Specialty asset manager Abacus Life (ABL) has sold a new issue of high yield baby bonds. This issue was overlooked by me, but 2whiteroses pointed it out. Officially these shares were sold on 11/10/2023, but only registered a few days ago.
The issue has a coupon of 9.875%. It is unrated.
The issue is currently trading under ticker ABLLL and the last price was $24.26.
This is not your typical insurance company – actually they ‘provide liquidity to life insurance policy owners’ – i.e. they buy life insurance policies from folks at a discount (as I understand it from a quick skim) Very interesting.