Esoteric

The highly diversified pool mix consists of 29 different aviation asset types, with a third being new and emerging technology aircraft, and 45.7% are current technology aircraft.

The step came after FAT Brands didn't make interest payments due in October on some of its $1.2 billion in whole-business securitization debt.

During a three-month period after closing, PAID 2026-1's prefunding account will use deposits to purchase unsecured consumer loans, if they meet eligibility criteria.

The centers are also located in 15 markets, with the largest market accounting for 20.3% of the pool's annualized revenue.

By aircraft value, Fitch says 6% are leased to credits considered investment grade, while the weighted average rating by Fitch Value ranges between 'B' and 'B-'.

Sponsors used a master trust structure, raising £200 million and £54 million through the existing class A2 and class B tranches.

Express Settlement Loans, or E-Loans, extended to customers enrolled in a debt relief program, and Consolidation Loans, or C-Loans, for more qualified borrowers are in the pool.

The true-up mechanism is charged annually, but can be paid more frequently to ensure notes make timely payment of principal and interest of the 2025 revenue bonds and related financing costs.

Another strong year for aircraft leasing and ABS is expected for 2026, due partly to limited growth prospects from equity capital.