Avolon launches Sapphire ABS; UKEF closes C Series funding for Korean Airlines

Avolon has launched its second asset backed securitisation (ABS) – the $768.4 million Sapphire Aviation Finance I (SAPA 2018-1) – which is secured on 41 aircraft, currently leased to 30 lessees located in 19 countries with an initial total value of approximately $962.4 million. Wells Fargo is the sole structuring agent and lead bookrunner on this transaction, with BNP Paribas as the liquidity facility provider. Avolon will remain as the servicer. The ABS is offered in three tranches of notes, comprising: $633 million A notes, rated A by Kroll Bond Rating Agency (KBRA), with an initial loan-to-value ratio of 65.8%;