AASET 2022-1 revitalises aviation ABS market

Carlyle Aviation Management has priced its latest aviation asset-backed securitisation transaction under the AASET (Apollo Aviation Securitization Equity Trust) moniker with a single-tranche $522.4 million deal, which builds in several structural post-COVID precautions. The A rated A notes have a weighted average life of 4.61 years with a loan-to-value ratio of 67%, which priced at a 6$ coupon and yield of 6.558%. The precautions include a caveat that the issuer must own at least eight aircraft at the end of the delivery period, otherwise the transaction will begin to use any excess cash to pay down the notes after the