USAA seeks $175mn from Residential Re cat bond

USAA has launched the $175mn Residential Re 2018-1 cat bond, which
will provide US multi-peril cover, sister publication
Trading Risk reported.
The cat bond is made up of two tranches, the one-year class 11
notes and the four-year class 13 notes.
The higher-risk class 11 notes are being marketed with an
initial size of $75mn and a zero-coupon structure at 86.75 percent
to 87.75 percent of par value. This equates to a yield of between
1,396 basis points (bps) and...