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Athene Holdings Prices a Baby Bond

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.

9 thoughts on “Athene Holdings Prices a Baby Bond”

  1. 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.

        1. 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

            1. 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.

        2. 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

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