Natixis successfully placed €350 million catastrophe bonds for the benefit of Axa Global P&C
Natixis successfully managed, as co-arranger and joint bookrunner, the placement of €350 million catastrophe bonds issued by Calypso Capital II Limited, an Irish private limited company. This transaction follows the €275 million and €180 million catastrophe bonds issued in 2010 and 2011 respectively under the Calypso Capital Limited program.
This transaction provides Axa Global P&C with protection against the risk of windstorms occurring in Europe from January 1st, 2014. A total of €350 million of risk has been transferred to the capital markets through the issuance of two classes of notes: the class A, rated BB- (sf) by Standard & Poor’s, for a €185 million amount and a three year period of coverage, and the class B, rated B+ (sf) by Standard & Poor’s, for a €165 million amount and a four year period of coverage.
This transaction is the largest euro-denominated catastrophe bond ever placed in the market. The initial issuance spread over the yield of the collateral structure during the period of coverage is set at 2.60% for class A and 2.90% for class B.
This transaction further strengthens the position of Natixis on the European catastrophe bond market.
This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities mentioned herein in any jurisdiction in which such an offer or solicitation is illegal. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.