Aergo Capital is in the market with its debut asset backed securitisation (ABS) deal – METAL 2017-1 – which is secured on a portfolio of 26 aircraft. The $605.5 transaction comprises four tranches: $403 million A notes, rated A by Kroll with an initial loan-to-value (LTV) of 62.5%; $86 million B notes, rated BBB by Kroll, with an initial LTV of 75%; and two tranches of C notes – $55 million C-1 notes, rated BB with an LTV of 83% and $34.4 million C-2 notes, rated B with an LTV of 88. The 26-aircraft portfolio, which are on lease to

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