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Reinsurance company Munich Re's $150 million securitisation of US hurricane risk shows the huge appetite for catastrophe bond risk currently prevailing in the credit markets. The deal, the second installment from its Carillon programme set up last year, marked the largest single B-rated cat bond to hit the market. It is particularly noteworthy for the immense spread it offers investors: a whopping Libor plus 15.25%.

The deal comes on the back of the increased challenges faced by reinsurers to

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