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PIMCO, the US debt investment management house, and GE Capital Aviation Services, part of General Electric, have reached a preliminary pact to develop an aviation leasing platform to support up to $3 billion in aircraft asset financing. The launch comes as the global airline sector is battling to recover from the COVID-19 pandemic.

The transaction is subject to customary closing conditions and receipt of required regulatory approvals, the organizations said in a statement yesterday.

This investment platform will enable the organizations to acquire new and young fuel-efficient aircraft. The platform will provide “much-needed” financing for airlines which are planning to upgrade their fleets with young and new aircraft, the statement said. 

The portfolio will initially focus on narrow-body aircraft while allowing flexibility to invest in opportunities in the wide-body market.

“As the airline industry struggles with the effects of the COVID-19 pandemic, the PIMCO-GECAS platform will inject essential liquidity into this critical industry by providing financing solutions at a time when there are fewer traditional financing options for airlines,” Dan Ivascyn, PIMCO’s group chief investment officer, said.