Catastrophe Bond - CAT

英文名称：Catastrophe Bond 中文名称：灾难债券

一种收益较高的债务工具，发行此债务工具首要是为了应付显现自然灾害的资金需求。此种债务工具一般设有特殊条款，当发行人遭受既定的自然灾害时，其偿还责任可缓期甚至豁免。eb1619e81e59668d2db8098284f6daa5

e.g. Life reinsurance operations also have a financial services unit that specializes in more arcane financial transactions, including the launch of novel and higher risk instruments, such as catastrophe bonds.

A high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe such as a hurricane or earthquake. It has a special condition that states that if the issuer (insurance or reinsurance company) suffers a loss from a particular p-defined catastrophe, then the issuer's obligation to pay interest and/or repay the principal is either deferred or completely forgiven.

Advantages of CAT bonds are that they are not closely linked with the stock market or economic conditions and offer significant attractions to investors. For example, for the same level of risk, investors can usually obtain a higher yield with CAT bonds relative to alternative investments. Another benefit is that the insurance risk securitization of CATs shows no correlation with equities or corporate bonds, meaning they'd provide a good persification of risks.