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03 November 2015
London
Reporter Becky Butcher

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BNY Mellon appointed Turkish cat bond trustee

BNY Mellon has been appointed trustee, paying agent, account bank and custodian for a $100 million Turkish cat bond transaction designed to protect insurers against the risks of potential earthquakes.

The bonds were issued by Bosphorus, a Bermuda-based special purpose reinsurer that was created by the Turkish Catastrophe Insurance Pool (TCIP), the originator of the transaction.

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