Two airlines find loose bolts on 737 MAX 9s during preliminary inspections
9th January 2024
ABSDubai 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 notes, with an LTV of 79.5%, and rated BBB by Fitch and Kroll.
The A paper amortises on a 12.8-year straight-line schedule and the B notes amortise on a 12.9-year straight-line schedule until the ARD – October 15, 2025 – and a four-year straight-line schedule thereafter.
Mizuho Securities is the sole structuring agent and joint bookrunner with Credit Agricole Securities. CA-CIB also provides the nine-month liquidity facility. UMB is the security trustee, operating bank and trustee. Maples is the managing agent. DAE will act as servicer for Kestrel 2018-1.