BOC Aviation lands $750m bond in the US

The Asian airline leasing company targets US bond investors for the first time, with orderbooks touching $5.5 billion as global accounts rush for quality.

BOC Aviation sold a $750 million five-year bond on early Tuesday morning, pricing it inside its existing curve and the curve of other larger, global airline leasing companies, thanks to renewed investor assumptions that the US Federal Reserve remains cautious about raising interest rates.

This is the first time BOC Aviation tapped US onshore investors or the 144A space. The offer priced at Treasuries plus 170bp, which is 20bp tighter than its initial price guidance area, according to a term sheet seen by FinanceAsia. The bond has a coupon of 3%.

Rated BBBA-, the airline leasing company priced at much tighter levels compared to...

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