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ABS investors offered Hawaii hurricane risk

Last week Goldman Sachs, Lehman Brothers and Merrill Lynch were marketing a three-year bullet maturity $100 million hurricane risk catastrophe bond issue for United States Automobile Association (USAA), a triple-A rated sponsor.

The Ba2/BB+ (MDY/S&P) transaction has a similar structure to last year's Residential Reinsurance 2001 Ltd Catastrophe Linked...

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