Apollo Has a New Vehicle to Bundle Debt That Echoes CDOs of Old

Apollo Global Management Inc.’s “next generation” of credit vehicles, which the firm unveiled during last week’s earnings call, are backed by a grab-bag of loans and stakes in its own funds. In one case, a portion of investments will be overseen by an Apollo-backed money manager.

The deals, known as AMAPS or Apollo Multi-Asset Prime Securities, break with typical securitizations by bundling together not just one type of asset class but many different ones. Apollo has rolled out four deals so far and plans to create more, heralding them as the future of securitization.