Skip to contentHome page Seeking Alpha - Power to InvestorsInterest RatesNov 02, 2026, 1:54 AM ETAthene Holding Ltd. 5.625% DEP SHS REPR 1/1000TH PERP NON CU (ATH.PR.B) Stock, ATH.PR.D StockAPOPrakhar Agarwal, CFA981 FollowersAthene Holding Ltd. (subsidiary of APO) offers four preferred shares, with Series B and Series D fixed-rate issues now yielding ~8.4%.Recent drawdowns and rising Treasury rates have increased yields, reducing duration sensitivity versus lower-yielding fixed-rate preferreds.ATH.PR.B and ATH.PR.D trade at significant discounts to par, minimizing call risk and negative convexity, enhancing appeal for long-term income investors.Strong $17.84B common equity buffer and $2.8B in preferred capital offer substantial loss absorption beneath preferred shares.ATH.PR.B and ATH.PR.D are now moved to buy, with a ~70 basis point yield uptick from ~7.7% at the time of prior coverage in June.Andrii Yalanskyi/iStock via Getty ImagesAthene Holding Ltd., a wholly owned subsidiary of Apollo Global Management (APO), has four preferred shares for an investor to select from. Two of them, which are Series B (ATH.PR.B) andThis article was written byPrakhar Agarwal, CFA981 FollowersI have been managing investments for over eight years in capital markets. By qualification I am a CFA Charter holder. I primarily look for discrepancies between the price and value of a security. With a focus on first-principal mindset, I try breaking down ideas into their core- most tangible parts, affecting the theses while deliberately avoiding the non-significant matter into crowding the analysis. If you like my ideas or frameworks, reach out via email/message for more granular and concentrated- portfolio level specific investment researches and ideas. I am at prakhar@shrihittruealphacapital.com.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Readers are advised to fact-check thoroughly before committing any capital to this idea; this reflects the personal views of the author and should not be pursued as formal financial or investment advice in any manner. While every effort has been made to ensure accuracy, errors may exist in the data and financial projections presented. The author is not responsible for any financial gains or losses incurred from investments made based on this content.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.CommentsTo ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.Is this happening to you frequently? Please report it on our feedback forum.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.