Athene shifts CLO exposure toward AMAPS, citing tighter spreads in CLO market
APO•Athene outlines portfolio shift
Athene outlined a shift away from CLO exposure, positioning AMAPS as a replacement allocation in its portfolio.
- AMAPS described as a diversified, rated vehicle with about 85% investment-grade debt at issuance.
- Structure targets lower leverage than U.S. BSL CLOs, at about 9x debt-to-equity versus 12x for typical CLOs.
- Presentation cited wider blended IG spreads for AMAPS at S+212 bps versus S+136 bps for U.S. BSL CLOs.
- Athene reported 5 AMAPS structures outstanding totaling USD 25 billion, with about 1,000 underlying obligors.
