Busy quarter for aviation ABS

The first quarter of aviation ABS deals have been boosted by a further two deals from engine lessor Willis Lease Finance and DVB’s second ABS this quarter. Willis Lease Finance has issued its fifth engine ABS under the WEST programme. The $366.2 million WEST V 2020-1 ABS comprises three tranches of notes: $303 million A rated A notes with an initial loan-to-value (LTV) of 72%; $42.1 million BBB-rated B notes with an 82% initial LTV; and $22 million BB-rated C tranche, with a 87% initial LTV.The notes will be secured on a portfolio of 75 engine assets, which comprises in-production, in-demand