Insurance/annuity company Athene Holdings has announced a new issuance of fixed rate reset preferred stock. Athene is owned by Apollo Global Management (APO)
The company has other issues of preferreds outstanding which can be seen here.
This new issue should be investment grade. The coupon will be fixed until 12/30/2027 after which it will be reset at the 5 year treasury plus a yet to be announced ‘spread’—then every 5 years thereafter.
J was on top of this one.