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# Bosphorus Climbs Back From Discount: ILS Trades for the Week of December 22
- URL: https://www.riskmarketnews.com/bosphorus-climbs-back-discount-ils-trades-week-december-22/
- Published: 2014-12-29T07:08:17.000Z
- Updated: 2014-12-29T07:08:17.000Z
- Author: Chris Westfall
- Tags: catastrophe bond

The first catastrophe bond issued to cover Turkish earthquake risk is trading above par after briefly trading at a discount earlier this year.

**Bosphorus 1 Re Ltd.**’s series 2013-1 notes was the only trade recorded in the public market in shortened Christmas week trading, according to data from the **Finra**’s **Trade Reporting and Compliance Engine** (TRACE).

The bond was priced at 99.50 in October before rising to 100.085 last week, according to TRACE data. This is not the first time the bond traded at a discount, with its price hitting 99.90 in July.

The only significant seismic activity in the region this year was the 6.9 magnitude [Aegean Sea quake](%20http://earthquake.usgs.gov/earthquakes/eqarchives/poster/2014/20140524.php) that recorded minor damage.

In addition [a report issued by the researchers](http://newsoffice.mit.edu/2014/seismic-gap-earthquake-istanbul-0911?ref=riskmarketnews.com) at the **Massachusetts Institute of Technology** argued that North Anatolian Fault — located off the coast of Istanbul — may be due for a large seismic event in the near future.

The $400 million Bosphorus 1 Re Ltd was issued in April, 2013 by the **Turkish Catastrophe Insurance Pool** (TCIP) provides three years of per occurrence earthquake protection to earthquakes affecting the Istanbul region. The bond and is triggered based on certain ground motion measurements captured at certain ground motion seismometers that are part of the **Istanbul Early Warning and Rapid Response System** operated by **Boğaziçi University Kandilli Observatory** and **Earthquake Research Institute** with logistical support from the **Istanbul Governorate**, **Istanbul Metropolitan Municipality** and **First Army Headquarters**.

**GC Securities** served as sole bookrunner, co-structurer and co-lead manager for Bosphorus.

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