April continued its quiet tone last week with little pricing on the primary front. Deal pricings have, thus far, totaled 11 billion ($15 billion) this month, but the deal schedule is looking optimistic, and it is likely that the pace will pick up before the month's end. Sources at the Royal Bank of Scotland said they expect 2007's April new-issue supply to beat the record 31.8 billion set in April 2005 but did not anticipate any supply-driven widening as a result.
The week saw only the $1.7 billion aircraft lease deal begin showcasing for AerCap Holdings. The single, publicly offered tranche is wrapped by MBIA. The deal is backed by 70, mostly narrow-body aircraft leased to a variety of European, North American and Asian airlines.