Sidley Represents World Bank in Its Second Catastrophe Bond Listed in Hong Kong

Sidley advised the International Bank for Reconstruction and Development (IBRD or World Bank), in a catastrophe bond that finances US$150 million of insurance coverage for the Government of Jamaica against named storm events.

For Jamaica, the transaction forms part of a multi-layered disaster risk financing strategy reducing the fiscal burden of natural disasters while allowing the government to respond swiftly. It covers the country for four hurricane seasons with payouts triggered if a named storm event meets the pre-defined parametric criteria for location and severity.

This is the second catastrophe bond listed on the Hong Kong Stock Exchange (HKEX). Sidley also advised IBRD on the first catastrophe bond listed on the HKEX in March 2023.

The Sidley team is led by partners Joseph R. Gottlieb; Sherlyn Lau, a member of Sidley’s Executive Committee and deputy head of China Corporate & Finance group; and Dominic James. Other team members included counsel J.P. Hong, senior managing associate Ammo Chan, and associate Anissa Ng.