Introduction
The preferred stocks issued with a dividend rate related to the Five-Year Treasury Rate are increasingly popular among issuers. Argo Group International Holdings (ARGO) is releasing the 10th such outstanding preferred stock and becomes the first property & casualty insurer to finance itself through exchange-traded fixed-reset rate security.
The New Issue
Before we submerge into our brief analysis, here is a link to the 424B2 Filing by Argo Group International Holdings, Ltd - the prospectus.
Source: SEC.gov
For a total of 6M shares issued, the total gross proceeds to the company