Blackbird Capital has priced its $800 million securitisation at the lowest coupon for an aviation ABS transaction in recent years.
The bond issue, which closes today, achieved a 2.49% coupon for the $200 million AA notes, nearly 250bps tighter than Apollo Aviation’s A tranche for its recent $640 million ABS deal, according to a source close to the deal.
The $540 million A notes have a coupon of 4.21 %, while the $60 million BBB notes priced at 5.68%.
Repeat issuer Apollo priced its third ABS transaction earlier this month.
The deal, which refinances 19 aircraft, is structured as a bond rather than loans like the recent issues by Apollo and Castlelake.
The aircraft pool had an average age of 3.3 years and an average of 7.3 years left on lease.
Bank of America Merrill Lynch, BNP Paribas and Mizuho Bank are joint lead structuring agents and lead bookrunners. BAML is co-ordinator and Citi is a lead bookrunner. Air Lease will act as servicer.
Source: Cirium Dashboard
