Sector developments and company hires

Aviation leasing platform prepped
PIMCO and GE Capital Aviation Services (GECAS) have reached a preliminary agreement to develop an aviation leasing platform to support up to US$3bn in aircraft asset financings, subject to customary closing conditions. This strategic investment platform will enable GECAS and PIMCO-advised accounts to acquire new and young fuel-efficient aircraft.

The portfolio will initially focus on narrowbody aircraft, while allowing flexibility to invest in attractive opportunities in the widebody market. PIMCO and GECAS will consider a range of investment criteria, including an airline’s assets and credit quality and geographic factors.

GECAS will source transactions for the platform, act as servicer and provide asset management services.

Digital market initiative launched
Paris-based NowCP and Luxembourg-based securitisation vehicle european primary placement facility (eppf) have launched a new strategic cooperation designed to provide issuers with the full value chain of financial instruments, from commercial paper to long-dated bonds, in a fully automated manner. The initiative aims to transform fragmented OTC markets into transparent and resilient digital markets at the European level, drawing directly on the Capital Markets Union action plan and objectives.

GSE Patch extended
The CFPB has issued a final rule to extend the GSE Patch until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z. The GSE Patch was scheduled to expire on 10 January 2021 (SCI passim). The bureau is currently developing a final rule amending the General QM loan definition and is planning to issue it at a later date.