The pricing for Louisiana Citizens Property Insurance Corp.'s $100 million catastrophe bond Pelican IV Re Ltd. (Series 2017-1) has dropped below guidance due to strong investor demand, Artemis reported.

The coupon price guidance on the cat bond notes was lowered to 2.25% to 2.75% from the previous coupon guidance of 2.75% to 3.25%.

The cat bond will cover losses from Louisiana named storms on a per-occurrence basis, using an indemnity trigger.