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Capital Markets Deal of the Year 2011
17 April 2012
Gecas
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Deal of the Year
2011
Gecas revived the asset-backed securities (ABS) market for the aviation sector after a three-year hiatus with a $290 million securitization. The deal, which was secured by 30 spare engines on lease to 18 lessees in 14 countries, closed in June.
Gecas, and lead bookrunner, Citi, began marketing the private placement to investors just as the markets started to decline in response to the European debt crisis.
"We were selling debt into a weakening market," says Trevor Ricards, senior vice president, capital markets, Gecas. "The market continued to worsen almost every day we were out there ."
But with a little perseverance and a lot of determination the deal closed successfully with both the debt and equity tranches placed.
"The challenge in this transaction was to balance the requirements of both the debt...
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