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Japan's Zenkyoren issues $200 million quake cat bond

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Japan's Zenkyoren Ltd. has launched a new Japanese earthquake catastrophe bond Nakama Re Ltd. (Series 2014-1), reports

Two tranches of notes will be issued that will target at least $200 million of fully-collateralized quake reinsurance protection for Zenkyoren, which is the National Mutual Insurance Federation of Agricultural Cooperatives.

The term is nearly four years and maturity is expected in March 2018. The structuring agent is Aon Benfield Securities.

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