Performance for the year reflects a broadened service offering beyond traditional aviation ABS transactions.
Phoenix American and its subsidiary PAFS Ireland, Ltd. (together “Phoenix American”), announces continued growth and an expanded suite of services for clients with a corresponding increase in staff and physical footprint in Shannon, Ireland. The company continues to be the leading provider of managing agent services to the aviation asset-backed securitization (ABS) industry for commercial aircraft with an additional presence in the new field of aviation loan ABS.
Managing Agent Services for Aviation ABS and Structured Finance
In 2023, Phoenix American continued in its industry-leading role as the managing agent of choice for aviation ABS transactions as well as expanding its corporate services and fund accounting services for leasing platforms, warehouses and other financial structures sponsored by major aircraft leasing companies and alternative lenders in the aviation industry.
Highlights for 2023 include:
- The PAFS Ireland office in Shannon, Ireland continued to expand its staff, now employing over eighty-five people to service aviation leasing clients.
- Phoenix American had a presence at all the major industry conferences in 2023. John McInerney moderated a panel at the Airline Economics Dublin conference in January. Rob Cassidy moderated a panel at the Airline Economics New York City conference in October. Rob Cassidy also participated as a panelist at the Ishka London conference in March.
- In July 2023, PAFS Ireland, as part of its Corporate Social Responsibility, contributed a day to painting the Shannon Resource Centre in Shannon Ireland. This was part of the company’s commitment to actively participating in the betterment of the local community.
- In September 2023, PAFS Ireland competed in the annual Carlyle Aviation Football Tournament in support of the Cancer Clinical Research Trust. The tournament has raised over €250,000 for the Trust to date, contributing to the ongoing battle against cancer.
- In December 2023, Phoenix American published the white paper Aviation Loan ABS: A New Vehicle in Aviation Structured Finance that explored the new asset-backed securitization investment vehicle focused on commercial aviation loans. The paper profiles the risk/opportunity profile of aviation loan ABS and examines the features of SALT 2021-1, the first aviation loan ABS in comparison to tradition aviation ABS transactions.
“Broadening the range of services we offer our clients beyond traditional aviation ABS transactions was our priority for 2023,” said Joseph Horgan, Senior Vice President, Phoenix American. “As we look ahead to 2024, we are optimistic that conditions will begin to align for an environment more conducive to a robust ABS market. As that happens, our experienced and dedicated team will continue to service clients with any structured finance product need.”
“The continued investment in our people and supporting infrastructure has allowed us to continue to grow our aviation business in Ireland,” said John McInerney, Managing Director of PAFS Ireland. “Delivering high-quality outputs and providing experienced support for our aviation clients is paramount.”