Insurance firm Argo Group International (ARGO) will be selling an issue of Resettable Fixed Rate preferred shares.
The issue will be non cumulative, but qualified.
The issue will have a fixed rate until 9/15/2025 after which it will be reset at the 5 year treasury plus a ‘spread’ (unknown as of this moment). It will then reset every 5 years.
‘Yield talk’ is in the 7 to 7.125% area.
The company has 1 outstanding baby bond with a 6.50% coupon which can be seen here.
mcg was right on this one with EarlyBird chiming in.