APO - New Exchange Traded Debt IPOs March 2024
2024-03-28 17:22:35 ET
Summary
- Two new ETDS achieved perfect CDx3 Compliance Scores.
- Athene priced an offering of $500 million of new 7.25% fixed-rate reset junior subordinated debentures.
- TPG Inc. priced an offering of $400 million worth of new 6.95% fixed-rate junior subordinated notes.
New offering summaries:
CDX3Investor.com
Two new ETDS began trading in March, and interestingly both of them achieved perfect CDx3 Compliance Scores. Long-time readers of our Seeking Alpha articles may already be familiar with our compliance scale and what it means to rank 10 out of 10, but for those readers who may be new to CDx3 compliance as a framework for selecting quality preferred stocks, the following elements must match or exceed our target: dividend rate, time until call date, cumulative unsuspended quarterly dividend, investment grade credit rating, US issuer, non-convertible, prospectus availability, and $25 par value....
New Exchange Traded Debt IPOs, March 2024