United Airlines is in the market with the first enhanced equipment trust certificate (EETC) transaction for many months.  United is offering a single trance of Class A notes due 2036 valued at $1.32bn priced at a 5.80% coupon and 35bp spread over US Treasuries.  The notes will be secured on a portfolio of 39 aircraft – 22 737 MAX 8s and 17 737 MAX 9s – delivered new to United between Oct. 2022 and May 2023. The initial loan to aircraft valuation (LTV) ratio is 62.5% – the maximum LTV is 63.5%. There is an 18-month liquidity facility provided by

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