Split Rock
Clay Smith is an aviation financial professional with 25 years of experience as a portfolio manager and a banker/broker. He has successfully led early-stage company financings, corporate bond issuances, restructurings and bankruptcies, and structured credit transactions. In his time as a distressed fund manager, he was directly responsible for structured aviation assets worth over $1 billion. He spent over 10 years in senior asset management roles at AIG, American Express and Deephaven Capital Management. In 2019, Clay became a partner at Split Rock Aviation, an aviation consultancy and financial service provider.
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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?
- How has the performance of pre-covid ABS issuances impacted how new deals are being structured?
- Is there still distress in the C tranches? What implications does this have for aircraft ABS investors?
- How will new deals need to be structured to entice potential e-note buyers back to the market? Will this happen in 2022?
- Will there be a substantial change in how sponsors compose new ABS portfolios this year?
