Deal review: Eurus II

As befits the words on its company logo, "Somewhat Different", the German reinsurer Hannover Re in July became the first issuer of a catastrophe bond to use a new "tri-party" technique that, bankers hope, could transform the cat bond market.

Primary market activity for cat bonds has in recent times been hindered by weaknesses in collateral arrangements, which came to light after the Lehman Brothers collapse, when several transactions that used Lehman as a total return swap counterparty suffered

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