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Aspen Insurance Holdings Ltd. Message Board

  • trubulator12345 trubulator12345 Apr 24, 2012 4:46 PM Flag

    Gotta love it

    Whatever you think of AHL as an insurance underwriter, you have to give it to management for capital markets arbitrage. During the financial crisis, their preferreds were trading at something under 50% of par. They have a capital replacement covenant to please the rating agencies, so they issued some common equity at $25 and change and tendered for millions of preferred shares at 50% of par. Now they have just issued $150MM in preferreds at par and will probably use the proceeds to buy common equity at 27 to 28 bucks.

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AHL
47.83-0.42(-0.87%)Apr 17 4:02 PMEDT