EETC deals 2009-2016

EETC deals 2009-2016

Enhanced equipment trust certificates are nearly always bonds backed by lease payments from a single airline. They have been a key source of aircraft finance since the early 1990s but have taken a long time to catch on with foreign airlines, especially when you consider that Iberia tapped the market in 1999.

 

IssuedTypeTrancheSize ($million)Rating
(M/S&P/F)
Initial weighted average life (years)Maximum LTVCouponAssetsAverage age
(years)
Planned I-EETCUnited Airlines 2016-1 AA tranche728.726Aa3/NR/NR58% (January 2018) Four B737-800s, Five B737-900ERs, Two B787-9s and Seven B777-300ERs
PlannedI-EETCUnited Airlines 2016-1 A tranche324.090A2/NR/NR58% (January 2018) Four B737-800s, Five B737-900ERs, Two B787-9s and Seven B777-300ERs
09-May-16EETCNAS 2016-1 A tranche 274.3Baa3/NR/A955%4.875%10 Boeing 737-800
09-May-16EETCNAS 2016-1 B tranche 74.8Baa3/NR/BB5.573.3%7.5%10 Boeing 737-800
05-May-16I-EETCAmerican 2016-3 AA tranche 567Aa3/NR/NR9.138.6%3.2%22 aircraft (11 Airbus A321s, 7 B737-700s, two Boeing 777-300ERs, two Boeing 787-8s)
05-May-16I-EETCAmerican 2016-3 A tranche 261A2/NR/NR9.156.4%3.65%22 aircraft (11 Airbus A321s, 7 B737-700s, two Boeing 777-300ERs, two Boeing 787-8s)
21-Jan-16EETCAmerican 2016-2 AA tranche 584Aa3/NR/NR939.5%3.575%11 Airbus A321-231s, six Boeing 737-823s, one Boeing 777-323ER, four 787-8s
21-Jan-16EETCAmerican 2016-2 A tranche 262A2/NR/NR957%4.1%11 Airbus A321-231s, six Boeing 737-823s, one Boeing 777-323ER, four 787-8s
21-Jan-16EETCAmerican 2016-2 B tranche 228Baa3/NR/NR5.673%5.250%11 Airbus A321-231s, six Boeing 737-823s, one Boeing 777-323ER, four 787-8s
12-Jan-16EETCAmerican 2016-1 AA tranche584As3/AA/NR939%3.575%A321-100 (34%), B787-8 (32%), B737-800 (19%)0.5
12-Jan-16EETCAmerican 2016-1 - A tranche262A2/A/NR957%4.1%A321-100 (34%), B787-8 (32%), B737-800 (19%)0.5
12-Jan-16EETCAmerican 2016-1 - B tranche228Baa3/BBB/NR5.672%5.25%A321-100 (34%), B787-8 (32%), B737-800 (19%)0.5
2-Dec-15I-EETCAir Canada 2015-2 AA tranche295A1/AA/NR939%3.75%B787-900(60%), B777-300ER (40%)
0
2-Dec-15I-EETCAir Canada 2015-2 A tranche121A3/A/NR955%4.125%B787-900(60%), B777-300ER (40%)
0
2-Dec-15I-EETCAir Canada 2015-2 B tranche121Ba1/BBB-/NR5.671%5%B787-900(60%), B777-300ER (40%)
years
0
2-Nov-15EETCUnited 2015-1 AA tranche334Aa3/AA/NR938%3.45%B787-9 (64%), B737-900ER (36%)
0
2-Nov-15EETCUnited 2015-1 A tranche100A2/A/NR749%3.7%B787-9 (64%), B737-900ER (36%)
0
10-Sep-15EETCAmerican 2015-2 AA tranche583Aa3/AA/NR939%3.6%B787-8 (40%), A321-200 (32%), B777-300ER (11%), B737-800 (9%),A319-100 (7%) 0.3
10-Sep-15EETCAmerican 2015-2 A tranche239A2/A/NR955%4%B787-8 (40%), A321-200 (32%), B777-300ER (11%), B737-800 (9%),A319-100 (7%) 0.3
