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Bermuda has played a significant role in the global resurgence in aviation finance, in particular aircraft lessor securitization (ABS), and is established as the offshore jurisdiction of choice in aviation finance.
Offshore transactions involving aircraft leasing, lessor initial public offerings (IPOs) and innovative financings, including ABS are almost exclusively domiciled in Bermuda.
GE Capital Aviation Services’ (GECAS) June 2011 US$290 million aircraft engine securitization transaction, Rotor Ltd., saw the first pooled aviation securitized sale placed into the capital markets since 2007. Rotor Ltd. completed through Bermuda and was followed by other GECAS-sponsored deals in 2013 and 2014, including AABS Limited, Turbine Ltd. and RISE Ltd. demonstrating a renewed appetite for ABS transactions.
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Raising Capital in the Aircraft Sector: Bermuda’s Jet Age