[AVILEASE] 

AviLease Capital Ltd (AVILE) exp Baa2/BBB by Moody's/Fitch US$850m 144A/Reg S (Cat 2)/3c7 5y FXD sr notes due 11/12/30. MWC then 1mo par call (10/12/30). CoC. Clean-up Call (75% of outstanding). Citi (B&D)/MUFG as JGCs/Active JBRs and JLMs. ADCB/BNP/FADB/HSBC/Miz as active JBRs and JLMs. Al Ahli Bank of Kuwait/BSF Capital/CACIB/Emirates NBD/GIB Capital/JPM/MS/Natixis/Riyad Capital/SNB Capital as passive JBRs and JLMs. Guarantors: Aircraft Leasing Company, Air Structured Holding Company, AviLease Finance 1 Ireland Designated Activity Company. Guarantor Ratings: Baa2/BBB (s/s) by Moody's/Fitch. 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. Pricing 11/5. Settle 11/12. 144A ISIN: US05370HAA14. 

VIA

- Citi (B&D)/MUFG as JGCs/Active JBRs and JLMs.
- ADCB/BNP/FADB/HSBC/Miz as active JBRs and JLMs.
- Al Ahli Bank of Kuwait/BSF Capital/CACIB/Emirates NBD/GIB Capital/JPM/MS/Natixis/Riyad Capital/SNB Capital as passive JBRs and JLMs.

Announced overnight with benchmark size, final size came in at $850m with price progression as follows:

5yr – IPT T+140a; GDNC 185#;  PXD $850m 4.75% 11/12/30 99.456 4.874% T+110.

This is a debut from AviLease, so CONCEESSION IS N/A.

Comps away included the following:

SMBC Aviation Capital Finance (NR/A-/BBB+)
- SMBCAC 5.100% due 04/01/30 T+86bp (G90; $101.86) - $500m pxd 3/24/25 +103

Aercap Ireland / Global Aviation Trust (Baa1/BBB+/BBB+)
- AER 4.375% due 11/15/30 T+84bp (G84; $98.99) - $600m pxd 9/22/25 +75

DAE (Sukuk)  (Baa2/NR/BBB)
- DUBAEE 4.500% due 10/16/30 T+98bp (G100; $98.90) - $650m pxd 10/8/25 +90

Avolon Holdings Funding LTD (Baa2/BBB-/BBB)
- AVOL 4.900% due 10/10/30 T+114bp (G115; $100.02) - $650m pxd 7/7/25 +108

KSA OUTSTANDINGS:

Gaci First Investment (Aa3//NR/A+)
- PIFSKA 5.250% due 01/29/30 T+81bp (G86; $102.53) - $2.4bn pxd Jan 2025
- PIFSKA 5.000% due 09/15/35 T+88bp (G88; $99.69) - $2.0bn pxd Sept 2025

Ma’aden Sukuk Ltd (Baa1/NR/BBB+)
- MAADEN 5.250% due 02/13/30 T+81bp (G86; $102.53) - $750m pxd 2/6/25 +100
- MAADEN 5.500% due 02/13/35 T+74bp (G80; $104.32) - $750m pxd 2/6/25 +110

FINAL BOOK:

$850m 5yr - $3.10bn (3.65x)