10-Sep-15EETCAmerican 2015-2 B tranche239Baa3/BBB/NR5.671%4.4%B787-8 (40%), A321-200 (32%), B777-300ER (11%), B737-800 (9%),A319-100 (7%) 0.3
10-Aug-15EETCDelta 2015-1 AA tranche313Aa2/AA/NR8.945%3.625%B737-923ER (100%)1.7
10-Aug-15EETCDelta 2015-1 A tranche69A1/A+/NR8.955%3.875%B737-923ER (100%)1.7
10-Aug-15EETCDelta 2015-1 B tranche118Baa1/BBB/NR5.972%4.25%B737-923ER (100%)1.7
28-Jul-15EETCSpirit 2015-1 A tranche 456NR/A/A8.654%4.1%A321-200 (82%), A320-200 (18%)0
28-Jul-15EETCSpirit 2015-1 B tranche121NR/BBB+/BBB-5.567%4.45%A321-200 (82%), A320-200 (18%)0
14-May-15I-EETCLATAM Airlines 2015-1 A tranche845A2/A-/NR8.459%4.2%A321-200 (42%), A350-900 (20%), B787-9 (38%)0
14-May-15I-EETCLATAM Airlines 2015-1 B tranche 176A2/A-/NR5.471%4.5%A321-200 (42%), A350-900 (20%), B787-9 (38%)0
19-Mar-15I-EETCTurkish Airlines 2015-1 A tranche328A2/BBB+/NR7.365%4.2%B777-300 (100%0
11-Mar-15I-EETCAir Canada 2015-1 A tranche 667NR/A/A955%3.6%B787-900 (91%), B787-800 (9%)0
11-Mar-15I-EETCAir Canada 2015-1 B tranche 182
NR/BBB/BBB-669%3.875%B787-900 (91%), B787-800 (9%)0
11-Mar-15I-EETCAir Canada 2015-1 C tranche 182NR/BB-/BB584%5%B787-900 (91%), B787-800 (9%)0
2-Mar-15EETCAmerican 2015-1 A tranche948NR/A/A8.557%3.375%B777-300ER (47%), A319-100 (17%), ERJ-175 (16%), B737-800 (13%)0.8
2-Mar-15EETCAmerican 2015-1 B tranche266NR/BBB+/BBB5.573%3.7&B777-300ER (47%), A319-100 (17%), ERJ-175 (16%), B737-800 (13%)0.8
2-Sep-14EETCAmerican 2014-1 A tranche741NR/A/A8.454%3.7%B777-300ER (59%), A321-200 (27%), A319-100 (14%)1.0
2-Sep-14EETCAmerican 2014-1 B tranche215NR/BBB+/BBB-5.470%4.375%B777-300ER (59%), A321-200 (27%), A319-100 (14%)1.0
28-Jul-14EETCUnited 2014-2 A tranche823NR/A+/A8.855%3.75%B737-924ER (39%), 787-9 (38%), ERJ 175 LR (23%)0
28-Jul-14EETCUnited 2014-2 B tranche238NR/BBB/BBB-5.971%4.625%B737-924ER (39%), 787-9 (38%), ERJ 175 LR (23%)0
24-Mar-14EETCUnited 2014-1 A tranche737NR/A/A8.855%4%B737-924ER (51%), B787-8 (19%), ERJ 175 LR (19%), B787-9 (11%)0
24-Mar-14EETCUnited 2014-1 B tranche213NR/BBB/BBB-5.971%4.75%B737-924ER (51%), B787-8 (19%), ERJ 175 LR (19%), B787-9 (11%0
13-Dec-13EETCAmerican 2013-2 C tranche256NR/BB/BB-385%6%B737-800 (47%), B777-200ER (42%), B757-200 (10%), B767-300ER (1%) 10
21-Nov-13EETCAmerican 2013-2 B tranche512 NR/BBB-/BB+4.875%5.6%B737-800 (47%), B777-200ER (42%), B757-200 (10%), B767-300ER (1%) 10
7-Oct-13I-EETCVirgin Australia 2013-1 A tranche 474Baa1/NR/A456%5%B737-800 (78%), B77-300ER (17%), B737-700 (5%)6.5
7-Oct-13I-EETCVirgin Australia 2013-1 B tranche 121Baa2/NR/BBB3.370%6%B737-800 (78%), B77-300ER (17%), B737-700 (5%)6.5
7-Oct-13I-EETCVirgin Australia 2013-1 C tranche 138B1/NR/BB2.886%7.125%B737-800 (78%), B77-300ER (17%), B737-700 (5%)6.5
