Vijay Jethwa is an Executive Director in the Structured Credit Group at Mizuho Securities USA LLC, focusing on originating, structuring and distributing non-traditional debt and equity solutions for corporate clients. Vijay has been involved in a variety of aviation ABS transactions and many of them "first of its kind" transactions; most recently as part of the SCG team, Vijay led the first ever aircraft portfolio sale with an E-Note to Asia and was involved in the structuring and distribution of the first multi-billion dollar wireless spectrum ABS for a leading US telecommunications company - the airwaves that transmit data and calls. Prior to his recent appointment at Mizuho, Vijay was a Vice President at BNP Paribas within the Solutions and Structuring team introducing innovative solutions to capital markets issuers across corporate clients, that have now become the de facto market standard. Prior to BNP Paribas, Vijay was at Morgan Stanley within Global Capital Markets in New York, assisting insurance, bank and corporate issuers structure and place monetizations, M&A, financings on large capital assets as well as aviation, rolling stock, telecom, intellectual property and real estate. Vijay has also structured and placed drug royalty streams for healthcare biotechs – a product invented during his tenure at Morgan Stanley. Vijay was awarded the 2019 Airline Economics Future Leader Award based on an independent board of judges and volume of nominations by industry experts. Vijay is a graduate of Harvard University.
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The aircraft ABS market saw an incredible revival at the end of 2021, but how healthy are these structures really? Senior notes fared well in the second-largest year for ABS issuances on record, but C notes and tradeable e-notes have seen limited or no take-up. What implications does this have for aircraft ABS investors going forwards?