Guest Editor’s Letter

Someone who had slept through 2020 and woke up at the start of 2021 one would barely suspect that only nine months ago the securitization market was at a standstill and that Federal Reserve was on the verge of embarking on an extraordinary level of fiscal and monetary support, including a reboot of the Term Asset Loan Facility (TALF), the Federal Reserve’s lending facility, which has been credited with stabilizing the securitization markets in the wake of the Great Financial Crisis In their article, “Aircraft Lease Asset-Backed Securities and Aircraft Enhanced Equipment Trust Certificates Workouts,” David Yu, Christopher Papajohn, and Tasos Michael examine how two major aircraft asset-financing structures, aircraft asset-backed securities and enhanced equipment trust certificates, may be affected by the near-term challenges facing the aircraft leasing industry [ ]Nicholas Spizzirri offers an exposition of fat tail distributions in “Fat Tails: An Untrustworthy Friend ”