4 Jan, 2022

HG bonds: Athene Global Funding places $1.6B secured offering in 3 parts; terms

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By Gayatri Iyer


Athene Global Funding today completed a $1.6 billion, three-part offering backed by funding agreements, across 2025 notes in floating- and fixed-rate formats, and a fixed-rate issue due 2029.

The issuer last tapped the market in September 2021, when it placed a $1.15 billion, two-part offering of notes backed by funding agreements, across 1.73% notes due October 2026 at T+73 and 2.646% notes due October 2031 at T+110.

The issuer is a subsidiary of Athene Annuity & Life Assurance Co., which provides life insurance and annuity products and services and is ultimately owned by Bermuda-based Athene Holding Ltd.

In March, Apollo Global Management Inc., the New York-based investment manager, announced that it would merge with Athene Holding Ltd. in an all-stock transaction expected to close in January 2022.

Terms:

Issuer Athene Global Funding
Ratings A+/A
Amount $300 million
Issue 144A/Reg S funding-agreement backed notes
Coupon Sofr+71.5
Price 100
Maturity Jan. 7, 2025
Price talk Guidance and IPT: Sofr equivalent
Issuer Athene Global Funding
Ratings A+/A
Amount $850 million
Issue 144A/Reg S funding-agreement backed notes
Coupon 1.716%
Price 100
Yield 1.716%
Spread T+70
Maturity Jan. 7, 2025
Bookrunners C/CS/DB/RBC
Price talk Guidance: T+70; IPT: T+90 area
Issuer Athene Global Funding
Ratings A+/A
Amount $450 million
Issue 144A/Reg S funding-agreement backed notes
Coupon 2.717%
Price 100
Yield 2.717%
Spread T+115
Maturity Jan. 7, 2029
Trade (date) Jan. 4, 2022
Settle Jan. 7, 2022
Bookrunners BofA/DB/GS/MS
Price talk Guidance: T+115; IPT: T+135 area
Notes Proceeds will be used to purchase funding agreements.