New low for a deal with US wind exposure

Louisiana Citizens Property Insurance Corporation is on track to
close its new Pelican Re cat bond for an insurance premium of 225
basis points (bps) - the lowest ever for a US wind deal.
Pelican IV Re was released with an original target insurance
coupon of 275-325 bps, however the price has fallen 25 percent
below its initial target.
The 225 bps spread will provide investors with a 2.3x multiple
of the deal's expected loss of 0.96 percent, using sensitivity...