American Financial Group Prices Baby Bond Issue

Insurer American Financial Group (AFG) has priced their new issue of subordinated notes. The SEC documents have not yet been filed so I will post further detail tomorrow morning.

The coupon will be 5.625%. The ticker will be AFGD. Standards and Poor’s rates the issue BBB- and Moody’s Baa2—both investment grade. They are selling 6 million shares.

Being debt this will not trade on the OTC grey market. Once the cusip is known investors can call their brokerage if they want it before exchange trading.

This issue has the potential for trading quite strongly – at least looking at the 5.875% issue that is currently outstanding and trading between $26 and $27 would seem to indicate potential to trade in the $25.50 to $26 area. I may have an interest at a fair price once exchange trading begins.

The company press release on this new issue can be read here.

4 thoughts on “American Financial Group Prices Baby Bond Issue”

    1. Mark–google provides all of the preferred quotes and the majority of the baby bond quotes. Then a small number of quotes I draw from many locations none of which I discuss because some folks may not like that I do that.

      =googlefinance(d123) where d123 equals the cell location of the ticker

    2. Tim you responded quicker than me. I was typing the same answer when yours popped up. I’ll add – click on the speadsheet cell and the data or formula is shown on the top of the spreadsheet.

  1. Thanks, Tim, I’m going to look into it myself. Look forward to your further info tomorrow.

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