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<br /> ISSUE THIRTYNINE AUGUST-SEPTEMBER 2017<br /> THE LEADING GLOBAL PUBLICATION FOR OPERATORS OF AND INVESTORS IN AIRCRAFT AND ENGINES<br /> GECAS at 50<br /> Investment funds are back in vogue<br /> Tokyo Century buys ACG stake<br /> Middle East & Africa Aviation 100 Awards<br /> www.aviationnews-online.com<br /> providing<br /> financing solutions...<br /> JULY 2017<br /> SMBC AVIATION CAPITAL FINANCE DAC<br /> USD 500,000,000<br /> 3.000% Senior Notes<br /> Due 2022<br /> MAY 2017<br /> ATLAS AIR<br /> USD 260,000,000<br /> Convertible Senior Notes<br /> Due 2024<br /> JUNE 2017<br /> 12 EMBRAER 175<br /> USD 252,000,000<br /> UNITED AIRLINES<br /> Term Loan Financing<br /> GOSHAWK AVIATION<br /> USD 566,500,000<br /> US Private Placement<br /> Unsecured Notes<br /> Crédit Agricole Corporate and Investment Bank is authorised by the <a title="Issue 39 Aug/Sept page 1" href="http://viewer.zmags.com/publication/5c496222?page=1"> ISSUE THIRTYNINE </a> <a title="Issue 39 Aug/Sept page 2" href="http://viewer.zmags.com/publication/5c496222?page=2"> providing financing solutions... JULY 2017 SMBC </a> <a title="Issue 39 Aug/Sept page 3" href="http://viewer.zmags.com/publication/5c496222?page=3"> ...for Air Transportation APRIL & MAY 2017 </a> <a title="Issue 39 Aug/Sept page 4" href="http://viewer.zmags.com/publication/5c496222?page=4"> EDITOR’S LETTER IS COV-LITE BECOMING THE NORM? </a> <a title="Issue 39 Aug/Sept page 5" href="http://viewer.zmags.com/publication/5c496222?page=5"> BOSTON | SHANNON | LONDON | SINGAPORE SUPP</a> <a title="Issue 39 Aug/Sept page 6" href="http://viewer.zmags.com/publication/5c496222?page=6"> CONTENTS 1 Are cov-lite loans becoming </a> <a title="Issue 39 Aug/Sept page 7" href="http://viewer.zmags.com/publication/5c496222?page=7"> It's about you. Only one MR</a> <a title="Issue 39 Aug/Sept page 8" href="http://viewer.zmags.com/publication/5c496222?page=8"> NEWS Tokyo Century buys stake in ACG Tokyo</a> <a title="Issue 39 Aug/Sept page 9" href="http://viewer.zmags.com/publication/5c496222?page=9"> It's about you. Only one MR</a> <a title="Issue 39 Aug/Sept page 10" href="http://viewer.zmags.com/publication/5c496222?page=10"> NEWS Stellwagen takes ex-employees to court </a> <a title="Issue 39 Aug/Sept page 11" href="http://viewer.zmags.com/publication/5c496222?page=11"> OUR EXPERIENCE DRIVES YOUR EXCELLENCE. </a> <a title="Issue 39 Aug/Sept page 12" href="http://viewer.zmags.com/publication/5c496222?page=12"> Bombardier, C Series are trademarks of Bombardier</a> <a title="Issue 39 Aug/Sept page 13" href="http://viewer.zmags.com/publication/5c496222?page=13"> market disruptor C Series Radical in</a> <a title="Issue 39 Aug/Sept page 14" href="http://viewer.zmags.com/publication/5c496222?page=14"> NEWS BBAM launches Incline Aviation I; gains ne</a> <a title="Issue 39 Aug/Sept page 15" href="http://viewer.zmags.com/publication/5c496222?page=15"> </a> <a title="Issue 39 Aug/Sept page 16" href="http://viewer.zmags.com/publication/5c496222?page=16"> NEWS Airbus and Bombardier announce C series pa</a> <a title="Issue 39 Aug/Sept page 17" href="http://viewer.zmags.com/publication/5c496222?page=17"> Global Leaders in Aviation Finance kpmg.ie/aviat</a> <a title="Issue 39 Aug/Sept page 18" href="http://viewer.zmags.com/publication/5c496222?page=18"> </a> <a