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THE World Bank issues First Ever "Catastrophe Bond" ...For Caribbean Island nations for 3 years.....

Uncle Fuck Stick

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United States
07/02/2014 08:42 PM

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THE World Bank issues First Ever "Catastrophe Bond" ...For Caribbean Island nations for 3 years.....
[link to www.bdlive.co.za]
THE World Bank has issued its first catastrophe bond as investor hunger for yield allows developing countries to transform their fiscal position.

The $30-million (about R319-million) deal will help provide earthquake and hurricane coverage for a group of 16 Caribbean island nations over the next three years.

That is a sign of the growing appetite for catastrophe risk as investors seek out high-yielding assets in a world of low central-bank interest rates.

“This is the first time the World Bank has issued a catastrophe bond, and the first time it is doing a non-AAA bond,” said Madelyn Antoncic, treasurer of the World Bank Group. It is likely to be a model for future deals, which could be larger.

Under the structure, the development bank will stand between investors and the Caribbean Catastrophe Risk Insurance Facility (CCRIF), which covers a group of islands including the Bahamas, Dominica and Jamaica, and will pay for the protection.

If the islands are struck by a catastrophe, investors could suffer a loss of capital on the bond. That risk of capital loss means the bond is not rated AAA, despite the World Bank’s own AAA credit rating.

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Last Edited by Uncle Fuck Stick on 07/02/2014 08:43 PM