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Sierra cat bond grows to $225M

The size of Sierra Ltd. (series 2019-1) catastrophe bond has increased to $225 million from the launch size of $150 million, Artemis reported.

Sierra Ltd., a Bermuda-domiciled special purpose insurer vehicle, will issue two tranches of notes. The class A tranche has been upsized to $150 million from $100 million, with pricing fixed at 3.25%, the lowest end of the range.

The class B tranche has been upsized to $75 million from $50 million. Pricing landed at 5.75%, which is toward the lower end of the 5.5% to 6.25% guidance range, Artemis noted.

The bond will provide collateralized parametric U.S. earthquake protection on a per-occurrence basis to Bayview MSR Opportunity Master Fund LP, an investment fund under the management of Bayview Asset Management LLC. The transaction is expected to settle in January 2020.