... securi-ties. The discussion then turns to the evolution of the risk-linked securities market andan evaluation of the current state of the market. The scope of the article is limited pri-marily ... BB corporates during most of the period from the Septem-ber of 2005 through February of 2007, although the gap had narrowed considerablyby the end of the period. At the peak, yields on CAT bonds ... using one of the models developed by catastrophe-modeling firmsor internally. With parity, there is no exchange of money at the inception of the contract,only on the occurrence of one of the triggering...