Apollo Global Management Investor Day Presentation Deck
Funding Agreements
Business Highlights
Athene maintains issuing capabilities across currencies in
North America and European markets
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While at SunAmerica in the 1990s, Jim Belardi pioneered the
development of the Funding Agreement Backed Note (FABN),
which has since grown into a ~$250 billion market
WHAT IS A FUNDING AGREEMENT?
1
2
3
Traditional fixed income investors purchase a fixed
income investment (effectively a note or bond), and the
issuer guarantees a fixed or floating rate of return over a
certain tenor
The issuer re-invests the amount of the funding
agreement and seeks to earn more than the cost of the
funding agreement
Funding agreements are priced based on market
demand and the credit rating of the issuer
Funding Agreement Inflows ($B)¹
$3.0
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2017
$0.7
2018
1. Funding agreements are comprised of funding agreements issued under our FABN and FABR programs, funding agreements issued to the FHLB and long-term repurchase agreements.
APOLLO INVESTOR DAY 2021
$1.3
2019
$8.3
2020
$11+
KEY DRIVERS:
• Increasing demand by institutions given the relatively higher
yield profile of funding agreements vs. similarly-rated
corporate debt
2021E
Strong demand and improved funding costs for Athene
FABNS driven by continued credit rating improvements
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