As the catastrophe bond market pipeline builds for the fourth-quarter of 2026, we are already tracking what will be only the second ever year where issuance of 144A catastrophe bonds and private cat bond deals has exceeded the $20 billion level, while currently the market remains on a faster issuance pace than 2025.
Catastrophe bond market participants had entered 2026 with a view that the $20 billion of issuance milestone would be seen again this year.
Following on from the landmark record year of cat bond issuance in 2025, when we tracked over $25.6 billion of issuance, across full Rule 144A and private cat bond deals (see our quarterly cat bond market reports for all the details), the expectation has always been that the market would continue to see a $20 billion plus level of issuance.
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