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  "documentTitle": "Apollo Global Management | Investor Day Presentation Deck | 157 slides",
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  "presentationDate": "2022-06-01 00:00:00",
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  "notes": "The slide explains the mechanism of FABNs and shows growth in inflows from 2015 to 1Q'22.",
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      "kind": "chart",
      "text": "FUNDING AGREEMENT INFLOWS ($B)",
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      "text": "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')",
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      "text": "KEY DRIVERS: Institutional demand given the relatively higher yield profile of funding agreements vs. similarly-rated corporate debt. Strong demand and improved funding costs for Athene funding agreements driven by continued credit rating improvements",
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      "text": "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 markets.",
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      "text": "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.",
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      "text": "Funding Agreements",
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