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<br /> ISSUE TWENTYFIVE MARCH/APRIL 2015<br /> THE LEADING GLOBAL PUBLICATION FOR OPERATORS OF AND INVESTORS IN AIRCRAFT AND ENGINES<br /> EMIRATES SUKUK 2015<br /> Emirates and UKEF succeed in<br /> another first for aviation finance<br /> www.aviationnews-online.com<br /> Pratt & Whitney.<br /> The shortest distance to profitable operation is your direct line to Pratt & Whitney services.<br /> Call us. We respond. With lower costs and uncompromising service. Innovative parts repair<br /> instead of replacement, when it's the best option. A broad portfolio of services and innovations,<br /> right where – and when – you need them. Take a look at today's Pratt & Whitney services at<br /> pw.utc.com/DependableServices. Providing dependable services and customer-focused value.<br /> Dependable Services<br /> EDITOR’S LETTER<br /> BIG TICKET SOLUTIONS<br /> VOLUME FIVE, ISS<a title="Issue 25 March/April page 1" href="http://viewer.zmags.com/publication/1b29d8a8?page=1"> ISSUE TWENTYFIVE </a> <a title="Issue 25 March/April page 2" href="http://viewer.zmags.com/publication/1b29d8a8?page=2"> Pratt & Whitney. The shortest distance to profi</a> <a title="Issue 25 March/April page 3" href="http://viewer.zmags.com/publication/1b29d8a8?page=3"> EDITOR’S LETTER BIG TICKET SOLUTIONS VOLUME</a> <a title="Issue 25 March/April page 4" href="http://viewer.zmags.com/publication/1b29d8a8?page=4"> CONTENTS 1 Big ticket solutions 36 </a> <a title="Issue 25 March/April page 5" href="http://viewer.zmags.com/publication/1b29d8a8?page=5"> OUR EXPERIENCE DRIVES YOUR EXCELLENCE. </a> <a title="Issue 25 March/April page 6" href="http://viewer.zmags.com/publication/1b29d8a8?page=6"> NEWS Industry innovators succeed again Emirates</a> <a title="Issue 25 March/April page 7" href="http://viewer.zmags.com/publication/1b29d8a8?page=7"> Global Aircraft Lessor Operating Leasing Sal</a> <a title="Issue 25 March/April page 8" href="http://viewer.zmags.com/publication/1b29d8a8?page=8"> NEWS THY closes EETC Turkish Airlines </a> <a title="Issue 25 March/April page 9" href="http://viewer.zmags.com/publication/1b29d8a8?page=9"> $556.3 million Apollo </a> <a title="Issue 25 March/April page 10" href="http://viewer.zmags.com/publication/1b29d8a8?page=10"> NEWS ANA, Integral outline plans for Skymark S</a> <a title="Issue 25 March/April page 11" href="http://viewer.zmags.com/publication/1b29d8a8?page=11"> Global Leaders in Aviation Finance KPMG i</a> <a title="Issue 25 March/April page 12" href="http://viewer.zmags.com/publication/1b29d8a8?page=12"> NEWS Hong Kong lowers withholding tax for aviat</a> <a title="Issue 25 March/April page 13" href="http://viewer.zmags.com/publication/1b29d8a8?page=13"> Aset Management • • • • Remarketing Services </a> <a title="Issue 25 March/April page 14" href="http://viewer.zmags.com/publication/1b29d8a8?page=14"> NEWS BOC Aviation inaugural US bond issuance BO</a> <a title="Issue 25 March/April page 15" href="http://viewer.zmags.com/publication/1b29d8a8?page=15"> When it matters most: AOG +49 171 4314333 Thrust</a> <a title="Issue 25 March/April page 16" href="http://viewer.zmags.com/publication/1b29d8a8?page=16"> NEWS EDC and AVIC Leasing fund CRJ900s </a> <a title="Issue 25 March/April page 17" href="http://viewer.zmags.com/publication/1b29d8a8?page=17"> Aviation Asset Management Charles Taylor Avi</a> <a title="Issue 25 March/April page 18" href="http://viewer.zmags.com/publication/1b29d8a8?page=18"> NEWS Copa Airlines’ bumper Max order Panama </a> <a title="Issue 25 March/April page 19" href="http://viewer.zmags.com/publication/1b29d8a8?page=19"> ANA