GPA has introduced its 4.084 billion (£2.607 billion) asset backed bond scheme aimed at raising funds from investors to refinance the Shannon based company's existing debts.

The fund raising follows clearance of the plan by the US Securities and Exchange Commission and the agreement of GPA's 140 major creditors after months of negotiations. The bonds, which carry varying maturities, will be backed by 229 aircraft with leases attached. The merchant bank Morgan Stanley with Citibank, Lehman Brothers and Salomon Brothers are the joint lead managers to the issue.