The railroad company is issuing a catastrophe bond for protection against future storm surges. Its approach might in part be a response to issues it had with insurance policies that figure in a $1.2B lawsuit after Superstorm Sandy.
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Rising oil prices sparked the declines earlier in the session, fanning worries around elevated inflation and punishing European government debt as well.
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Bonds rally as weak U.S. jobs data spur flight from riskier assets
The rally came as data showed a surge in job-cut announcements by U.S. companies, a jump in claims for unemployment benefits and a slide in job openings.
Argentina still $2.4 billion short for January bond payments
Options include a possible repurchase agreement — effectively a loan — with Wall Street banks or potentially tapping Argentina's $20 billion swap line with the US Treasury Department.
Cat bonds linked to wildfires lose ‘once untouchable’ status
As climate-fueled urban fires become a more regular occurrence, insurers and utilities are increasingly looking for ways to offload their risk to capital markets.
