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

17 December 2017

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European cat bond sponsors rethink collateral structures

Robert Cannon and Matt Feig 21 July 2017

European ILS sponsors and arrangers need to weigh up a number of considerations as they consider alternative collateral arrangements, write Robert Cannon and Matt Feig at Cadwalader.

For the past six years, the collateral arrangement of choice on euro-denominated Rule 144A ILS has been European Bank for Reconstruction and Development (EBRD) notes, with euro-denominated money market funds as a back-up.

We're now seeing arrangers and sponsors reassess what's optimal in terms of collateral arrangements for euro-denominated ILS and expect to...


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