Avilease prices USD 650 mn bond

PIF-owned aircraft lessor AviLease priced a USD 650 mn bond issuance yesterday, drawing an order book that was more than 5.3x oversubscribed against the 3.75x that met its USD 850 mn debut last November. However, the coupon climbed to 5.50% from 4.75% on the inaugural note. The deeper book at a higher price points to a tougher rate backdrop.

Not a one-off: AviLease is now a repeat USD issuer seven months after opening the channel, with the new notes maturing June 2031 and issued via subsidiary AviLease Capital under its medium-term note program.

The 2025 numbers give investors something to price against: The company reported revenue of USD 664 mn last year, marking a 19% y-o-y increase. Its fleet now runs to roughly 200 fuel-efficient jets leased to 50-plus airlines, en route to a stated goal of cracking the global top 10 by 2030.