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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
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It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
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The bond forms part of a wider trend towards public risk transfer in the ILS market.
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Collateral will be used to finance sustainable development projects and programs in the IBRD’s member countries.
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Rates are still more than 40% ahead of the pre-Hurricane Irma trough in late 2016.
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In the last round of marketing, the firm said it would lift the principal to $125mn-$150mn after initially seeking just $100mn.
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ILS managers said that large volumes of new issuances could carry on through the rest of the year.
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The deal is more than three times bigger than prior Asagao private cat bond deals.
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The carrier initially said it would seek just $100mn for the global multi-peril deal.
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The broker said a buoyant ILS market contributed to the reinsurance market nearing a new equilibrium at the end of mid-year renewals.
