Asset manager Affiliated Managers Group (AMG) has announced their intention to sell a new issue of $25 Junior Subordinated Note issue due 2061.
This issue will be a typical issue from AMG – they have 2 issues outstanding – as well as a $50/share trust preferred issue outstanding–these can be seen here.
These notes do allow the company to defer interest for up to 20 consecutive quarters (5 years) on one or more occasions
The preliminary prospectus is here.
J was on top of this one. EarlyBird posits yield talk in the 4.25-4.375% area.
Is there a Temp Symbol available?
Do bonds get a temp symbol and trade OTC? 🙂
Usually not but if you can stomach a call to the bond desk you can often buy them using the CUSIP.
I dislike calling the bond desk. But sometimes, like some utilities, their baby bonds have symbols, so I was hoping this was the case.
Is there a CUSIP? Went to their website, but no press release, and no CUSIP.
CUSIP usually in the FWP, and true to form ….
https://www.sec.gov/Archives/edgar/data/0001004434/000119312521210834/d163931dfwp.htm
I’m surprised it priced the same as RNR since payments won’t be qualified. I think they’re both BBB.
fairly or not, Bermudian insurers get dinged about 1 quarter of a percentage point on rate all else being equal. That, I would think, is the difference.
Priced @ 4.20%
Done deal
One of my orders was filled on this issue.
None of my orders for the RNR issue yesterday were filled.
RB