title="Issue 39 Aug/Sept page 19" href="http://viewer.zmags.com/publication/5c496222?page=19"> www.rolls-royce.com/servicescatalogue In t</a> <a title="Issue 39 Aug/Sept page 20" href="http://viewer.zmags.com/publication/5c496222?page=20"> NEWS The demise of an icon The 1960s icon Mo</a> <a title="Issue 39 Aug/Sept page 21" href="http://viewer.zmags.com/publication/5c496222?page=21"> THE A330neo. FLY The A330neo shares many</a> <a title="Issue 39 Aug/Sept page 22" href="http://viewer.zmags.com/publication/5c496222?page=22"> NEWS Standard Chartered establishes aviation le</a> <a title="Issue 39 Aug/Sept page 23" href="http://viewer.zmags.com/publication/5c496222?page=23"> FIRST AVIATION FINANCE TRANSACTION IN ABU DHA</a> <a title="Issue 39 Aug/Sept page 24" href="http://viewer.zmags.com/publication/5c496222?page=24"> NEWS United Airlines increases A350 XWB order t</a> <a title="Issue 39 Aug/Sept page 25" href="http://viewer.zmags.com/publication/5c496222?page=25"> Global Transportation Finance Now Vedder Equippe</a> <a title="Issue 39 Aug/Sept page 26" href="http://viewer.zmags.com/publication/5c496222?page=26"> NEWS First flight of the A330neo The first of t</a> <a title="Issue 39 Aug/Sept page 27" href="http://viewer.zmags.com/publication/5c496222?page=27"> Above & Beyond GECAS is very proud to be celebrat</a> <a title="Issue 39 Aug/Sept page 28" href="http://viewer.zmags.com/publication/5c496222?page=28"> NEWS Leasing MTN programme rated A by Fitch Fit</a> <a title="Issue 39 Aug/Sept page 29" href="http://viewer.zmags.com/publication/5c496222?page=29"> When it matters most: AOG +49 171 4314333 Thrust</a> <a title="Issue 39 Aug/Sept page 30" href="http://viewer.zmags.com/publication/5c496222?page=30"> NEWS Middle East carriers’ fleet size to more t</a> <a title="Issue 39 Aug/Sept page 31" href="http://viewer.zmags.com/publication/5c496222?page=31"> </a> <a title="Issue 39 Aug/Sept page 32" href="http://viewer.zmags.com/publication/5c496222?page=32"> NEWS Intrepid appoints Winter as CEO </a> <a title="Issue 39 Aug/Sept page 33" href="http://viewer.zmags.com/publication/5c496222?page=33"> CONGRATULATIONS TO MARTIN BROWNE ON RECEIVING THE</a> <a title="Issue 39 Aug/Sept page 34" href="http://viewer.zmags.com/publication/5c496222?page=34"> NEWS Ryanair COO resigns R</a> <a title="Issue 39 Aug/Sept page 35" href="http://viewer.zmags.com/publication/5c496222?page=35"> AIRCRAFT. FINANCING. INVESTMENT. </a> <a title="Issue 39 Aug/Sept page 36" href="http://viewer.zmags.com/publication/5c496222?page=36"> NEWS Tony Douglas appointed as CEO of Etihad </a> <a title="Issue 39 Aug/Sept page 37" href="http://viewer.zmags.com/publication/5c496222?page=37"> COMPANY PROFILE ▌ Holding Company ▌ Offices ▌ Emp</a> <a title="Issue 39 Aug/Sept page 38" href="http://viewer.zmags.com/publication/5c496222?page=38"> GECAS </a> <a title="Issue 39 Aug/Sept page 39" href="http://viewer.zmags.com/publication/5c496222?page=39"> GECAS GECAS at 50 The oldest aircraft leasing c</a> <a title="Issue 39 Aug/Sept page 40" href="http://viewer.zmags.com/publication/5c496222?page=40"> GECAS an investor and partner</a> <a title="Issue 39 Aug/Sept page 41" href="http://viewer.zmags.com/publication/5c496222?page=41"> companies offering more value-added services such</a> <a title="Issue 39 Aug/Sept page 42" href="http://viewer.zmags.com/publication/5c496222?page=42"> AIRLINE