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Apollo launches $612.2m ABS

Airfinance Journal - 5/23/2017
Apollo Aviation has returned to market with a $612.2 million asset-backed securitisation, back by three classes of notes. Proceeds from the sale of the lessor's fourth securitisation offering will be used to purchase 32 aircraft on lease to 23 airlines located in 20 countries, according to Kroll Bond Rating Agency. The initial weighted average aircraft age of the portfolio is approximately 12.2 years with a remaining lease term of approximately 4.6 years as of 30 April, 2017. It has an initial value of approximately $737.6 million, based on the average of the half-life base values provided by three appraisers as of March 2017.
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Ratings Firms Issue Downgrades for Mall-Backed Debt

The Wall Street Journal - 5/23/2017
Bond rating companies are looking closer at securities tied to shopping mall debt as concerns intensify about mall owners’ ability to repay their mortgages amid closures of anchor stores. The ratings firms in some cases are issuing downgrades on securities backed by malls suffering from an anchor store closure and putting on watch malls with large stores such as Macy’s Inc., M +0.61% J.C. Penney Co. JCP +0.00% and Sears Holdings Corp.SHLD -3.60% , even if the places remain open.
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UBS Takes Lead on CMBS Conduit for a Change

Asset Securitization Report - 5/22/2017
UBS is marketing its first offering of commercial mortgage bonds in four years, so perhaps it’s no surprise that the bank is relying on a third party to take skin in the game of the deal. Although UBS has been actively contributing loans to CMBS conduits in recent years, the $948.9 million UBS 2017-C1 is the first transaction it has led since, 2013, according to Kroll Bond Rating Agency.
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Apollo Selling $612.2M Aircraft Lease Bonds

Asset Securitization Report - 5/22/2017
Apollo Aviation Group is seling $612.2 million of bonds backed by aircraft leases, its fourth securitization. Three series of notes will be issued in the transaction, AASET 2017-1:  $467.5 million senior note Class A tranche with a preliminary A rating from Kroll Bond Rating Agency; $88.5 million of Class B notes rated BBB; and $44.3 million of Class C notes rated BB.
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