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Report: Sempra-sponsored cat bond pricing to settle at middle of guidance

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Report: Sempra-sponsored cat bond pricing to settle at middle of guidance

The pricing of Sempra Energy-sponsored SD Re Ltd. series 2018-1 catastrophe bond is expected to settle Oct. 8 at the middle of the initial guidance, Artemis reported.

The price guidance has reportedly been fixed at 4%, the midpoint of the initial guidance range of 3.5% to 4.5%. The size of the cat bond remains at $125 million.

The transaction would provide Sempra with three-year coverage against losses from wildfires in the state caused by its own infrastructure or facilities. Proceeds will be used to finance the three-year reinsurance agreement with Hannover Re, which serves as the ceding reinsurance firm.