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Report: Issuance of 2 XL Catlin cat bonds to exceed $1B

XL Catlin is planning to expand the capacity of its Galilei Re catastrophe bonds, Galilei Re Ltd. series 2016-1 and Galilei Re Ltd. series 2017-1, to approximately $1.28 billion, Artemis reported.

XL Catlin was initially aiming for $1 billion of reinsurance and retrocession from the two catastrophe bonds, but the total issuance of the two transactions are now expected to increase by 28%. From the preliminary size of $500 million each, the size of Galilei Re series 2016-1 is expected to increase by 50% to $750 million and Galilei Re series 2017-1 will now have $525 million of capacity, according to the report.

From the initial size of $62.5 million each, the Galilei Re series 2016-1 class A-1 grew to $75 million, while Galilei Re series 2017-1 class A-2 scaled down to $50 million. The price of the two tranches was fixed at the upper end of the guidance of 12.5% to 13.3%.

The size of series 2016-1 class B-1 increased to $125 million, while series 2017-1 class B-2 tranches of notes shrunk to $50 million. Both tranches launched at $62.5 million each, with price guidance of 7.8% to 8.5%. Their price was fixed at 8%.

The series 2016-1 class D-1 tranche and series 2017-1 class D-2 tranche were initially offered at $125 million each. The series 2016-1 class D-1 tranche grew to $175 million, while series 2017-1 class D-2 grew to $150 million. The price of the two tranches was fixed at 5.3%, the higher end of the price guidance of 4.5% to 5.3%.

The size of series 2016-1 Class E-1 expanded to $200 million from the initial $125 million. The size of series 2017-1 class E-2 tranche of notes stayed at $125 million. The price of the two tranches is expected to settle at the higher end of the guidance of 3.8% to 4.5%.

XL Catlin is the global brand used by XL Group Ltd's insurance and reinsurance companies.