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Validus' cat bond grows to $400M

Validus Holdings Ltd.'s catastrophe bond, Tailwind Re Ltd. series 2017-1, has increased by 23% to $400 million from $325 million, while its coupon price guidance has been reduced, Artemis reported.

The class A tranche of series 2017-1 notes has grown to $150 million from $125 million and its price guidance has been lowered to a range of 7.25% to 7.75% from the prior range of 7.75% to 8.5%. The class B tranche of notes has also increased to $150 million from $125 million, while its price guidance has dropped to 9% to 9.5% from the previous guidance of 9.5% to 10.25%. The class C tranche has grown to $100 million from $75 million and its price guidance has fallen to 11% to 11.5% from the previous range of 11.5% to 12.5%.