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What's the right price for a cat bond?

It's a good question, and one currently rumbling through the market as investors, intermediaries and sponsors debate which benchmark is the most appropriate basis for payment on an insurance linked security (ILS).

And with the markets in a dizzying state of flux, none of the three available options - LIBOR plus low volatility instruments, low yield instruments such as Treasury bills, or the status quo of LIBOR plus the total return swap...

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