Goshawk out with $529 million ABS

Goshawk is in the market with its first aviation asset backed securitisation (ABS) – Pioneer Aircraft Finance 2019-1. The $529 million ABS comprises three tranches of notes: $429 million A notes, rated A by Kroll Bond Rating Agency (KBRA), with an initial loan-to-value (LTV) ratio of 66.9%; $75 million of B notes rated BBB, with an initial LTV of 78.6%; and $26 million C notes rated BB, with an initial LTV of 82.6%. Goshawk entities will collectively acquire a minority portion (10%) of the equity. The notes are secured on a portfolio of 18 aircraft – 11 A320-200s, five 737-800s,