Having already been triggered and paid out US $52.5 million, we’ve now learned the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond will not face any additional loss of principal because of the rainfall from super typhoon Rai (locally known as Odette).
We reported back in January that the Philippines government would make a $52.5 million recovery under the terms of its World Bank issued catastrophe bond, as typhoon Rai was determined by the calculation agent to have breached the cat bonds trigger.
The final determination was that super typhoon Rai (locally known as Odette) breached the parametric trigger for wind, resulting in a 35% payout of principal of the $150 million Class B cyclone risk exposed cat bond notes.
FULL ORIGINAL PUBLICATION HERE
