United issues B trance to its Series 2018-1 EETC

United Airlines has issued a B tranche of notes as an addition to its Series 2018-1 enhanced equipment trust certificates issuance earlier this year. The $225.7 million B notes, rated BBB by Fitch, were issued at par with a coupon of 4.60%. The class B certificates have an initial expected tenor of 7.8 years and a weighted average life of 5.4 years. The notes are junior to the AA and A notes previously offered to the market, which are secured on a portfolio of 16 aircraft – 13 of which have been delivered and financed with the proceeds from the