Global Jet Capital wins securitisation award

Yves Le Marquand

Business aircraft financier, Global Jet Capital (GJC) has been awarded Asset Backed Securitization Deal of the Year by capital markets magazine Global Capital.

GJC won the award for its BJETS 2020-1 offering which priced in October 2020. It closed at a time when the much larger aircraft ABS market was closed. All three tranches were oversubscribed with more than 30 investors buying bonds.

“We’re delighted that the market has chosen BJETS 2020-1 as the standout ABS deal of the year,” said Paul Rerick, GJC’s chief financial officer. “Investors really appreciated the distinction between business aviation and the commercial aviation industry. We’ve built on that success with subsequent transactions, broadening our investor base and lowering our cost of capital.”

The BJETS 2020-1 portfolio was made up of 55 business jets either on loan or leases. BofA Securities was the lead structuring agent and lead bookrunner for the BJETS 2020-1 deal. Citigroup, Deutsche Bank Securities, Morgan Stanley, The Carlyle Group, and KKR Capital Markets were joint structuring agents and joint bookrunners.

BJETS 2020-1 was GJC’s fourth ABS deal. It launched its first in 2018 and completed a fifth issuance in March 2021.

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