Philippines’ $97.5 million outstanding cat bond principal could be at risk
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The World Bank-issued catastrophe bond notes for the Philippines have been marked down to almost zero in the secondary market implying that the $97.5 million in catastrophe bond principal outstanding could be exposed to the impacts of the recent Super Typhoon Noru, Artemis reported. The Philippines’ government has recently requested a damage assessment of the Super Typhoon Noru to determine if it triggered the country’s catastrophe bond.
