[AVILEASE] 

AviLease Capital Ltd (AVILES) exp Baa2/BBB (s/s) US$650m 144A/Reg S (Cat 2)/3c7 5y FXD sr notes due 06/30/31. MWC then 1mo par call (05/30/31). 100 CoC. Clean-up Call (75% of outstanding). Guarantors: Aircraft Leasing Company, Air Structured Holding Company, AviLease Finance 1 Ireland Designated Activity Company. Guarantor Ratings: Baa2/BBB (s/s). Coupon: FXD, S/A, 30/360. Denoms: 200,000 x 1,000. Listing: The London Stock Exchange's International Securities Market - The Offering Circular is, and the Pricing Supplement for the Notes will be, published on the website of the London Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html. Governing Law: English Law. Stabilisation: FCA / ICMA stabilisation applies. Documentation: Drawdown under the Global Medium Term Note Programme. Clearing: rule 144A (DTC), Regulation S (Euroclear and Clearstream, Luxembourg). UOP: gcp. Marketing: https://netroadshow.com; Passcode: AVILEASE2026. Pricing 06/23. Settle 06/30. 144A/Reg S ISIN: US05370HAA14/XS3424466806.

VIA BNP (B&D)/Miz as JGCs/Active JBRs and JLMs. CACIB/Emirates NBD/HSBC/JPM/MS as active JBRs and JLMs. BOC/China Construction Bank/Citi/DBS/ING/MUFG/Natixis/OCBC/Stan Chart as passive JBRs and JLMs.

Announced with benchmark size, we heard initial price thoughts as T+155 area.

Went straight to launch at $650m 5y at T+125.

Ultimately, a $650m deal priced as follows:

$650m 5.50% 6/30/31 99.952 5.511% T+125. MW+20.

As for r/v, outstanding AVILES was quoted as follows:

AviLease Capital (Baa2/NR/BBB)
- AVILES 4.750% due 11/12/30 T+123bp (G124; $97.09) - $850m pxd NOV 2025

** Outstanding Nov 30s G124; plus 2bp curve = T+126bp f/v. At the T+125bp pricing level, CONCESSION IS NEG 1BP.

Comps away: 

AerCap Ireland Capital (Baa1/BBB+/BBB+)
- AERCAP 5.375% due 12/15/31 T+84bp (G82; $101.20) - $750m pxd JAN 2025

Aircastle (Baa2/BBB/BBB+)
- AYR 5.000% due 05/15/31 T+106bp (G106; $98.56) - $650m pxd 4/23/26 +113

Avolon Holdings Funding (Baa2/BBB/BBB)
- AVOL 4.700% due 01/30/31 T+97bp (G98; $97.79) - $850m pxd DEC 2025

Aviation Capital Group (Baa2/BBB-)
- ACGCAP 4.800% due 10/24/30 T+86bp (G87bp; $98.71) - $750m pxd JUL 2025

Sumisho Air Lease (NR/BBB/BBB)
- SUMIAL 4.850% due 03/24/31 T+93bp (G93; $98.52) - $1.5bn pxd 3/10/26 

Almarai (Baa3/BBB-)
- ALMARA 4.450% due 09/24/30 T+77bp (G79; $97.74) - $500m pxd SEP 2025

Saudi International Bond (Aa3/A+/A+)
-  KSA 4.375% due 01/12/31 T+59bo (G60; $98.00) - $2.75bn pxd 01/05/26 +75

Saudi Electricity Sukuk Programme Co (Aa3/A+)
-  SECO 4.518% due 01/22/32 T+88bp (G84; $97.01) - $700m pxd 01/15/26 +75

FINAL BOOK:

$650m 5yr - $