ECONOMICS GROWTH FRONTIERS DUBAI 2017 </a> <a title="Issue 39 Aug/Sept page 43" href="http://viewer.zmags.com/publication/5c496222?page=43"> AIRLINE ECONOMICS GROWTH FRONTIERS DUBAI 2017 c</a> <a title="Issue 39 Aug/Sept page 44" href="http://viewer.zmags.com/publication/5c496222?page=44"> AIRLINE ECONOMICS GROWTH FRONTIERS DUBAI 2017 </a> <a title="Issue 39 Aug/Sept page 45" href="http://viewer.zmags.com/publication/5c496222?page=45"> AIRLINE ECONOMICS GROWTH FRONTIERS DUBAI 2017 Mi</a> <a title="Issue 39 Aug/Sept page 46" href="http://viewer.zmags.com/publication/5c496222?page=46"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 </a> <a title="Issue 39 Aug/Sept page 47" href="http://viewer.zmags.com/publication/5c496222?page=47"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 </a> <a title="Issue 39 Aug/Sept page 48" href="http://viewer.zmags.com/publication/5c496222?page=48"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 ME</a> <a title="Issue 39 Aug/Sept page 49" href="http://viewer.zmags.com/publication/5c496222?page=49"> </a> <a title="Issue 39 Aug/Sept page 50" href="http://viewer.zmags.com/publication/5c496222?page=50"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 M</a> <a title="Issue 39 Aug/Sept page 51" href="http://viewer.zmags.com/publication/5c496222?page=51"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 M</a> <a title="Issue 39 Aug/Sept page 52" href="http://viewer.zmags.com/publication/5c496222?page=52"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 M</a> <a title="Issue 39 Aug/Sept page 53" href="http://viewer.zmags.com/publication/5c496222?page=53"> AIRCRAFT Leasing | Financing | Asset Management |</a> <a title="Issue 39 Aug/Sept page 54" href="http://viewer.zmags.com/publication/5c496222?page=54"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 M</a> <a title="Issue 39 Aug/Sept page 55" href="http://viewer.zmags.com/publication/5c496222?page=55"> </a> <a title="Issue 39 Aug/Sept page 56" href="http://viewer.zmags.com/publication/5c496222?page=56"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 M</a> <a title="Issue 39 Aug/Sept page 57" href="http://viewer.zmags.com/publication/5c496222?page=57"> AVIATION 100 MIDDLE EAST & AFRICA AWARDS 2017 Mi</a> <a title="Issue 39 Aug/Sept page 58" href="http://viewer.zmags.com/publication/5c496222?page=58"> SAEL SAEL looks to the future Airline Economic</a> <a title="Issue 39 Aug/Sept page 59" href="http://viewer.zmags.com/publication/5c496222?page=59"> Sumisho team toasting to the next business year a</a> <a title="Issue 39 Aug/Sept page 60" href="http://viewer.zmags.com/publication/5c496222?page=60"> SAFE TRAVELS Blockchain and cloud to reinforce</a> <a title="Issue 39 Aug/Sept page 61" href="http://viewer.zmags.com/publication/5c496222?page=61"> when dealing with scheduled and unschedul</a> <a title="Issue 39 Aug/Sept page 62" href="http://viewer.zmags.com/publication/5c496222?page=62"> NOVATIONS Planes, pains and portfolio dea</a> <a title="Issue 39 Aug/Sept page 63" href="http://viewer.zmags.com/publication/5c496222?page=63"> the success of highly (re)marketable narrowbo</a> <a title="Issue 39 Aug/Sept page 64" href="http://viewer.zmags.com/publication/5c496222?page=64"> NOVATIONS into the deal</a> <a title="Issue 39 Aug/Sept page 65" href="http://viewer.zmags.com/publication/5c496222?page=65"> in