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64% of cat bond tranches issued in Q4 ’23 upsized while marketing

During the fourth quarter of 2023, the majority of tranches of cat bond notes closed above their initial target size, resulting in an average increase of 27% for the period, according to Artemis’ data.

The Artemis Q4 and full year 2023 catastrophe bond and related insurance-linked securities (ILS) report shows that this is a stark contrast from the previous quarter when all tranches completed at their initial target size.

In total, Artemis has full issuance size data for 33 tranches of cat bond notes issued in the quarter, and 21, or 64% of these closed above their initial target size. 11 tranches of notes completed at their initial size, and just one tranche of notes closed below the initial target.


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