Merx set to issue inaugural aircraft ABS

Merx Aviation Finance is in the market with a $506m securitization backed by mid-life narrow body aircraft, but the transaction’s high concentration of emerging market (EM) lessees poses risks.

  • By Sasha Padbidri
  • 24 Apr 2018

Though aircraft asset-backed securities (ABS) was a top pick among ABS investors in 2017, the growing concentration of EM airline obligors in recent deals have raised some concern, as emerging market countries are more vulnerable to political and economic risk.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 40,734.72 129 10.87%
2 JPMorgan 33,785.84 96 9.02%
3 Wells Fargo Securities 31,464.27 90 8.40%
4 Bank of America Merrill Lynch 29,270.38 93 7.81%
5 Credit Suisse 23,189.41 72 6.19%