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The World Bank launched a $320m catastrophe bond issue in 2017 to back its Pandemic Emergency Financing Facility. Originally scheduled to mature in July this year, they are teetering on the edge of default because of Coronavirus.
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As one London underwriter comments: “They only needed 20 bodies on the other side of the Congo border to get to the trigger. What if someone loaded up a truck and dumped those in Rwanda?”
https://www.ft.com/content/3935ab5f-c6d2-4a91-ab98-f04b0a75da31
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