Apollo Global Management Investor Day Presentation Deck
Funding Agreements
BUSINESS HIGHLIGHTS
• While at SunAmerica in the 1990s, Jim Belardi pioneered the
development of the Funding Agreement-Backed Note (FABN)
• Athene maintains issuing capabilities in six currencies across the
North American and European markets²
WHAT IS A FUNDING AGREEMENT-BACKED NOTE?
1
Athene's
insurance
subsidiary
produces an
annuity stream
or 'Funding
Agreement'
2
The 'Funding
Agreement'
is provided
to a Sponsor
entity
3
Sponsor issues
a nonrecourse
'note' (144A
bond) backed
by the
'Funding
Agreement'
cash flows
4
Sponsor sells
144A bonds to
institutional
investors
(a 'Funding
Agreement
Backed Note')
1
FUNDING AGREEMENT INFLOWS ($B)
●
$0.3
●
2015
$3.0
$0.7
$1.3
$8.3
1. Funding agreements are comprised of funding agreements issued under our FABN and FABR programs, funding agreements issued to the federal home loan bank (FHLB) and long-term repurchase agreements.
2. As of March 31, 2022. All foreign currency denominated funding agreements are hedged back to USD. Athene does not take on currency-related risks.
APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022
$11.8
KEY DRIVERS
Institutional demand given the relatively higher yield profile of
funding agreements vs. similarly-rated corporate debt
$5.7
2017 2018 2019 2020 2021 1Q'22
Strong demand and improved funding costs for Athene funding
agreements driven by continued credit rating improvements
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