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New issuance slowed dramatically in the second half of the year with only USD 2.13bn of issuance, the lightest total since 2009. Despite this, full-year issuance still exceeded USD 10.0bn, carried by the record shattering first half of the year with USD 8.4bn issuance.
Issuance volume in 1H 2017 totaled more than USD 8bn, nearly 40% larger than any previous half year, and just USD 230m shy of the full-year issuance record (a mark surpassed in the first week of July).
With a respectable USD 5.9bn, ILS issuance in 2016 was able to maintain overall market size around the record level set in 2014. Notably, the second half of the year was surprisingly active for new issuance of ILS and 4Q surged to USD 2.12bn, the third largest 4Q on record and the largest quarter of 2016.
The Insurance Linked Securities (ILS) market was off to a very promising start in 2016. Fresh off a lackluster 2H in 2015 and staring down a wall of maturities, 1Q 2016 delivered. With new issuance volume of USD 2.07bn, 1Q 2016 eclipsed the previous record 1Q set last year by over 20%. However, unlike previous years where 2Q was the largest quarter, it was 1Q that has thus far carried the mail in 2016. 2Q 2016 only registered USD 800m in new issuance, the smallest 2Q since 2011.
2015 was the first year since 2011 in which new issuance was less than that of the previous year. However, 2015 did come in as the 4th largest year on record - with approximately USD 6.83bn across 26 transactions and 34 tranches.
There was record new issuance in Q1 which totaled approximately USD 1.70bn, nearly 20% ahead of last year’s Q1 issuance. The rest of 1H 2015 remained extremely busy tallying the second highest 1H issuance level of USD 4.66bn, behind only 1H 2014.
Cue the marching band and release the confetti, the Insurance Linked Securities (ILS) market has finally broken the record for new issuance achieved back in 2007. Powered by a monumental first half of issuance, which itself was larger than all but three full years of issuance, 2014 saw USD 8.29bn of new issuance, just clearing the record level of USD 8.24bn set in 2007.
The Swiss Re Cat Bond Performance Indices (the “Indices”) are a suite of indices designed to reflect the returns of the catastrophe bond market. Swiss Re Capital Markets launched the Indices in 2007 as the first total return indices provided to the sector.
Wow, what a first half for issuance of Insurance Linked Securities (ILS)! 2014 has kicked-off in unprecedented fashion with 1H 2014 issuance breaking more records than Germany’s Miroslav Klose will break at this year’s World Cup.
2013 was a banner year in issuance for the Insurance Linked Securities (ILS) market. Despite its slow start, the year will rank 2nd on record, approximately USD 800mm behind the record USD 8.24bn set in 2007.
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