Beyond FABN: The Rise of FAB Alternatives
Executive Summary Funding agreement-backed notes (“FABN”) have long been the dominant institutional spread-funding structure for life insurers, providing public-market access through established note programs. The market, however, is increasingly moving beyond FABN alone as insurers evaluate funding agreement-backed loans (“FABL”) and funding agreement-backed repurchase agreements (“FABR”) as complementary or alternative funding channels. The rise of […]