Insurer participation in testing European project bond debut ‘exceeds expectations’
Long maturities and improved rating lure firms into Spanish gas scheme bonds
European insurers flocked to the testing debut issuance of European Union (EU)-backed project bonds, confirming the allure of infrastructure projects with reduced risk for the insurance industry.
Together with pension funds, insurers bought 61% of the €1.4 billion-worth of bonds of an underwater gas facility scheme, named Project Castor, in cash-strapped Spain.
Cormac Murphy, responsible for the project bond initiative at the European Investment Bank (EIB), says insurers' strong interest
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