Kane announces two new cat bond issuances
Kane SAC, a subsidiary of Kane, has announced two new issuances through its Limited Note Program, the firm’s independent private catastrophe bond platform.
The issuances, a pair of $7,320,000 Series 2-2014 and $9,245,000 Dodeka III At-Risk Notes, have been listed on the Bermuda Stock Exchange (BSX).
They are the sixth and seventh issuances to have taken place since Kane launched the catastrophe bond platform in August 2013.
The following is a list of Kane SAC notes registered on the BSX as at August 4th, 2014:
Description of Securities Nominal Amount Due Date
Dodeka I $21,934,000 16 January 2015
Dodeka II $23,007,550 15 December 2014
Dodeka III $9,245,000 31 July 2015
Dodeka IV $25,540,260 17 December 2014
Series 1-2014 $50,120,000 07 April 2015
Series 2-2014* $7,320,000 10 June 2015
Commenting on the new listings, Robert Eastham, managing director, Kane (Bermuda) Limited, says: “We are delighted to be able to announce a further two note issuances through the Kane SAC Limited Note Program as we approach our first anniversary. Our success in this relatively short period shows that the platform is becoming a market-recognized means of facilitating the flow of smaller, cost-effective transactions into the capital arena.”