17 thoughts on “Athene Holding LTD Prices Preferred”

  1. So who owns Athene? I see wellington has 9.2% and Vanguard 8.9%…..But from what I’m reading it’s owned by Apollo just like Aspen is???

  2. ATHHF is both SEC registered and will trade on the NYSE. There should not be any $50 foreign fee attached to the purchase (or sale).

    Interesting choice between the A and (new) B: Based on yesterday’s close the A is trading at a SY of 5.86% and a YTC of 5.22. Call is not until 2029. The F2F feature protects you only from higher rates.

    The B is trading at a lower 5.61% SY but higher YTC of 5.55. No F2F.

    If your intention to to hold for the duration the new B shares is more attractive at present prices.

  3. Curious on where to best buy this: my broker at TDA offered this ATH new issue preferred for $25 – looks like the same can be bought as ATHHF. How come people have already purchased (based on comments) when it is not yet issued till 9/19? Also, will it likely pop as similar issues that are callable like MET-E and BAC-B are in the 27s? Higher rated of course but is ATH solid? Thank you for your insight

    1. Debbie–this is in fact already issued. The trade date was 9/16 (yesterday). This is the date the underwriter made a commitment to buy the issue at a given coupon. They then sell it to all of us and they receive 78.75 cents for each share they sell. The date you refer to (the settlement date) is when payment is due (trade plus 3 days). Whether it will ‘pop’ is for the investor to figure out–this one has already traded in a range of 24.69 to 25.15 today–whether it will go higher I don’t have the answer to that.

      1. I have been attempting to buy 400 shares with Schwab.com. First $24.88, then $24.93, then, $25.01 and finally $25.04. I have now changed the limit order @ $25.05. If not filled, I will not chase after it. Last Friday, the US 10 Yr note gapped up > 4.5%, AHL-E was trading below par. This one has same coupon as AHL and the same IG (lowest) just like AHL. Yes. insurance, especially Catastrophic casualty, is a very difficult one for the actuaries. If they reserve too much, they could show loss. Too little, could be sued just like Amtrust after Michael Karfunkel said goodbye to this world October, 2018. Nonetheless, the risks with IG issues, lower coupon still should be lower in risks as compared to Colony Financial preferreds, now all depending on the new whiz CEO who aim to bring the common stock price to $10 from single digit in 3 years with enormous stock bonus incentive OR for that matter, the coming back (somewhat) of Ashford Hospitality after sale of one of their presumably decent properties.
        Aside from that gentlemen who picked up VERY EARLY Tuesday, has anyone else able to get some? Thanks Tim and thank you all.

        1. From Schwab.com:
          “Business Summary

          Athene Holding Ltd is a retirement services company. The Company issues, reinsures and acquires retirement savings products across the United States and the District of Columbia. It operates through the Retirement Services segment. Retirement Services is comprised of its United States and Bermuda operations, which issue and reinsure retirement savings products and institutional products. Retirement Services has retail operations, which provide annuity retirement solutions to its policyholders. Retirement Services segment also has reinsurance operations, which reinsure multi-year guaranteed annuities, fixed indexed annuities, traditional one-year guarantee fixed deferred annuities, immediate annuities and institutional products from its reinsurance partners. In addition, its institutional operations, including funding agreements and pension risk transfer (PRT) obligations, are included in its Retirement Services segment. Its products include individual annuities and group annuities.” Schwab gave the issuer a F for sentiment, A for valuation (no dividends for the commons) and C for quality). Fidelity analysts bullish on ATH. Unlikely affected by hurricane in Houston.

          1. David, thank you. Mine @ $25.05 still failed to be filled. I am calling Schwab Fixed income (bond dept) for help.

            1. I lost the guy’s name. They can’t help. That is alright. I thank that person in Tim’s website suggesting HFRO-A. I picked 178 shares yesterday slightly below par. It seems to climb nicely. 5.375. Last Friday, it went down quickly with the one day Taper Fear, bounced back since.

      2. Is this after market BD comp accurate? No wonder the extra allocation is so important. You’d think I would have known about this. Not that it makes a difference, but still…..

  4. I will not pay the $50 Fido fee in addition to the 4.95 fee.
    I was going to buy 500 shs at 24.85, but with the fees..it’s like paying 24.96. Will i have to pay the fifty upon exiting the position?.
    Does TDA charge the fifty as well?

  5. Athene Holding Ltd. (“Athene”) today announced the pricing of its public offering of 12,000,000 depositary shares, each representing a 1/1,000th interest in its 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B, $1.00 par value and $25,000 liquidation preference per share (equivalent to $25.00 per depositary share), for an aggregate public offering price of $300,000,000. The offering is expected to close on September 19, 2019, subject to satisfaction of customary closing conditions. Athene intends to list the depositary shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “ATHPrB.” Athene has granted the underwriters the option to purchase up to 1,800,000 additional depositary shares solely to cover over-allotments, if any, prior to the closing of the offering.

    Athene intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, supporting growth from both organic and inorganic channels and its commitment to Athene Co-Invest Reinsurance Affiliate. Wells Fargo Securities, LLC, BofA Securities, Inc., UBS Securities LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering.

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