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Americas Deal of the Year – Aviation Capital keeps trying
01 May 2004
Read more:
Aviation
securitization
aircraft lease
operating lease
Aircraft Lease
Aviation Capital Group’s 2003 securitization was all about perseverance. The lessor had first planned to launch the deal in September 2001 and then in 2002. However, with most investors focusing on downgrades, the lessor and its adviser, Wachoia, was forced to rethink the structure. Wachovia’s view was that, if investors in senior bonds wanted reassurance about receiving coupon payments on time, a wrap could perhaps convince them; if bond buyers no longer trust bullets, why not have amortizing notes. Most importantly, if there is no market for...
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