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The structure
01 October 2005
Read more:
securitization
Willis Lease
RJ
Aviation
CRJ
West is the first ever engine operating lease securitization and the deal has key differences to aircraft operating lease deals. This is partly because of the differences between the underlying assets. But the main changes are because of Willis Lease's reason for using securitization – growth.
The deal borrows some ideas from aircraft lease securitizations but also combines techniques from shipping container and credit card securitizations.
Most aircraft operating lease securitizations have been used to refinance warehouse loans or portfolio acquisitions. Although lessors like Aviation Capital and Pegasus have issued several securitizations each deal has a separate portfolio of aircraft.
Whilst part of West 2005-1 has been used to do this, the deal also contains variable funding notes, which are similar to warehouse loans.
Master trust
However, the biggest sign of Willis Lease Finance's commitment to securitization is the master trust structure. Master trusts are typically used with extremely fungible assets like...
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