The International Stock Exchange (TISE) has welcomed the world’s first disaster bond funded by the Danish Red Cross to be listed on the Qualified Investor Bond Market (QIBM) and approved by the Danish Red Cross. enter the sustainable market segment, TISE Sustainability.
Dunant Re IC Limited – an Consolidated Affiliate of Replexus ICC (Guernsey) Limited – has issued its first humanitarian disaster bond covering a purely volcanic eruption. The bonds are settled using Replexus’ unique blockchain-based Insurance Linked Securities (ILS) platform, ILSBlox.
Anthony Byrne, Head of Bond Markets at TISE, said: “I am extremely pleased to welcome Dunant Re to the Qualified Investor Bond Market (QIBM) and their sustainable market segment. I, TISE Sustainability. It’s great to be part of this world’s first issuance, which combines innovative technology and sustainable finance to support the Danish Red Cross in their humanitarian initiatives. This demonstrates the growing demand we are seeing for listings on both QIBM and TISE Sustainability and I believe we have the right environment to list more similar bonds in the future. ”
The bond is the first of its kind when it is issued in March 2021. The initial $3 million was raised through a private placement with specialist cat bond investors to cover risk 10 volcanic eruptions across three continents. In September, Dunant Re IC Limited became the first insurance entity to be recognized and trademarked under the Environmental, Social and Governance (ESG) Framework of the Association of International Insurers Guernsey ( GIIA).
The listing on TISE of Dunant Re Series 2021-1, Class VE $3,000,000 with primary risk, callable, participation notes due 2024 has been approved by Replexus ICC, which has become a Member of TISE facilitate to act as a Listing Agent for bond listings.
Cedric Edmonds, Founder and Director at Replexus ICC, said: “I am delighted with this listing on TISE. TISE provides an efficient and cost-effective process for placing bonds on an accredited stock exchange, which is appreciated by all participants in the transaction, including sponsors, the Association Danish Red Cross and investors. We look forward to facilitating further bond issuances using ILS’ capabilities to support humanitarian work through listing on TISE. ”
