Cat bonds set to become new face of structured credit, say Axa chiefs
Two senior heads at Axa Investment Managers anticipate escalating demand for catastrophe bonds.
Catastrophe bonds could lead the recovery of the structured credit market, according to Axa Investment Managers. Pierre-Emmanuel Juillard, head of structured finance, and Christophe Fritsch, head of insurance-linked securities, predict cat bond issuance will reach $5–6 billion in 2010, up from $3.6 billion in 2009. By 2016, they estimate issuance could reach $30 billion.
Juillard and Fritsch say demand for the currently niche product will be driven by a desire for uncorrelated assets in
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