Apollo outlines AMAPS as CLO allocation alternative, citing $25 billion outstanding across five deals
APO•Structure and spread comparison
AMAPS targets about 40%-50% investment-grade collateral, about 9x debt-to-equity leverage, and more than 1,000 obligors.
The presentation compares blended IG spreads of S+212 bps for AMAPS versus S+136 bps for U.S. BSL CLOs.
Athene shifts allocations toward AMAPS
Athene is reducing CLO exposure and shifting allocations toward AMAPS, citing thicker equity at 10% versus 8% for U.S. BSL CLOs.
Apollo presents AMAPS as a CLO allocation alternative
Apollo outlined AMAPS as a rated, diversified vehicle positioned to replace insurer CLO allocations as CLO spreads compress.
Five AMAPS structures total $25 billion outstanding, with Apollo projecting further growth.