Holdings firms up order for seven additional </a> <a title="Issue 25 March/April page 20" href="http://viewer.zmags.com/publication/1b29d8a8?page=20"> NEWS Plane View Partners and Athyenia form new </a> <a title="Issue 25 March/April page 21" href="http://viewer.zmags.com/publication/1b29d8a8?page=21"> NEWS Aviation industry under-prepared to deal w</a> <a title="Issue 25 March/April page 22" href="http://viewer.zmags.com/publication/1b29d8a8?page=22"> WE'VE CREATED THE FUTURE</a> <a title="Issue 25 March/April page 23" href="http://viewer.zmags.com/publication/1b29d8a8?page=23"> AGAIN AND AGAIN AND AGAIN. Bombardier leads the w</a> <a title="Issue 25 March/April page 24" href="http://viewer.zmags.com/publication/1b29d8a8?page=24"> NEWS Ex-Im Bank chair shrugs off Delta challeng</a> <a title="Issue 25 March/April page 25" href="http://viewer.zmags.com/publication/1b29d8a8?page=25"> KfW IPEX-Bank, Helaba and KDB finance A320s for C</a> <a title="Issue 25 March/April page 26" href="http://viewer.zmags.com/publication/1b29d8a8?page=26"> ISLAMIC FINANCE Emirates landmark Sukuk Buildi</a> <a title="Issue 25 March/April page 27" href="http://viewer.zmags.com/publication/1b29d8a8?page=27"> Finance at Airbus Group, is more modest in his re</a> <a title="Issue 25 March/April page 28" href="http://viewer.zmags.com/publication/1b29d8a8?page=28"> ISLAMIC FINANCE how that maps with the underlyi</a> <a title="Issue 25 March/April page 29" href="http://viewer.zmags.com/publication/1b29d8a8?page=29"> “The whole structure was discussed and agreed </a> <a title="Issue 25 March/April page 30" href="http://viewer.zmags.com/publication/1b29d8a8?page=30"> ISLAMIC FINANCE but detailed the structure that</a> <a title="Issue 25 March/April page 31" href="http://viewer.zmags.com/publication/1b29d8a8?page=31"> “This was not our cheapest form of financing,</a> <a title="Issue 25 March/April page 32" href="http://viewer.zmags.com/publication/1b29d8a8?page=32"> EETCs New ki</a> <a title="Issue 25 March/April page 33" href="http://viewer.zmags.com/publication/1b29d8a8?page=33"> Air Canada could now be described as a “seas</a> <a title="Issue 25 March/April page 34" href="http://viewer.zmags.com/publication/1b29d8a8?page=34"> EETCs EETCs structured using Section 1110 of t</a> <a title="Issue 25 March/April page 35" href="http://viewer.zmags.com/publication/1b29d8a8?page=35"> Sachs acted as Joint Structuring Agents on the de</a> <a title="Issue 25 March/April page 36" href="http://viewer.zmags.com/publication/1b29d8a8?page=36"> EETCs of 68.4% - much higher than usual for an</a> <a title="Issue 25 March/April page 37" href="http://viewer.zmags.com/publication/1b29d8a8?page=37"> 2015 will be an even more active year and we curr</a> <a title="Issue 25 March/April page 38" href="http://viewer.zmags.com/publication/1b29d8a8?page=38"> AVIATION FINANCE Bonds a</a> <a title="Issue 25 March/April page 39" href="http://viewer.zmags.com/publication/1b29d8a8?page=39"> Merrill Lynch, BMO Capital Markets, Credit Agrico</a> <a title="Issue 25 March/April page 40" href="http://viewer.zmags.com/publication/1b29d8a8?page=40"> AVIATION FINANCE a good</a> <a title="Issue 25 March/April page 41" href="http://viewer.zmags.com/publication/1b29d8a8?page=41"> AVIATION FINANCE LESSOR UNSECURED BONDS ARTICLE </a> <a title="Issue 25 March/April page 42" href="http://viewer.zmags.com/publication/1b29d8a8?page=42"> AIRLINES The battle for Seat</a> <a title="Issue 25 March/April page 43" href="http://viewer.zmags.com/publication/1b29d8a8?page=43"> Alaska's strong financials, despite Delta's moves </a> <a title="Issue 