Bob-in-DE informs us that the OTC has been changed to RNRRP instead of RNRRV.
Reinsurer RenaissanceRE (RNR) has price a new issue of non-cumulative preferred stock.
The issue has priced at 4.20%–is non-cumulative and perpetual. Optional redemption is available to the company starting 7/15/2026.
The company will use the proceeds to call the 5.375% preferred–RNR-E issue which has been redeemable for 3 years.
This issue is investment grade with a Baa2 rating from Moody’s and BBB from Standard and Poor’s.
The issue trades today under OTC grey market ticker RNRRV.
The pricing term sheet is here
7 thoughts on “RenaissanceRE Holdings Prices New Perpetual Preferred–Update”
I called Schwab on RNRRP – they entered RNRRP into their system. This preferred can now be purchased via Schwab.
Schwab does not yet allow purchase of RNRRP – at least not without calling them.
There’s a $50 foreign settlement fee on Fidelity.
the yield is too low, isn’t it ?
I am looking at that yield right now and I cannot make myself pull the trigger. I know for a fact I can find something slightly better then that with an IG rating… Perhaps I won’t get such a long first call date but that is about the only thing going for it…
RNRRP – already changed.
Thanks Bob–they keep changing these damned things.