The secondary market for catastrophe bonds remained bid-heavy during the opening half of 2026, as an influx of market participants looked to buy bonds rather than sell out of their existing positions, which caused for secondary market activity to see a meaningful increase during the period following a relatively subdued 2025, according to Swiss Re Capital Markets.
In its latest insurance-linked securities (ILS) insights report, Swiss Re Capital Markets notes that TRACE activity totalled 806 through June 2026, heavily exceeding H1 2025’s activity by roughly 37.5%.
As the firm explains, this increase has been highly evident since March, with TRACE volumes rising to 148 trades during the month, and then to 198 trades in May.
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