ILS Q4 Update
The cat bond market demonstrated strength on strength and finished the year strongly to post a second consecutive record-breaking year of issuance volume at $12.50 billion, exceeding the previous record of $11 billion set in 2020. The market was driven largely by a combination of new and repeat sponsors, increases in deal volumes, record maturities and spread compression. Over $10.15 billion in maturities combined with healthy ILS Manager cash positions led to an attractive primary market and record issuance volume.