Stratos Aircraft Management has announced its inaugural asset backed securitisation (ABS) – JOL Air 2019-1 the first aircraft ABS transaction to include a Japanese Operating Lease, or JOL structure. The $553.6 million ABS comprises three tranches of notes: $456 million A notes, rated A by Kroll Bond Rating Agency (KBRA), with an initial loan-to-value (LTV) ratio of 68%; $73.7 million B notes, rated BBB by KBRA, with an initial LTV of 79%; and $23.8 million C notes not rated by KBRA – these have an initial LTV of 82.5%. The notes are secured on a portfolio of 13 narrowbody and two

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