advance of the scheduled closing date and requ</a> <a title="Issue 39 Aug/Sept page 66" href="http://viewer.zmags.com/publication/5c496222?page=66"> NOVATIONS may likewise</a> <a title="Issue 39 Aug/Sept page 67" href="http://viewer.zmags.com/publication/5c496222?page=67"> be guided by three principles when negotiati</a> <a title="Issue 39 Aug/Sept page 68" href="http://viewer.zmags.com/publication/5c496222?page=68"> OEM AND MRO IN CHINA Growing pains Steve Joh</a> <a title="Issue 39 Aug/Sept page 69" href="http://viewer.zmags.com/publication/5c496222?page=69"> to look to countries south and east to fulfil mai</a> <a title="Issue 39 Aug/Sept page 70" href="http://viewer.zmags.com/publication/5c496222?page=70"> OEM AND MRO IN CHINA resolved intention to take</a> <a title="Issue 39 Aug/Sept page 71" href="http://viewer.zmags.com/publication/5c496222?page=71"> on the distant horizon. In short, the numbers spe</a> <a title="Issue 39 Aug/Sept page 72" href="http://viewer.zmags.com/publication/5c496222?page=72"> OEM AND MRO IN CHINA needs, the company recentl</a> <a title="Issue 39 Aug/Sept page 73" href="http://viewer.zmags.com/publication/5c496222?page=73"> The sky is not the limit At AerFin we’re not con</a> <a title="Issue 39 Aug/Sept page 74" href="http://viewer.zmags.com/publication/5c496222?page=74"> COLLATERAL VERIFICATIONS </a> <a title="Issue 39 Aug/Sept page 75" href="http://viewer.zmags.com/publication/5c496222?page=75"> COLLATERAL VERIFICATIONS 29 583 29 583 </a> <a title="Issue 39 Aug/Sept page 76" href="http://viewer.zmags.com/publication/5c496222?page=76"> COLLATERAL VERIFICATIONS the</a> <a title="Issue 39 Aug/Sept page 77" href="http://viewer.zmags.com/publication/5c496222?page=77"> COLLATERAL VERIFICATIONS BOEING 737-800 (AS OF M</a> <a title="Issue 39 Aug/Sept page 78" href="http://viewer.zmags.com/publication/5c496222?page=78"> COLLATERAL VERIFICATIONS </a> <a title="Issue 39 Aug/Sept page 79" href="http://viewer.zmags.com/publication/5c496222?page=79"> COLLATERAL VERIFICATIONS 17 17 17 In Service </a> <a title="Issue 39 Aug/Sept page 80" href="http://viewer.zmags.com/publication/5c496222?page=80"> COLLATERAL VERIFICATIONS a</a> <a title="Issue 39 Aug/Sept page 81" href="http://viewer.zmags.com/publication/5c496222?page=81"> COLLATERAL VERIFICATIONS BOEING 737 MAX 8 (AS OF</a> <a title="Issue 39 Aug/Sept page 82" href="http://viewer.zmags.com/publication/5c496222?page=82"> Thailand adopts MC99 The Montreal Convention 1999</a> <a title="Issue 39 Aug/Sept page 83" href="http://viewer.zmags.com/publication/5c496222?page=83"> Thailand are comparably low by global standards a</a> <a title="Issue 39 Aug/Sept page 84" href="http://viewer.zmags.com/publication/5c496222?page=84"> THAILAND CARGO The Act introd</a> <a title="Issue 39 Aug/Sept page 85" href="http://viewer.zmags.com/publication/5c496222?page=85"> COLLATERAL VERIFICATIONS ADVISORY SERVICES </a> <a title="Issue 39 Aug/Sept page 86" href="http://viewer.zmags.com/publication/5c496222?page=86"> DATA 2017 VALUES & LEASE RATES 4th Quart</a> <a title="Issue 39 Aug/Sept page 87" href="http://viewer.zmags.com/publication/5c496222?page=87"> …Constructed. Financed. Exported. The moment of</a> <a title="Issue 39 Aug/Sept page 88" href="http://viewer.zmags.com/publication/5c496222?page=88"> Asset Management Aset Management • • • Remark</a>