PK Airfinance launches aviation loan ABS

PK Airfinance has launched the third ever aviation loan asset backed securitisation (ABS) serviced by its affiliate Apollo PK Air Management. PK ALIFT Loan Funding 3 (PKAIR 2024-1) securitises a portfolio of aviation loans with five tranches of notes totalling $622.25 million, maturing in September 2039: $122million AAA-rated A-F notes, with an initial loan-to-value ratio (LTV) of the loan balance of 62.9% and 41.2% LTV based on the collateral balance, which are priced at SOFR plus a spread. The $290million A-1 notes have the same rating and LTVs as the A-F notes but will be priced at a fixed rate,