Perseus Asset Management has marketed its inaugural aviation asset-backed securities (ABS) deal MAPS 2026-1.
The deal is the fourth aviation lease ABS issued under Apollo's aviation finance platform — following three prior transactions completed by Merx Aviation between 2018 and 2021.
The $680.1 million deal consists of a $571.45 million A tranche and a $108.66 million B tranche. The deal has an expected repayment date of January 2033 and a legal final maturity in January 2051.
The A tranche has an initial LTV of 71% and is expected to be rated A by KBRA and Fitch.
The B tranche has an initial LTV of 84.5%. KBRA has not assigned the subordinated tranche a rating, while Fitch expects to assign a BBB+ rating to the tranche.
Proceeds from the notes will be used to acquire a portfolio of 27 assets, consisting of 25 narrowbodies and two widebodies on lease to 17 lessees in 16 jurisdictions.
As of the end of last year, five aircraft from the portfolio have not been acquired by Perseus. The unowned aircraft are subject to leases with Garuda, Caribbean Airlines, Oman Air, and Aerolineas. All of these aircraft have executed purchase agreements, which are expected to close ahead or shortly after MAPS 2026-1's closing.
The assets in the portfolio include nine A320-200s, eight 737-800s, three A321-200s, three 737 MAX 8s, two E195-E2s, a 787-9 and an A330-900.
New technology aircraft make up around 35.9% by value. This includes the two 737 MAX 8s, the two E195-E2s and the one 787-9 widebody.
The top three lessees represent 34.6% of the portfolio by value, including American Airlines at 13.6%, Air Europa at 10.6% and Garuda at 10.4%.
As of the end of October 2025, the portfolio has a weighted average age of around 9.1 years and the weighted average term of the initial lease contracts are around 6 years. The portfolio has an initial value of around $804.9 million, according to KBRA's report.
Deutsche Bank is acting as the sole structuring agent and left lead bookrunner. UMB Bank is the security trustee and Natixis is the liquidity facility provider, which is sized to nine-months of interest due on the Class A notes.