Commentary & Deal Flow

Avolon Holdings Funding Limited (AVOL) exp Baa2/BBB-/BBB (s/p/s) US$ benchmark 144A/Reg S no reg rights 5y sr notes due 1/30/31. MWC then 1mo par call. 101 CoC. CACIB/DB/MS (B&D)/SG/TSI joint active books. Guarantors: Avolon Holdings Limited, Park Aerospace Holdings Limited, Avolon Aerospace Leasing Limited, CIT Aerospace LLC, CIT Group Finance (Ireland) Unlimited Company, CIT Aviation Finance III Ltd., CIT Aerospace International Unlimited Company. Denoms: 2,000 x 1,000. Sales into Canada: Yes, via exemption. UOP: General corporate purposes, which may include the future repayment of outstanding indebtedness. Pricing 12/3. Settle 12/11 (T+6). 144A Cusip: 05401ABD2. 144A ISIN: US05401ABD28.

IPTs: T+145 area.

GUIDANCE: T+115#.