Apollo World Administration has secured a $5bn (£3.8bn) funding dedication from BNP Paribas, in what it describes as one of many largest-ever bilateral financings for directly-originated credit score belongings.
The French financial institution will finance investment-grade, asset-backed credit score originated by the choice asset supervisor and Atlas SP Companions, the securitised merchandise enterprise that Apollo acquired from Credit score Suisse.
Beneath the phrases of the deal, BNP Paribas will make a day-one dedication of $5bn which is predicted to extend over time.
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It has additionally agreed to a capital markets collaboration to help securitisations sourced by Apollo and Atlas issuer purchasers.
“We imagine this strategic collaboration, which incorporates one of many largest-ever bilateral financings for directly-originated credit score belongings, is a testomony to the power of Atlas’ distinctive origination capabilities and differentiated mannequin,” stated Apollo co-president Jim Zelter.
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“Working hand-in-hand with BNP Paribas, this transaction reveals how Apollo and Atlas proceed to develop relationships with main world monetary establishments and builds on Apollo’s present collaboration with BNP Paribas to offer stock finance options by means of the Eliant platform.”
In 2022, Apollo, alongside its annuities enterprise subsidiary Athene, and BNP Paribas introduced a strategic relationship with the launch of Eliant Stock Options, a platform offering versatile financing options for working capital and provide chain wants.
Learn extra: Apollo exec forecasts rise in hybrid financial institution/personal credit score offers