Apollo’s Athene Ramps Up Sterling Sales of Secured Debt (2)

Apollo Global Management Inc.’s Athene raised £400 million ($545 million) by selling funding agreement-backed notes, a type of high-rated security that life insurers in the US are using at a record pace as investors diversify away from government debt.

Athene Global Funding, an issuance program for these so-called FABNs, sold 10-year sterling-denominated securities, according to a person familiar with the matter. The transaction was priced at 120 basis points over UK government bonds, or 10 basis points tighter than the guidance discussed with investors earlier Tuesday, the person said. The transaction has pulled in over £1.25 billion in ...