Below is the pricing detail for the new Athene Holding LTD (ATH) fixed rate reset preferred.
Until 9/30/2025 the coupon is fixed at 6.375%.
The coupon will reset every 5 years starting 9/30/2025 and will reset at the 5 year treasury plus a spread of 5.97%–a pretty decent spread on an investment grade issue. This spread becomes the floor rate for the future coupon.
This issue is redeemable starting 6/30/2025 for a period of 90 days (until 9/30/2025). Then is only redeemable for a 90 day period in a coupon reset year (every 5 years) from 6/30 until 9/30.
The pricing term sheet can be read here.