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FINANCE & LEASING GUIDE
ISSUE FIVE 2016
FINANCE & LEASING GUIDE
FINANCE & LEASING GU
Sponsors
DS Aviation
GMBH & CO. KG
VedderPrice
AVIATION
School Sponsor
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providing
financing solutions...
USD 1,000,000,000
1 B737-800
USD 1,000,000,000
Commercial Financing 4.250% and 4.625%
Combined with French Senior Notes Due 2020
Lease and 4.625% Senior Notes
Due 2022
Mandated Lead Arranger, Security
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FINANCE & LEASING GUIDE ISSUE FIVE
providing financing solutions...
...for Air Transportation MAY 2015
CONTENTS 4 THE 2015 REVIEW Letter from the
The Global Aviation Law Firm We were there...
EDITOR’S LETTER THE 2015 REVIEW The Airline
E-JETS Our vision is
NEWS EMP funds its first Emirates A380 Emirates
SOCIETE GENERALE Societe Generale Socie
NEWS New ACG CEO pursues IPO Aviation Capital G
SOCIETE GENERALE CORPORATE & INVESTMENT BANKING F
NEWS Mesa Airlines closes debut EETC Mesa Airli
think small. Looking for
NEWS Southwest Airlines issues five year notes
PING AN LEASING Ping An Aviation Business
NEWS Rolls-Royce issues debut US bond Rolls-Roy
A full suite of turn-key solutions tailored to yo
NEWS Delta’s snaps up 777 for $7.7m
Aset Management • • • • Remarketing Services
NEWS IAG convertible bond flies On November 12,
Global Leaders in Aviation Finance KPMG i
NEWS Bohai Leasing acquires Avolon Avolon has
Supporting Ireland’s Aviation Finance Industry
NEWS Etihad Airways raises $500 million
NEWS HKAC $725m warehouse facility Ho
Global Transportation Finance Global clients. G
NEWS EIB loan for Rolls-Royce The European In
VedderPrice D
NEWS Avolon gains Chinese shareholder Avolon an
With over 1,800 specialists across 26 countries,
NEWS UKEF supports China Southern ren
NEWS Gertan / Shut
NEWS AWAS ABS rated; Kahala Aviation to buy E-n
Reach us at mm@mtu-lease-services.com More asset
NEWS Capital markets investors lap up PDP deals
Aviation Asset Management Charles Taylor Avi
NEWS CALC issues RMB340m MTN China
A GLOBAL AIRCRAFT LEASING COMPANY RUTH KELLY CHI
NEWS AerCap share sale success American Inter
KfW IPEX-Bank, Helaba and KDB finance A320s for C
NEWS Amedeo Air Four Plus launches Amedeo Air
DYNAMIC INNOVATIVE DECISIVE Ae
NEWS No French housing tax for foreign airline
The sky is not the limit At AerFin we’re not co
NEWS VistaJet completes first senior unsecured
WHAT WE DO We are an award-winning business law
NEWS Aircraft hacked in flight Chris Roberts, a
To find out how we can help your business, contac
NEWS Industry innovators succeed again Emirates
THY closes EETC Turkish Airlines (THY) h
NEWS Hong Kong lowers withholding tax for aviat
BOC Aviation inaugural US bond issuance BOC Avia
NEWS Plane View Partners and Athyenia form new
NEWS Ex-Im Bank chair shrugs off Delta challeng
See how we work in partnership with Hawaiian Airl
Aloha! Rolls-Royce
NEWS Macquarie Group buys AWAS portfolio for $4
NEWS Deucalion ABS portfolio sale closed DVB's
What is today’s best aircraft investment that ens
Airbus Widebody aircraft. Offering sta
CALC In safe hands China Aircraft Leasing Group
of Mr. Poon and had been scheduled several weeks
CALC question was only ap
“The first ECA-backed deal in February was a mile
CALC ignore B
“We demonstrated in our deal for the three A300Fs
DEAL ANALYSIS: ECAF 1
DEAL ANALYSIS: ECAF 1 Elemental finance Elemen
DEAL ANALYSIS: ECAF 1
to see if rates would fall back down to 2.25 or i
AERCAP Bigger is better
being created and so they wanted as much stock as
AERCAP AerCap Global Avi
AERCAP AerCap H1 2015 highlights AERC
AVIATION CAPITAL GROUP Expe
“We disclosed recently the purchase of 31 aircraf
AVIATION CAPITAL GROUP
AVIATION CAPITAL GROUP UNSECURED BOND ISSUANCE
Soaring to new heights Established in November 20
serviced by the Investec aviation team through a
