Athene Holding's ATHS Offers Attractive 8.2% IG Yield And Short Duration Exposure
Source: SeekingAlpha
2025-06-01 12:15:35 ET
Summary
- ATHS offers an 8.2% yield-to-call, now more attractive than four months ago, with potential for price appreciation above $27.
- Athene Holding's financials remain robust, with strong interest coverage and a substantial equity cushion supporting the junior subordinated debt.
- If not called in 2029, ATHS's coupon is set to reset higher, benefiting from rising 5-year Treasury yields and supporting its low-duration profile.
- Compared to peers and OTC Athene bonds, ATHS is undervalued, providing an appealing investment-grade yield for the next four years.
Co-authored by Relative Value.
Overview
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Athene Holding's ATHS Offers Attractive 8.2% IG Yield And Short Duration Exposure
Athene Holding Ltd. 7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064
NASDAQ: ATHS
ATHS Trading
1.26% G/L:
$24.90 Last:
23,247 Volume:
$24.70 Open:
