6/1/2025
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Insurance/annuity company American National Group Inc has announced pricing of their new non cumulative preferred stock issue. The issue prices at 7.375%–about as expected for an issue that is a notch short of investment grade.
No grey market ticker has been announced as of this morning,
Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of general interest. Until earnings season gets rolling in the next few weeks news will be slow.
Valley National Bancorp To Announce Fourth Quarter 2024 Earnings
UMH PROPERTIES, INC. DECLARES COMMON AND PREFERRED DIVIDENDS
W. R. Berkley Corporation to Announce Fourth Quarter and Full Year 2024 Earnings on January 27, 2025
RenaissanceRe Schedules Fourth Quarter and Year-End 2024 Financial Results Conference Call
MetLife Declares First Quarter 2025 Common Stock Dividend
The 10 year treasury has moved higher today–up to 4.69% after the release of the Institute of Supply Management (ISM) report showing strong performance in the service sector. The pricing index showed a sharp increase which put the hammer on equities. The report is here. Normally these reports don’t represent importance–but as always, subject to change, so now they are important.
JOLTs (job openings and labor turnover) was also released and the numbers were much stronger than forecast with about 8.1 million job openings versus a forecast of 7.7 million and last months reading of 7.84 million.
Preferreds and baby bonds are off a bit–although thus far the damage is minimal.
Insurance/Annuity company American National Group (owned by Brookfield Reinsurance) has announced they will be offering a $25/share preferred stock offering.
ANG is the parent of American Equity Life and many other insurance companies across the U.S.
The issue will trade under the permanent ticker ANG-D when it finally hits the NYSE.
The preliminary prospectus can be found here.
Thanks to J for his diligence is picking up on this one.
F&G Annuities and Life (FG) has priced their previously announced baby bond with a coupon of 7.30%.
This is a large issue of $375 million (15 million shares (bonds).
The issue is rated a notch or 2 under investment grade by the major ratings agencies.
It will be a week or 10 days before this issue begins to trade on the NYSE.
