Crisis-era CDO protection keeps on giving for Athene
Apollo-owned insurer still sees payments from sold CDS protection on a 2006 synthetic resecuritisation
Buried within a 4,500-page financial statement for an Apollo-owned insurance company lies a 20-year relic of the global financial crisis. But unlike the toxic assets that crippled the banking system two decades ago, this position has proved profitable, paying out nearly $9,000 a quarter in recent years.
Through an Iowa-based life insurer, Apollo’s Athene holds a sold $10 million notional credit
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