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Report: Covéa cat bond pricing falls below initial range

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Report: Covéa cat bond pricing falls below initial range

SGAM Covéa's €90 million European windstorm catastrophe bond, Hexagon Reinsurance DAC (Series 2017-1), has seen its pricing fall below the initial guidance range, Artemis reported Dec. 11.

The pricing on the €45 million class A tranche of Series 2017-1 notes, which have an expected loss of 6.75%, has fallen to 8% to 8.25% from the initial range of 8.25% to 9%.

Meanwhile, the pricing on the €45 million class B tranche of Series 2017-1 notes, which have an expected loss of 5.52%, has dropped to 6.5% to 6.75% from 6.75% to 7.5%.