Yesterday, while I was out taking care of some family medical issues, there were new issues announced.
Aspen Insurance announced a new 7% non cumulative perpetual preferred with proceeds to redeem their F-to F preferred (I assume the AHL-C issue) which is now a fixed rate issue with a coupon of 9.59%. We had some snoozers on this one as it was trading at $26.60 last month and new is at $25.43. Aspen is now owned by Apollo.
The preliminary prospectus is here. The pricing term document is here.
Ramaco Resources (METC) sold a new baby bond with a coupon of 8.375%. The pricing term sheet is here.
Thanks to J (as always), Peppino and others who made note of new issues in the Readers Alert Section–always the best place to get an immediate ‘heads up’ on new issues.
Tim; I have a question for an expert such as yourself. Regarding Aspen Insurance which you said is owned by Apollo. So down the road if the shit hits the fan and Aspen were to run into trouble would Apollo come to the rescue and make the payments for them or would they say the old cliche of “Not my Problem”???
Temp ticker for AHL-F: ASIHV Not yet in Fido’s system.
https://otce.finra.org/otce/dailyList?viewType=Additions
Trading OTC.
https://www.otcmarkets.com/stock/ASIHV/overview
Moody’s summary of it’s Ba1 rating on AHL-F:
https://www.moodys.com/research/null-Moodys-Ratings-assigns-Ba1hyb-rating-to-Aspens-Series-F-preference-Rating-Action–PR_1000010636?cid=GAR9PTU7VKT2671&emailToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJVc2VySWQiOiJkYzVkYjczMC01NTBiLTQ3ZjctYjhjZi05NzY2ZjAxZmU0MzMiLCJEb2NJZCI6IlBSXzEwMDAwMTA2MzYiLCJjcmVhdGlvbkRhdGUiOiIyMDI0LTExLTIyVDEyOjM3OjAyLjMyNTcyNjQtMDU6MDAiLCJleHAiOjE3MzI1NTYyMjIsIlVzZXJOYW1lIjoiY3BhbWlrZW1iYUB5YWhvby5jb20iLCJVc2VyVHlwZSI6IjIifQ.C5eq3SMJX3a7nRwFjM_3cn4_7O0s1I6MNAZgf7hiuSg
Don’t recall such a low underwriter’s percentage (METC) 0.875%
Owned it ages ago- was declining ’17 to ’21 , slowly up / down since then.
My error– it comes to 3.5% – doh!
hope all is turning out well personally
I have some AHL-D which is paying less than 7%. Not good news for that issue.