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Cat bond spread levels double since the start of 2022: Tenax

Spread levels in the catastrophe bond market may have doubled since the beginning of 2022, as the market reprices return expectations in the wake of hurricane Ian, according to Tenax Capital.

Tenax Capital, the London based hedge fund that was founded by its CEO Massimo Figna and offers a UCITS catastrophe bond fund to its investor clients, has analysed secondary market price indications as of October 2022, to gain a view of where the market’s return ambitions now lie.

“We are witnessing a sharp increase in the net compensation required by investors to hold insurance risk, measured as the margin of the spread over the expected loss,” the asset manager explains.


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