BOC Aviation has priced its debut $500 million five-year senior unsecured notes at 2.875%. The notes, which are due in September 2017 and will yield 2.978% per annum, represent a spread of 2.35% over the five-year US Treasury note, with interest. Standard & Poor’s Ratings Services assigned its ‘BBB-‘ rating to the notes under its US$2 billion medium-term notes program. The issue rating is one notch below the corporate credit rating as BOC Aviation’s total secured debt exceeds S&P’s notching threshold of 20% of total assets. Last week, BOCA established a US$2 billion Euro Medium Term Note Programme (EMTN Programme)

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