Allianz SE Sponsored Blue Sky Re DAC (Series 2023-1) Notes

Transaction Overview

On December 18, 2023, Allianz SE (“Allianz”) (ETR: ALV) sponsored its first Cat Bond issuance for its own account in over a decade through the newly established, Ireland domiciled, Blue Sky Re DAC vehicle in order to secure collateralized reinsurance protection from the capital markets

The transaction received significant support from over twenty investors, spread globally across Europe, North America and Asia

Blue Sky Re DAC 2023-1 represents the largest Europe windstorm focused Cat Bond issuance since 2013, highlighting the demand from ILS investors for transactions issued by high-quality sponsors

The Series 2023-1 Notes provide per occurrence, CRESTA-weighted industry loss index triggered coverage to Allianz SE

Series 2023-1 Notes: Europe Windstorm

  • Expected Loss (RMS base case): 2.14%
  • Final Size: €250mm
  • Final Pricing: 5.75%

Howden Tiger Capital Markets & Advisory Role

Howden Tiger Capital Markets & Advisory (“HTCMA”) acted as Joint Structuring Agent and Joint Bookrunner

  • Advised in all aspects of structuring and placement including, but not limited to:
    • Transaction structure and associated features, mechanics and considerations
    • Investor presentation creation
    • Risk Analysis and Offering Documentation review
    • Investor roadshow and marketing efforts
    • Book building process and various distribution activities
    • Service provider negotiations
  • Howden Tiger’s Analytics’ Group provided basis risk analysis