It appears that the new baby bond (fixed rate reset) from Reinsurance Group of America (RGA) will begin trading tomorrow–per a note from EarlyBird in the comments.
The new issue is a baby bond with a initial 7.125% fixed rate (until 10/15/2027) (RZC) . The coupon will be reset beginning 10/15/2027 at the 5 year treasury plus a fixed spread of 3.456%–there after reset every 5 years.
This is a solid investment grade issue (BBB and Baa2), although the maturity date isn’t until 2052 meaning it will have interest rate risk.
It is likely that many of the brokerage houses will not get this posted tomorrow, but it should happen very soon.
thanks for those blogreader posts guys!
RZC closed today at $25.33 and has been as low as $25.13 since it IPO’d https://finra-markets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C1051889&symbol=RGA5477165
Stay Tuned 🎲
That reset fixed rate plus 5 yr is not very appealing for someone who would like to just hold it long term. I feel like RGA might have some very smart people to estimate the 5 yr rate 5 years out and I can see this paying 5.5% or less in the future.
bob–twitter is good–they go out when I post–immediately. Or you can use a RSS feed. Hopefully folks will chime in with the various methods they use.
I use feedbro – an RSS reader for all posts.
Works great
@bob ,
I use https://blogtrottr.com/ .
Good luck.
D.
I’m new to this board. Is there way to get your postings emailed or just follow your posts on twitter?