Cat bond market jitters as Irma looms

Investors have begun marking down cat bonds in secondary trading
as Hurricane Irma moves towards the US coast, with landfall
expected on Sunday or early Monday.
One layer of the Citrus Re cat bonds issued by Heritage was
marked down to 50c in a small secondary market trade that occurred
yesterday, according to Trace records.
This came as capacity for the livecat industry loss warranty
(ILW) market locked up, amid growing fears about the storm's
anticipated impact on Florida. ILWs...