Pooled lease aircraft‐backed securitizations have been used since the early 1990s to finance the aircraft portfolios of leasing companies. This chapter reviews the development of the aircraft asset‐backed securities (ABS) market and its overall place in aircraft financing. All transactions in the sector are characterized by complex amortization formulas and limited protection against deterioration in performance and therefore require careful analysis based on independently derived assumptions. As the leased portion of the worldwide commercial aircraft fleet continues to grow, pooled lease aircraft ABS has remained a viable financing vehicle. Despite improvements in leverage levels and collateral quality in post‐9/11 transactions, investment in the sector continues to require an asset‐level‐up valuation approach that relies on independently derived assumptions regarding forward aircraft cash flow.
Aircraft‐Backed Debt Securities
2012-01-02
29 pages
Aufsatz/Kapitel (Buch)
Elektronische Ressource
Englisch
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