BNY Mellon appointed Turkish cat bond trustee 03 November 2015London Reporter: Becky Butcher
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BNY Mellon has been appointed trustee, paying agent, account bank and custodian for a $100 million Turkish cat bond transaction designed to protect insurers against the risks of potential earthquakes.
The bonds were issued by Bosphorus, a Bermuda-based special purpose reinsurer that was created by the Turkish Catastrophe Insurance Pool (TCIP), the originator of the transaction.
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