Commentary & Deal Flow

AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust (AER) exp Baa1/BBB+/BBB+ (s/s/s) US$ benchmark SEC registered 2-part sr notes (5y FXD due 11/15/30 and 10y FXD due 11/15/35). MWC then 1mo par call on 5y and 3mos on 10y. 101 CoC. BMO/BNP/ING/MS (B&D on 10y)/NatWest/Sant (B&D on 5y) joint active books. Guarantors: AerCap Holdings N.V., AerCap Aviation Solutions B.V., AerCap Ireland Limited, International Lease Finance Corporation, AerCap U.S. Global Aviation LLC. Denoms: 150,000 x 1,000. Sale into Canada: Yes - exemption. Listing: Euronext Dublin. UOP: general corporate purposes, including to acquire, invest in, finance or refinance aircraft assets and to repay indebtedness. Pricing 9/22. Settle 10/1 (T+7). ISIN: 5y: US00774MBR51, 10y: US00774MBS35. CUSIP: 5y: 00774MBR5, 10y: 00774MBS3.

IPTs: 5y T+105 area, 10y T+125 area.

GUIDANCE: 5y T+75#, 10y T+97#.