Insurer participation in testing European project bond debut ‘exceeds expectations’


European insurers flocked to the testing debut issuance of European Union (EU)-backed project bonds, confirming the allure of infrastructure projects with reduced risk for the insurance industry.

Together with pension funds, insurers bought 61% of the €1.4 billion-worth of bonds of an underwater gas facility scheme, named Project Castor, in cash-strapped Spain.

Cormac Murphy, responsible for the project bond initiative at the European Investment Bank (EIB), says insurers' strong interest exceede