The very first catastrophe bond to be issued out of Hong Kong has now been completed, with a $30 million Greater Bay Re Ltd. (Series 2021-1) cat bond coming to market on behalf of sponsoring reinsurer China Re.
The transaction actually completed in September, but has only come to light this morning as it was relatively privately marketed by Aon we understand, with only a handful of specialist cat bond funds or investors privy to the deal.
The Greater Bay Re Ltd. cat bond was issued as a zero-coupon deal and only provides its sponsor with a single year of retro reinsurance protection we understand.
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