A Dubai-based aircraft fleet owner is issuing its first rated securitization of loans to purchase a new series of older passenger jets that it will lease to 13 airlines globally.

Dubai Aerospace Enterprise, the largest aircraft leasing firm in the Middle East, is packaging loans in a $410 million bond issuance through its international Falcon Aerospace trust. The transaction involves 21 narrowbody aircraft with a adjusted market value of over $488 million.

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