Intermodal Equipment Securitization

This chapter provides an overview of the container shipping business and a brief review of the securitization of the asset class. The container securitization market is a niche corner of structured products with a limited number of potential issuers. Deal performance, so far, has been pristine. This consistency has been reflected in new issue pricing, which has narrowed the gap versus other wrapped paper. Future issuance likely is tied to lessor fleet growth, which is supported by the sound long‐term fundamentals underpinning container shipping. This suggests a continuation of the two‐ to three‐deal pace that the sector averaged per year.