Queen City Re closes with 3.5% coupon

Peter Birks

The American Modern Insurance Group unit of Germany-based reinsurer Munich Re has closed its Queen City Re 2013-1 cat bond offering at the initial offering size of $75m, according to deal bookrunner Willis Capital Markets & Advisory. American Modern said that the issue pricing was substantially oversubscribed, leading to a coupon well below the initial price guidance of 4% to 4.75%. Artemis.bm reported that the final coupon was 3.5%.