25 March/April page 44" href="http://viewer.zmags.com/publication/1b29d8a8?page=44"> AIRLINES Alaska's earnings may be dwarfed </a> <a title="Issue 25 March/April page 45" href="http://viewer.zmags.com/publication/1b29d8a8?page=45"> strategy over the last few years. It has consiste</a> <a title="Issue 25 March/April page 46" href="http://viewer.zmags.com/publication/1b29d8a8?page=46"> AIRLINES But Delta also understands h</a> <a title="Issue 25 March/April page 47" href="http://viewer.zmags.com/publication/1b29d8a8?page=47"> were not profitable. Adding additional West Coast </a> <a title="Issue 25 March/April page 48" href="http://viewer.zmags.com/publication/1b29d8a8?page=48"> OPINION Retirement and storage trends In a rec</a> <a title="Issue 25 March/April page 49" href="http://viewer.zmags.com/publication/1b29d8a8?page=49"> for younger aircraft, averaging less than 10% and</a> <a title="Issue 25 March/April page 50" href="http://viewer.zmags.com/publication/1b29d8a8?page=50"> OPINION and manufactured, for specific mis</a> <a title="Issue 25 March/April page 51" href="http://viewer.zmags.com/publication/1b29d8a8?page=51"> 520% </a> <a title="Issue 25 March/April page 52" href="http://viewer.zmags.com/publication/1b29d8a8?page=52"> AIRPORTS Solving the slot scheduling problem F</a> <a title="Issue 25 March/April page 53" href="http://viewer.zmags.com/publication/1b29d8a8?page=53"> AIRPORTS Single European Sky (SES) (Click here to</a> <a title="Issue 25 March/April page 54" href="http://viewer.zmags.com/publication/1b29d8a8?page=54"> AIRPORTS the setting of optimum declared capaci</a> <a title="Issue 25 March/April page 55" href="http://viewer.zmags.com/publication/1b29d8a8?page=55"> Air Traffic Services (NATS) in the UK; Eurocontro</a> <a title="Issue 25 March/April page 56" href="http://viewer.zmags.com/publication/1b29d8a8?page=56"> INSURANCE All about </a> <a title="Issue 25 March/April page 57" href="http://viewer.zmags.com/publication/1b29d8a8?page=57"> benefit of unprecedented low premiums. From</a> <a title="Issue 25 March/April page 58" href="http://viewer.zmags.com/publication/1b29d8a8?page=58"> INSURANCE Denis Kornilov - Shutterstock.com </a> <a title="Issue 25 March/April page 59" href="http://viewer.zmags.com/publication/1b29d8a8?page=59"> Dutourdumonde Photography - Shutterstock.com </a> <a title="Issue 25 March/April page 60" href="http://viewer.zmags.com/publication/1b29d8a8?page=60"> MAINTENANCE, REPAIR & OVERHAUL Predictive main</a> <a title="Issue 25 March/April page 61" href="http://viewer.zmags.com/publication/1b29d8a8?page=61"> is for far fewer heavy maintenance checks as</a> <a title="Issue 25 March/April page 62" href="http://viewer.zmags.com/publication/1b29d8a8?page=62"> MAINTENANCE, REPAIR & OVERHAUL </a> <a title="Issue 25 March/April page 63" href="http://viewer.zmags.com/publication/1b29d8a8?page=63"> </a> <a title="Issue 25 March/April page 64" href="http://viewer.zmags.com/publication/1b29d8a8?page=64"> DATA COMMERICAL AIRCRAFT LEASE RATES - APRIL 2</a> <a title="Issue 25 March/April page 65" href="http://viewer.zmags.com/publication/1b29d8a8?page=65"> DATA COMMERICAL AIRCRAFT LEASE RATES - APRIL 2</a> <a title="Issue 25 March/April page 66" href="http://viewer.zmags.com/publication/1b29d8a8?page=66"> DATA COMMERICAL AIRCRAFT LEASE RATES - APRIL 2</a> <a title="Issue 25 March/April page 67" href="http://viewer.zmags.com/publication/1b29d8a8?page=67"> GROWTH FRONTIERS ASIA-PACIFIC 2015 Supporting: 2</a> <a title="Issue 25 March/April page 68" href="http://viewer.zmags.com/publication/1b29d8a8?page=68"> LET US OVERHAUL YOUR ENGINES, AND YO</a>