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