Amid a three-deal pick up in aircraft-related activity Embraer-Empresa Brasileira de Aeronutica S.A. sold $409 million of enhanced equipment trust certificates last week, although the offering was named ExpressJet 2003-ERJ1. Backed by payments to Embraer from Continental Airlines, which in turn has subleased the aircraft to regional carrier ExpressJet Inc. The transaction came and went quickly via Citigroup Global Markets and Morgan Stanley, despite the somewhat confusing nature of the payment obligor.

The single-tranche deal, with an 8.2-year average life and 12-year final maturity, priced with a 7.785% coupon.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.