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Athene Holding's Series A preferred shares offer floating-rate feature from 2029, boosting yield and reducing rate risk.

Analyst Insights
12 Sep 2026
Seeking Alpha
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Bullish
Athene Holding's Series A preferred shares offer floating-rate feature from 2029, boosting yield and reducing rate risk.

Athene Holding's Series A preferred shares will start offering a floating-rate coupon from June 2029, which reduces sensitivity to interest rate changes. Currently trading at about a 5% discount to par, these shares provide a yield-to-call of approximately 9.3%, addressing concerns about call risk. Although the current yield of around 6.7% is lower than peers, the future floating-rate coupon could significantly increase if interest rates remain high. This preferred share is rated a buy due to its interest-rate protection, the company's stable credit profile supported by common equity, and its potential for enhanced total returns in a cautious rate environment.

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