Athene Holding LTD (ATH) has announced the issuance of a new fixed-rate reset preferred. The issue will be non-cumulative.
This issue will be rated low investment grade by S&P at BBB-
A fixed-rate reset preferred will trade with a fixed coupon for about 5 years–meaning until 9/30/2025 in this case. After this point the coupon will reset every 5 years at the 5 year treasury rate plus a yet to be announced ‘spread’.
The new issue will trade under ticker ATH-C when it hits the NYSE after trading on the OTC grey market for maybe a week (OTC ticker yet to be announced).
The company currently has a fixed-to-floating rate preferred outstanding plus they have a fixed rate issue outstanding. These issues can be seen here.
mcg was on top of this one.