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Switzerland-based company Plenum Investments AG said that the World Bank-facilitated catastrophe bond for the Philippines is “likely to default” following the impact of the Super Typhoon Noru that made landfall in the country on Sept. 25, Artemis reported. The Philippines catastrophe bond already defaulted once and made a payout of principal to the Philippines after being triggered by Super Typhoon Rai, which pummeled the country in December 2021.