7-Oct-13I-EETCVirgin Australia 2013-1 D tranche 65B3/NR/B+2.1 93%8.5%B737-800 (78%), B77-300ER (17%), B737-700 (5%)6.5
1-Aug-13EETCUnited 2013-1 A tranche 720NR/A/A9.155%4.3%A321-100 (38%), B787-8 (32%), B737-800 (19%), B777-300ER (11%)~0.5
1-Aug-13EETCUnited 2013-1 B tranche 209NR/BBB/BBB-5.971%5.375%A321-100 (38%), B787-8 (32%), B737-800 (19%), B777-300ER (11%)~0.5
28-Jun-13I-EETCDoric Alpha (Emirates) 2013-1 A tranche 462A3/NR/NR5.751%5.25%A380 (100%)0
28-Jun-13I-EETCDoric Alpha (Emirates) 2013-1 B tranche 168Baa2/BBB/BBB+4.271%5.625%A380 (100%)0
25-Jun-13I-EETCBritish Airways 2013-1 A tranche722A2/A/A949%4.125%A320-200 (19%), B777-300ER (25%), B787-7 (56%)0
25-Jun-13I-EETCBritish Airways 2013-1 B tranche205Baa2/BBB/BBB+4.271%5.625%A320-200 (19%), B777-300ER (25%), B787-7 (56%)0
30-May-13EETCAmerican 2013-1 C tranche 120NR/BB/BB-5.185%6.125%B777-300ER (73%), B737-800 (20%), B777-200ER (7%)3.3
22-May-13EETCUS Airways 2012-2 C tranche 100Ba3/BB/BB-587%5.45%A330-200 (51%), A321-200 (49%)0
14-May-13EETCHawaiian 2013-1 A tranche 328Baa2/BBB+/A-953%3.9%A330-200 (100%)0
14-May-13EETCHawaiian 2013-1 B tranche 116Ba3/BB/BB6.972%4.95%A330-200 (100%)0
24-Apr-13I-EETC Air Canada 2013-1 A tranche 424A3/A/A949%4.125%B777-300ER (100%)0
24-Apr-13I-EETC Air Canada 2013-1 B tranche 182Ba1/BBB-/BBB-670%5.375%B777-300ER (100%)0
24-Apr-13I-EETC Air Canada 2013-1 C tranche 108Ba3/BB-/BB582%6.625%B777-300ER (100%)0
10-Apr-13EETCUS Airways 2013-1 A tranche 620A3/A/A8.554%3.95%A321-200 (66%), A330-200 (34%)0
10-Apr-13EETCUS Airways 2013-1 B tranche 200Ba1/BBB-/BB+7.272%5.375%A321-200 (66%), A330-200 (34%)0
5-Mar-13EETCAmerican 2013-1 A tranche507NR/A/A-8.255%4%B777-300ER (73%), B737-800 (20%), B777-200ER (7%)3.3
5-Mar-13EETCAmerican 2013-1 B tranche157NR/BBB-/BB+5.972%5.625%B777-300ER (73%), B737-800 (20%), B777-200ER (7%)3.3
12-Dec-12EETCContinental 2012-3 C tranche 425Ba2/NR/BB5.482%6.125%B737-900ER (67%), B787-8 (33%)-
29-Nov-12EETCUS Airways 2012-2 A tranche 418A3/A/A8.355%4.625%A330-200 (51%), A321-200 (49%)0
29-Nov-12EETCUS Airways 2012-2 B tranche 128Ba1/BBB-/BB+772%6.75%A330-200 (51%), A321-200 (49%)0
19-Sep-12EETCContinental 2012-2 A tranche 712A3/A/A9.255%4%B737-900ER (72%), B787-8 (28%)0
19-Sep-12EETCContinental 2012-2 B tranche 132Baa3/BBB/BBB-665%5.5%B737-900ER (72%), B787-8 (28%)0
28-Jun-12I-EETCDoric Alpha (Emirates) 2012-1 A tranche 434A3/NR/NR6.249%5.125%A380 (100%)0
28-Jun-12I-EETCDoric Alpha (Emirates) 2012-1 B tranche 154Baa3/NR/NR3.166%6.5%A380 (100%)0
27-Jun-12EETCDelta 2012-1 A tranche354A2/A/NR5.450%4.75%A319-100 (23%), A320-200 (19%), B757-200 (2%), B767-300ER (28%), B767-400ER (29%)12.4
