Atlas SP Partners, private investment major Apollo Global Management Inc’s structured credit unit, has obtained a broker-dealer license and is now gearing up to commence secondary trading, according to a report by Bloomberg.
The report cites sources familiar with the matter as confirming that the firm has recently informed structured credit investors that it will soon facilitate secondary trades under the name Atlas SP Securities, a division of Apollo Global Securities LLC. This new capability will complement Atlas’ primary issuance business, which is still in its early stages.
Neither Apollo nor Atlas provided comments on the development.
Apollo established Atlas SP in February 2023 after acquiring Credit Suisse Group AG’s securitised products division, which had been a leading arranger of asset-backed and residential mortgage-backed securities (RMBS) in the US Traditionally, bookrunners — entities responsible for organising new bond issuances — also possess the ability to trade these securities post-sale, a role Atlas SP will now assume.
At launch, Atlas managed a portfolio of $40bn in commitments, according to Apollo’s November 2023 report. The firm provides loans to mortgage companies and other businesses, packaging that debt into securities sold to investors. In recent weeks, Atlas has facilitated bond sales tied to Pagaya Technologies Ltd.’s consumer loans, BBAM Aircraft Leasing & Management’s aircraft debt, and Ascent Funding’s student loans. Currently, it is marketing asset-backed bonds tied to Marriott Vacations Worldwide’s timeshare debt, per data compiled by Bloomberg.
