DAE launches Kestrel 2018-1 ABS

Dubai Aerospace Enterprise (DAE) has launched its third asset backed securitisation (ABS), which is secured on a portfolio of 18 aircraft – seven A320-200s, four 737-800s two A319-100s, two ATR 72-600s, one A330-200, one A330-300 and one A321-200 – with an initial weighted average aircraft age 8.9 years with a weighted average remaining lease term of approximately 4.5 years. The $379.4 million Kestrel Aircraft Funding 2018-1 comprises two tranches of notes – $319.8 million A notes, with an initial loan-to-value (LTV) ratio of 67%, which are rated A by Fitch Rating and Kroll Bond Rating Agency; and $59.6 million B class