicable event that requires a calculation of the modelled losses to read the full article →

Typhoon Goni threatens partial loss for Philippines cat bond

The Philippines government’s World Bank facilitated IBRD CAR 123-124 catastrophe bond transaction is under threat from typhoon Goni, which may cause a partial loss of principal for investors in the cat bond if it maintains significant wind speeds as it approaches Manila. Update at the foot of this article. Super typhoon Goni, read the full article →

Cat bond gives Philippine government faster access to post-disaster funds

The recently completed first catastrophe bond for the Philippines provides its government with faster access to post-disaster funding, enabling it to respond more rapidly and effectively to support the needs of its citizens when the largest catastrophes strike. The Philippines government has made steady progress in setting up a layered, country-wide read the full article →

Taal volcanic eruption could be a quake threat to Philippines cat bond

The Taal volcano in the Philippines which began erupting yesterday poses a potential threat to the Philippines government's  IBRD CAR 123-124 catastrophe bond transaction, which would be on-risk should a major earthquake occur due to the volcano's current active state. The Taal volcano has always been considered one of the most read the full article →

Typhoon Kammuri (Tisoy) causes significant damage, but Philippines cat bond expected safe

The extent of the devastation caused by recent typhoon Kammuri's impacts on the Philippines has become clearer, as the latest report from the government shows more than 460,000 properties damaged. Typhoon Kammuri, known locally as typhoon Tisoy, made landfall in the Philippines as a strong Category 3 or 4 equivalent storm, read the full article →