World Bank Capital-at-Risk Notes Program

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No Philippines cat bond pay out for storm Megi (Agaton) winds

The calculation agent has now found that holders of the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond do not face any loss of principal following the wind-related impacts of tropical storm Megi (locally known as storm Agaton), Artemis has learned. Tropical storm Megi (Agaton) never made typhoon status read the full article →

No additional Philippines cat bond pay out for typhoon Rai’s rains

Having already been triggered and paid out US $52.5 million, we've now learned the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond will not face any additional loss of principal because of the rainfall from super typhoon Rai (locally known as Odette). We reported back in January that the read the full article →

Jamaica cat bond may grow, or expand to cover Caribbean: World Bank MD

When a renewal comes up for consideration for the first catastrophe bond transaction to be sponsored by Jamaica, there is already some discussion regarding the need for a larger cover to be in place, or for it to be expanded to cover additional Caribbean island nations, a World Bank Managing read the full article →

Philippines seeks cat bond event calculation for storm Megi (Agaton)

The Bureau of the Treasury of the Republic of the Philippines has issued a notice to the calculation agent of the World Bank issued IBRD CAR 123-124 catastrophe bond after the impacts of recent tropical storm Megi (locally known as storm Agaton), Artemis has learned. It's the second calculation request the read the full article →

Philippines cat bond payout a “tangible result”, says Finance Secretary

The triggering and impending $52.5 million payout of the Philippines catastrophe bond by recent typhoon Rai (known in the Philippines as Odette), demonstrates a "tangible result" of the country's disaster risk financing work, according to its Finance Secretary. Artemis was first to report yesterday that the Philippines government will make a read the full article →

Philippines cat bond triggers on typhoon Rai (Odette) winds, $52.5m payout due

The Philippines government will make a recovery under the terms of its World Bank issued IBRD CAR 123-124 catastrophe bond, as the event calculation process has now run and super typhoon Rai (locally known as Odette) has breached the parametric trigger for wind, Artemis has learned. As we reported back on read the full article →

Philippines gets $80m from World Bank CAT-DDO, with more expected

The government of the Philippines has drawn $80 million to help in the recovery from super typhoon Rai (Odette) from the World Bank supported catastrophe contingent line-of-credit it has in place through a Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. As we reported more than one week ago, the Philippines read the full article →

Philippines requests cat bond event calculation for typhoon Rai (Odette)

The Philippines Government Treasury department has now issued a notice to the calculation agent requesting that an assessment be made as to whether recent super typhoon Rai (locally known as Odette) might have triggered its World Bank issued IBRD CAR 123-124 catastrophe bond coverage. The World Bank issued catastrophe bond provides read the full article →

World Bank on notice for Philippines CAT-DDO after typhoon, but not for cat bond yet

We understand that the World Bank has been put on notice as the Philippines government hopes to trigger the $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. The Philippines government signed up to the $500 million catastrophe contingent line-of-credit back in read the full article →

Super typhoon Rai puts Philippines World Bank cat bond on alert

Super typhoon Rai, or typhoon 28W which is known locally in the Philippines as Odette, is tracking towards the country's central and southern islands and is expected to make landfall with sustained winds as high as 160 mph, putting holders of the World Bank issued IBRD CAR 123-124 catastrophe bond read the full article →