More issuers popularizing 'E' notes in aircraft ABS

Equity notes are gaining wider acceptance among investors in the aircraft ABS sector, and the market should expect to see more of them going forward — at least until buyers can find a higher yielding alternative.

  • By Jennifer Kang
  • 20 Jun 2019
'E' notes allow issuers to keep the equity component of an aircraft ABS deal and retain the residual risks, or sell the notes in tradeable format to investors, who can then trade them in the secondary market. The notes are last in line for payment, behind the debt, ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 4,486 16 13.62
2 Citi 4,347 16 13.20
3 Lloyds Bank 3,158 6 9.59
4 Morgan Stanley 3,066 8 9.31
5 Bank of America Merrill Lynch (BAML) 2,771 10 8.42

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3 Wells Fargo Securities 42,153.78 123 7.51%
4 Bank of America Merrill Lynch 41,657.82 137 7.42%
5 Credit Suisse 38,415.30 121 6.84%