Athene Holding Ltd. 7.250% Fixe

AI-generated fair value estimate for this company.

Method: Bond-style DCF to first optional call date: $25 par, 7.250% fixed coupon ($0.453125/quarter) through the 3/30/2029 redemption date (10 quarters from 9/26/26). Discounted at 7.99% annually (= current 5-yr US Treasury yield of 5.00% on 9/25/26 + the bond's own contractual 2.986% post-2029 reset spread, used as a market-consistent required yield), PV of the 10 remaining coupons is ~$4.07 and PV of the $25 redemption is ~$20.52, for a total of ~$24.59.

Reasoning: ATHS is fixed-income junior subordinated debt of Athene Holding (an Apollo Global Management subsidiary), not equity, so a going-concern DCF or trust-value approach does not apply; market convention values a fixed-to-reset bond trading near par via yield-to-first-call, and the result is consistent with the actual last traded price of $24.35 on 9/25/26.