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Clifford Chance

Clifford Chance
Zarrar Sehgal

Zarrar Sehgal

Partner, Co-Head of the Industrials, Transport & Mobility Sector

Partner, Co-Head of the Industrials, Transport & Mobility Sector
Zarrar Sehgal

Zarrar Sehgal leads Clifford Chance’s Global Asset Finance group, is Co-Head of the Global Financial Markets group in the Americas, and Head of the Global Transport & Logistics sector group. He has extensive experience representing underwriters, lenders, lessors, and governmental agencies in a wide variety of asset finance transactions, including portfolio securitizations, acquisition financing, leveraged leasing, EETC transactions, secured lending, structured financing and credit enhancements.

Zarrar has particular experience in financings and corporate transactions involving aircraft, rolling stock and vessels. He has worked on several of the most significant ABS and financings involving aircraft and railcars, including many transactions that have won “Deal of the Year” awards from industry publications. He has also participated in the evolution of the ABS product over the years. Another area of specialization for Zarrar is representing clients in connection with the acquisition or disposition of leasing companies and large portfolios of aircraft and other transportation assets.

Aviation Securitizations

  • Airborne Capital Limited and Marathon Asset Management on the closing of their second aircraft securitization, MAST 2022-1, which placed $303.7 million of rated notes secured by a portfolio of 15 narrowbody aircraft; Airline Economics' 2023 Capital Markets Deal of the Year.
  • The arrangers in connection with Air Lease Corporation's inaugural sukuk issuance.
  • Goldman Sachs, the Arranger, in the Rule 144A offering by AASET 2022-1 Limited and AASET 2022-1 LLC, of US$522.464 million fixed rate secured notes, secured by a portfolio of 25 aircraft and related leases.
  • Mizuho Securities and Citigroup as lead structuring agents and joint lead bookrunners in connection with the issuance of US$716 million Secured Notes in an asset backed securitization (Navigator 2021-1) by Dubai Aerospace Enterprise.
  • Avolon on the closing of an issuance of US$746.8 million of fixed rate secured notes by Sapphire Aviation Finance II Limited and Sapphire Finance II LLC. The proceeds from the issuance of the Notes were used by the issuers to acquire a portfolio of 21 aircraft on lease to a diversified pool of 19 lessees in 18 countries; Overall Capital Markets Deal of the Year 2020, AirFinance Journal Awards.


  • JP Morgan and the other initial purchasers in connection with Aviation Capital Group (ACG)’s offering of US$1 billion fixed rates unsecured senior notes. This was ACG's return to the 144A/Reg S market for the first time in 18 months and the first time since the outbreak of COVID-19.
  • Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Credit Agricole Securities (USA) Inc. as the initial purchasers in connection with the inaugural offering by SMBC Aviation Capital's wholly owned subsidiary, SMBC Aviation Capital Finance DAC.

Corporate / M&A

  • Consortium, comprising Goshawk Aviation and its shareholders NWS Holdings and Chow Tai Fook Enterprises, on the sale of Goshawk Aviation's commercial aircraft leasing platform to SMBC Aviation Capital. The sale will include all of the assets, liabilities and contracts of the business. Goshawk Aviation Limited will receive 100% cash consideration of approximately US$1.6 billion at an enterprise value of approximately US$6.7 billion.
  • Fly Leasing in connection with its US$2.36 billion acquisition by an affiliate of Carlyle Aviation Partners, the commercial aviation investment and servicing arm within the Carlyle Group’s global credit platform; Americas M&A & Editor’s Deal of the Year, Airline Economics’ Global Aviation 100 Deal of the Year Awards 2021.
  • Avolon Holdings Limited in its US$10.38 billion acquisition of the aircraft leasing business of CIT Group.

Term Loans

  • Goldman Sachs Bank USA, as joint lead arranger, and the other arrangers and bookrunners in an incremental senior secured first lien term loan B facility tranche in an aggregate principal amount of US$635 million for Castlelake Aviation Finance Designated Activity Company.
  • Goldman Sachs, as sole structuring agent and joint lead arranger in connection with the over US$670 million syndicated secured term loan facility for Carlyle Aviation Management Limited.
  • ACG on a US$500 million unsecured term loan insured by NEXI, the official credit export agency of Japan. ACG is a wholly owned subsidiary of Tokyo Century Corporation, which helped arrange and support the transaction. This is ACG's first ever loan insured by NEXI; Supported Finance Deal of 2020; Airline Economics Aviation 100 Awards.
  • Fly Leasing Limited in connection with a US$395 million term loan facility and a US$250 million warehouse facility.
  • TrueNoord on a five-year $275 million term loan used to finance a portfolio of 31 owned regional jet and turboprop aircraft on lease to 13 different airline customers in 11 countries.


  • BBAM in connection with a US$600 million aircraft warehouse facility provided by a syndicate of international banks.
  • BNP Paribas, as sole structuring agent and mandated lead arranger in connection with the US$550 million syndicated secured aircraft warehouse facility for Waterfall Asset Management, LLC.
  • Nordic Aviation Capital (NAC), the world’s largest regional aircraft lessor, as servicer, and NAC Warehouse Designated Activity Company, as borrower, on its five-year US$400 million limited recourse senior secured warehouse revolving credit facility.


  • Goldman Sachs as co-arranger of over US$1 billion in debtor-in-possession financing to support the Colombian airline Avianca through its chapter 11 cases and restructuring efforts; Americas Restructuring Deal of 2020, Airline Economics Aviation 100 Awards.
  • Multiple aircraft lessors and finance parties in connection with the chapter 11 proceedings of LATAM Airlines Group and its affiliates, which collectively comprise the leading airline group in Latin America and the fourteenth largest airline in the world measured by passengers carried.

News and client work

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Contact details

Career and qualifications

  • Georgetown University Law Center (JD) 1997
  • Admitted as an Attorney-at-Law in New York 1998
  • Joined Clifford Chance as a Partner 2006

Awards and citations

  • "Zarrar is a wonderful partner. He is very knowledgeable, experienced, responsive and I really enjoy working with him."
    Chambers USA 2023: Transportation: Aviation: Finance (Nationwide) – Band 1
  • Zarrar Sehgal is one of the foremost experts in issues such as EETCs and structured finance.
    Chambers USA 2022: Transportation: Aviation: Finance (Nationwide) – Band 1
  • Mr. Sehgal is listed as a “Leading Lawyer” in Transport: Aviation and Air Travel Finance by Legal 500 USA and is included in Legal 500's Hall of Fame. Mr. Sehgal was also named as one of the fifteen “Rising Stars” by Airfinance Journal in 2005.
  • Zarrar Sehgal is ranked in Band 1 by Chambers USA – Transportation: Aviation – Finance, Nationwide. Zarrar Sehgal advises prominent lessors and financiers on key securitizations and note issuances. He is appreciated by clients as "a very experienced senior attorney who is also actively involved and hands-on in transactions."
    Chambers USA - Transportation: Aviation Finance, Nationwide