Published Date: July 27, 2026
Author: HANetf
CATB EUR delivered strong absolute and relative performance in Q2 2026, generating a +3.54% quarterly return and +5.45% year-to-date return. Since inception, the fund has produced a +6.25% total return, equivalent to a +10.11% annualised return.
Performance was achieved against a constructive but more fully valued cat bond market backdrop. Record issuance was absorbed by strong institutional demand, while secondary market spreads widened modestly by 23 basis points as seasonal hurricane risk approached. CATB EUR also outperformed the selected UCITS peer group over the comparison period, delivering a +7.41% total return and +12.24% annualised return.[1]
The catastrophe bond market posted record issuance in Q2 2026, with more than $11.3 billion placed across 48 transactions — the largest quarterly total on record. First-half issuance reached approximately $18.0 billion, exceeding the prior H1 record set in 2025.
Total cat bond market outstanding increased to a new high of $65.6 billion at quarter-end.[2]
Investor demand remained robust throughout the quarter. Approximately 86% of tranches priced below the midpoint of initial guidance, while average pricing multiples declined to 2.53x, the lowest level since 2021. The market absorbed record supply with limited concession.
Secondary market insurance risk spreads widened modestly during Q2, from 5.48% at quarter start to 5.71% by late June – 23 basis point increase reflecting normal seasonal patterns as Atlantic hurricane season approached. However, this widening was notably muted compared to historical seasonal patterns, contained by record investor demand and favorable market technicals.[3]
Despite the 23 basis point widening in insurance risk spreads during Q2 (5.48% → 5.71%), CATB EUR delivered strong quarterly performance of +3.54%. This result demonstrates the fund’s ability to generate positive returns through coupon income and favourable positioning, even during periods of modest spread pressure. The fund’s outperformance versus peers reflects disciplined security selection and portfolio construction.[7]
Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
The cat bond market is entering peak Atlantic hurricane season with record capital levels. Meaning there are a number of key considerations:
The CATB ETF remains well-positioned with strong relative performance versus UCITS peers and continues to benefit from robust market demand for cat bond exposure. The fund’s Q2 performance demonstrates resilience during seasonal spread widening periods.
Source: Bloomberg, King Ridge Capital. Data as of 30.06.2026. All portfolio metrics and performance figures are shown on a net basis. Coupon and EL figures are sourced from the underlying 144A documents for each constituent of the Fund. Yield and spread figures reflect a blended pricing assessment from Bloomberg, Swiss Re and other third-party brokers. Both coupon and yield figures pertain to the characteristics of the portfolio and are not net performance. Stress testing outputs were produced using the Verisk catastrophe modelling platform.
Source: King Ridge Capital, Bloomberg. Data as of 30.06.2026. Table shows simulated past performance, based on past historical events. Simulated past performance is in no way reflective of real performance or any future performance. Data contained within the table is not back tested data. Table is included for illustrative purposes only.
[1] Source: King Ridge Capital, Bloomberg. Data as of 30.06.2026
[2] Ibid
[3] Ibid
[4] https://aon.mediaroom.com/news-releases?item=138607
[5] https://www.aon.com/getmedia/87b942cd-2658-456c-9269-f441b5ed4ddd/Global-Catastrophe-Report-2026_H1.pdf?_gl=1*1jj1ce9*_gcl_au*MjA2NDEzNjg5NC4xNzg0NzQ3Njcy*_ga*MTE1MjI0ODMyOC4xNzg0NzQ3Njcz*_ga_S2CXP61BY4*czE3ODQ3NDc2NzIkbzEkZzEkdDE3ODQ3NDc3NjUkajQ2JGwwJGgw
[6] https://www.noaa.gov/news-release/noaa-predicts-below-normal-2026-atlantic-hurricane-season
[7] Source: King Ridge Capital, Bloomberg. Data as of 30.06.2026
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