Deucalion out with $282 million ABS transaction

Deucalion is in the market with a $282 million asset backed securitisation (ABS) secured on a portfolio of 21 aircraft – five A319s, nine A320-200s, four 737-800s, two 737-900ERs, one A330-200 and one A330-300. Stellar Jay 2021-1 is offered in three tranches: $216million A-rated A notes, which have an initial loan-to-value (LTV) ratio of 57.9%; $39 million BBB-rated B class notes with a 68.4% initial LTV; and $27 million B-rated C notes with a 75.6% initial LTV. Deucalion Aviation is the servicer and Avenue Capital Group is listed as the sponsor. Morgan Stanley is the sole structuring agent and joint