Swiss Re Capital Markets privately placed €75 million ($97 million) worth of notes covering French windstorm events.
The transaction, dubbed Green Fields Capital Ltd., is sponsored by Groupama and Swiss Reinsurance Co. acts as the deal's counterparty.
Green Fields single-tranche series 2011-1 Class A notes is the first issuance under a principal-at-risk, variable-rate note shelf program. The four-year notes are rated 'BB+ (sf)' by Standard & Poor’s and are scheduled for redemption in January 2015.
The risk period for the tranche is from January 2011 through December 2014. Collateral for this issuance consists of a European Bank for Reconstruction and Development floating rate note.
Swiss Re Capital Markets was the sole structuring agent and bookrunner for the offering, which utilizes a PERILS industry loss trigger.