The outbreak of Covid-19 in China, South Korea, Japan, Iran, Italy, and other parts of Europe and the Americas has likely “met another of the conditions within the trigger mechanism of the World Bank’s pandemic catastrophe bond transaction, raising the chance that noteholders face losses in the coming weeks,” reported Artemis, a market intelligence firm with the focus on catastrophe bonds.
The World Bank’s $320 million IBRD CAR 111-112 pandemic catastrophe bond issue supports its Pandemic Emergency Financing Facility (PEF), is now at risk of default as the virus rapidly spreads across the world.
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It always comes down to following the money.
David DeGerolamo
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