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Commentary & Deal Flow

PRICED: SMBC Aviation Capital US$750m 10y Sr Notes @T+115

IGC European Market: Deal Flow - GeneralIGC US Market: Deal Flow - General

SMBC Aviation Capital Finance DAC (SMBCAC), exp A-/BBB+ (s/s) by S&P/Fitch, US$750m 144A/Reg S no reg rights 10y FXD sr notes due 11/26/35. MWC then 3mos par call (8/26/35). SMBC/BofA/CACIB/Citi/GS/RBC joint active books. Guarantor: SMBC Aviation Capital Ltd. First Pay: 5/26/26. Day Count: 30/360. Denoms: 200,000 x 1,000. Sale into Canada: Yes, via exemption. UOP: general corporate purposes, which may include, among other things, the purchase of aircraft and the repayment of existing indebtedness. Pricing today. Settle 11/26 (T+5). 144A CUSIP: 78448TAP7. 144A ISIN: US78448TAP75.


IPTs: T+145 area.

GUIDANCE: T+115#.
LAUNCHED: $750m 10y at T+115.

PRICED: $750m 5.25% 11/26/35 99.900 5.263% T+115. MW+20.