Kane SAC, a Bermuda-based subsidiary of Kane, has listed its new Kane SAC insurance-linked securities (ILS) note programme on the Bermuda Stock Exchange.
The $20,695,000 Dodeka I-2015 At-Risk Notes is the first issuance to use the new programme.
The programme has been set up with the addition of the EuroClear Settlement System to facilitate secondary trading for cat bonds by allowing investors to trade notes over-the-counter using a recognisable system.
Robert Eastham, managing director, Kane (Bermuda), said: “We are pleased to introduce the EuroClear Settlement System to the new Kane SAC – ILS note programme. This is an important evolution in Kane’s Cat Bond Lite offering and will enhance both the tradeability and liquidity of Kane Note issuances, ultimately increasing the attractiveness of the structure to investors.”
Kane, Bermuda, Insurance, ILS, Robert Eastham, EuroClear