What is a CATS Series S bond?

There's no such thing as a "CATS Series S bond." It's possible that you're referring to something else, perhaps:

* CATS bonds: These are Catastrophe Bonds, which are a type of insurance-linked security (ILS) that pays a coupon to investors unless a specific natural disaster occurs. If the disaster happens, investors lose their investment (or a portion of it).

* Series S bonds: This might refer to a specific bond issuance by a company or government entity. The "S" likely represents the bond's series. You'd need more context to determine the specific issuer and characteristics of this bond.

To help me understand what you're looking for, please provide more information, such as:

* The full name of the bond.

* The issuer of the bond.

* Where you encountered this term.

With more details, I can assist you in finding the information you're looking for.