Insight and Intelligence on (Re)insurance Convergence with the Capital Markets

19 May 2012

Groupama’s Green Valley cat bond prices below guidance

22 September 2010

French insurer Groupama has closed the first European wind bond of the season - its EUR100mn Green Valley II - at below guidance pricing, Trading Risk can reveal.

Strong demand pushed pricing to 350 basis points (bps) above a discounted rate to the benchmark Euribor - below the 375-405 bps price guidance proposed in marketing earlier this month, according to sources.

The EUR100mn of Green Valley Class A Series 2 notes were over-subscribed by investors keen to load up some...

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