Global Jet Capital (GJC), a financial solutions provider for business aircraft, has received the award for ABS Deal of the Year in Global Capital's US Securitization Awards.
Global Capital is a leading financial markets publication and part of the Euromoney Institutional Investor Group, a global business-to-business information services firm. The publication polls thousands of market participants each year to determine the winners of its industry awards. GJC's $552 million BJETS 2020-1 offering, which priced in October 2020, was chosen as the clear winner in the best ABS deal category.
Voters recognised the structure, timing and stellar reception from investors. BJETS 2020-1 was Global Jet Capital's fourth ABS offering and the first aviation ABS to come to market since the start of the pandemic. Each of the three tranches was well oversubscribed, and more than 30 investors participated in the deal. This deep demand amid widespread volatility was a testament to the relative strength of business aviation during the COVID-19 pandemic and the resilience of GJC's broader portfolio.
“We're delighted that the market has chosen BJETS 2020-1 as the standout ABS deal of the year,” says GJC CFO Paul Rerick. “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.”
As with previous BJETS transactions, the deal consisted of a portfolio of business jets on loan or lease to a diverse group of obligors. The business jet financing transactions supporting BJETS 2020-1 were with more than 50 corporations and global business leaders representing over 30 different industry segments, from medical services to consumer durables. Over 30 different aircraft models, primarily mid-to large-cabin business aircraft, were represented in the transaction.