Reinsurer Athene Holdings LTD has priced a new baby bond with a coupon of 7.25%. The issue is a fixed rate reset issuer and will be reset on 3/30/2029 at the 5 year treasury plus a spread of 2.986%. The issue is then reset every 5 years.
Maturity is in 2064.
Note that Athene is owned by Apollo Global.
The pricing term sheet is here.
Thanks to Peppino for posting this today.
Not quibbling with the 7.25% coupon, but the reset spread of 2.986% seems low for the risks involved. I think the 6.7% coupon STT preferred and the BBDC 2029 7% coupon make-whole note mentioned recently on III offer better relative value. I will pass on this one.
cusip # for BBDC—thanks
found it
Can you show the cusip # BBDC thanks.
06759LAD5 … I got some on 2/27 for 99.516
Is this APO bond better than the WFC 7.625% Coupon or Citi 7.625% both issued last Sep/Oct? Both still trading relatively ok and better reset terms in 4.5 years more?
Citi is cusip 172967PE5
Citi is 103 or more by the time you include fees
https://www.finra.org/finra-data/fixed-income/bond?cusip=172967PE5&bondType=CA
Called bond desk at Fidelity about the Citi. It resets quarterly starting 11/15/28 at HIS5TY + 3.21%. That is some type of 5 Year Treasury index that I cannot figure out. Any ideas or help appreciated.
This is wrong Cusip as it comes up with BARINGS BDC INC NOTE CALL MAKE WHOLE 7.00000% 02/15/2029
Correct Cusip on Fidelity for this APO 7.25% bond is 04686J838