27-Jun-12EETC Delta 2012-1 B tranche 126Baa2/BBB/NR4.767%6.875%A319-100 (23%), A320-200 (19%), B757-200 (2%), B767-300ER (28%), B767-400ER (29%)12.4
30-Apr-12EETCUS Airways 2012-1 A tranche380A3/A/A852%5.9%A321-200 (100%)0.4
30-Apr-12EETCUS Airways 2012-1 B tranche125Ba1/BBB/BB+5.769%8%A321-200 (100%)0.4
8-Mar-12EETCContinental 2012-1 A tranche 753A3/A-/NR8.555%4.15%B787-8 (37%), B737-900ER (63%)0.3
8-Mar-12EETC Continental 2012-1 B tranche 139Baa3/BBB-/NR5.266%6.25%B787-8 (37%), B737-900ER (63%)0.3
22-Jun-11EETCUS Airways 2011-1 A tranche294A3/A6.753%7.125%A321-231 (57%), A330-243 (35%), A320-214 (8%)1.3
22-Jun-11EETCUS Airways 2011-1 B tranche94Ba1/BBB-4.771%9.75%A321-231 (57%), A330-243 (35%), A320-214 (8%)1.3
30-Mar-11EETCDelta 2011-1 A tranche293A1/A4.352%5.3%B737-832 (46%), B757-232 (35%), 767-332ER (22%)11.9
20-Jan-11EETCAmerican 2011-1 A tranche 503A3/A5.248%5.25%B777-223ER (46%), B737-823 (35%), B757-223 (13%), B767-323ER (6%)10.8
20-Jan-11EETC American 2011-1 B tranche 154Ba1/BBB370%8.5%B777-223ER (46%), B737-823 (35%), B757-223 (13%), B767-323ER (6%)10.8
16-Dec-10EETCUS Airways 2010-1 A tranche 263A3/A6.454%6.25%A320-200 (9%), A321-200 (51%), A330-200 (40%)1.3
16-Dec-10EETCUS Airways 2010-1 B tranche 77Ba1/BBB370%8.5%A320-200 (9%), A321-200 (51%), A330-200 (40%)1.3
17-Nov-10EETCContinental 2010-1 A tranche 363A3/A5.852%4.75%B767-400ER (32%), B737-800 (32%), B737-900ER (21%), B737-900 (15%)5.4
17-Nov-10EETCContinental 2010-1 B tranche 64Baa3/BBB+3.362%6%B767-400ER (32%), B737-800 (32%), B737-900ER (21%), B737-900 (15%)5.4
15-Nov-10EETCDelta 2010-2 A tranche474A1/A4.154%4.95%B737-732 (9%), B737-832 (17%), B757-200 (14%), B757-351 (10%), A320 (3%), A330 (17%), MD90-30 (3%)7.6
28-Jun-10EETCDelta 2010-1 A tranche450A1/A454%6.2%B737-832 (29%), B757-232 (22%)7
18-Nov-09EETC Delta 2009-1 A tranche 569A1/A4.253%7.75%B737-700 (7%), B737-800 (24%), B777-200LR (41%), B757-200 (18%), B767-300ER (10%)5
18-Nov-09EETC Delta 2009-1 B tranche 120Baa1/A-3.661%9.75%B737-700 (7%), B737-800 (24%), B777-200LR (41%), B757-200 (18%), B767-300ER (10%)5
16-Nov-09EETC United 2009-2 A tranche 698A3/A2.954%9.75%A319 (18%), A320 (8%), B757-200 (4%)11.7
27-Oct-09EETC Continental 2009-2 A tranche 528A3/A5.754%7.25%B373-800 (54%), B757-200 (7%), B767-400ER (5%), B777-200ER (17%)4
27-Oct-09EETCContinental 2009-2 B tranche 117Baa3/BBB366%9.25%B373-800 (54%), B757-200 (7%), B767-400ER (5%), B777-200ER (17%)4
5-Oct-09EETC United 2009-1 A tranche659A3/A+2.256%10.4%A319 (20%), A320 (12%), B747-400 (29%), B767-300 (22%), B777-200ER (17%)9.9
1-Jul-09EETC Continental 2009-1 A tranche390Baa1/A-3.454%9%B777-224ER (32%), B737-924ER (37%), B757-224 (7%), B737-924 (12%), B737-734 (12%)6.5
Bex Pearson
By Bex Pearson March 21, 2016 21:43