First aircraft ABS of 2020 points to weaker lessees becoming the norm

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By Jennifer Kang
30 Jan 2020

Carlyle Aviation Partners on Thursday announced a $409m securitization, the first aircraft ABS deal of the year. The high concentration of weaker credit lessees in the offering is an example of one of the many growing pains being felt by the quickly expanding aircraft securitization market, sources said.

The senior 'A' tranche was given an A rating by Fitch Ratings and Kroll Bond Rating Agency, while the 'B' tranche received a triple-B rating. The 'C' notes were assigned a BB rating. Goldman Sachs is the sole bookrunner on the deal.

Carlyle is a repeat issuer and ...

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