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NY Metropolitan Transportation Authority's cat bond closes

Swiss Re Ltd.'s Swiss Re Capital Markets acted as the sole structuring agent and lead book runner for New York Metropolitan Transportation Authority-sponsored $125 million MetroCat Re Ltd. series 2017-1 catastrophe bond.

The 2017-1 notes have an approximately three-year risk period and provide protection against storm surge caused by named storms and earthquakes, each on a parametric basis with a binary payout. The cat bond priced at below the midpoint of the initial guidance range but did not upsize before closing.