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Cat bond issuance hits new half-year record with $18 billion in H1 2026
The first half of 2026 included 48 transactions in Q2, and spreads increasingly matched initial guidance, pointing to tighter pricing execution.
The catastrophe bond market posted another record start to 2026, with 83 144A and private transactions coming to market in the first half, according to a report from Acrisure Re Corporate Advisory & Solutions Ltd., authored by Sandro Kriesch and Sacha Collinson. Total notional issuance in H1 2026 was approximately $18 billion, setting a new half-year record that surpassed the previous Artemis-tracked record of just over $17.56 billion in H1 2025, the report said. It also noted that Q2 2026 saw 48 completed transactions, while May alone generated almost $7 billion of issue volume. Kriesch said the period delivered record issuance volume and continued a multi year growth trend in the asset class. The report also highlighted more precise pricing execution, with final cat bond spreads increasingly aligning with the initial guidance provided at launch.
In examining pricing behavior across observed periods, the report found that except for H1 2024, the final spread averaged below the mid price of guidance, suggesting either strong market acceptance or spread softening. It added that larger deviations between initial min/max guidance and final pricing may reflect shifts in investor return risk perspectives, including expectations as the insurance-linked securities market moves into a softer period.