Asset manager Affiliated Managers (AMG) has priced their previously announced $25 Jr Subordinated Notes.
The issue prices at 4.20%. It is investment grade. The ticker has not been announced–and being debt there is not OTC grey market trading.
This issues does allow for a deferral of interest payments for up to 20 consecutive quarters without the company being in default.
The pricing term sheet can be read here.
Preferred Pricicng is crazy. Would like to sell some preferreds at 27+ but where would I put the money. OPP-A which I own is a deal today. Wow!
No wonder then that OPP-A is…can I say it out loud…par from 23.50?!
Side o’beef in the freezer.