GOSHAWK 30s; with a si
GOSHAWK Ruth Kelly, CEO
ISLAMIC FINANCE Emirates landmark Sukuk Buildi
Finance at Airbus Group, is more modest in his re
ISLAMIC FINANCE how that maps with the underlyi
“The whole structure was discussed and agreed
ISLAMIC FINANCE but detailed the structure that
“This was not our cheapest form of financing,
Made in the UK Gordon Welsh speaks frankly to Air
U K Export Finance (UKEF), un
UKEF PROFILE FEATURE a full analysis of the dea
and raised orders exceeding $3.2bn. The certi
UKEF PROFILE FEATURE
Gordon Welsh, UKEF “We are close to launching a
EETCs New ki
Air Canada could now be described as a “seas
EETCs EETCs structured using Section 1110 of t
Sachs acted as Joint Structuring Agents on the de
EETCs of 68.4% - much higher than usual for an
2015 will be an even more active year and we curr
AVIATION FINANCE Bonds a
Merrill Lynch, BMO Capital Markets, Credit Agrico
AVIATION FINANCE a good
AVIATION FINANCE LESSOR UNSECURED BONDS ARTICLE
Talking Bonds Following on from the article in Is
will continue to change since the lessor has anot
BOC AVIATION we realised
of the deal. “The maximum we would ever do at onc
BOC AVIATION Robert Mar
BOC AVIATION BOC Aviation debt capital markets is
Expanding horizons LATAM Airlines Group landmark
at a maximum in order to best execute either at t
EETCS 2016; and two new Airbus A350-900 aircraf
legal aspects were generally favorable, albeit no
LESSOR PROFILE Commercial aviation market outl
they want to keep the ownership of the aircraft o
LESSOR PROFILE GDP GROWTH Real GDP Growth (%) Co
LESSOR PROFILE
RISK MANAGEMENT The Chinese black swan This
L ike most indus
RISK MANAGEMENT
fongfong / Shutterstock.com
Investing in lessors Following the recent poor ra
cost of ownership up by around 8% or 9%, but the
COMMERCIAL AIRCRAFT LEASING TOP 21 OPERATING LES
COMMERCIAL AIRCRAFT LEASING stop ordering new a
COMMERCIAL AIRCRAFT LEASING AERCAP In May 2015,
COMMERCIAL AIRCRAFT LEASING
COMMERCIAL AIRCRAFT LEASING AIR LEASE CORPORATI
COMMERCIAL AIRCRAFT LEASING AIR LEASE CUSTOMER
COMMERCIAL AIRCRAFT LEASING AIRCASTLE Aircastle
COMMERCIAL AIRCRAFT LEASING 2015 cash dividen
COMMERCIAL AIRCRAFT LEASING million for the fou
COMMERCIAL AIRCRAFT LEASING AVOLON Avolon Hold
COMMERCIAL AIRCRAFT LEASING A BRIEF ROUNDUP Eac
Chinese lessors expand their reach Debra Erni, Pa
encouragement to grow and diversify international
APAC LEASING have resor
New horizons Nordic Aviation Capital surprised th
to face reality and see what the options were.”
NORDIC AVIATION CAPITAL started; he had a speci
technicians, involved in looking after the aircra
APOLLO AVIATION Conversion challenges Daniel L
APOLLO AVIATION 40 percent by period end, approxi
APOLLO AVIATION part
COMMERCIAL AIRCRAFT FINANCE C
COMMERCIAL AIRCRAFT FINANCE
COMMERCIAL AIRCRAFT FINANCE
COMMERCIAL AIRCRAFT FINANCE
Changes in store for aviation leasing Brian Leona
lessors, the report on Action Point 7 (PE status)
BEPS e ty provisions s toBparcekvegn
Thinking low-cost Can full service carriers survi
and configuration, to engines, to fuel strategy, a
LOW-COST AIRLINES we
New entrants come and go, but recently we
OPINION Retirement and storage trends In a rec
for younger aircraft, averaging less than 10% and
OPINION and manufactured, for specific mis
10109%0%ChCahratr7t:7P:ePrecrecnetn5yot5efoayrDef
A380 Used A380s open
ordered A380s are being “promoted” with high le
A380 be accepted fo
acquired an aircraft that has been taken care of
MRO Revitalising older assets A new concept fr
had experienced demand from some A340 custome
MRO do the same thing so used material is limit
Beyond.Fleet.Services is not solely for the
MRO Fixing the obsolete Steve Johnson takes a
T he pace of new
MRO DELTA AI
MRO TABLE1:DELTA’S‘MATURE’FLEET
MRO UPS - PLENTY OF SE
Technik for its FLYFokker programme. Complementin
INVESTING IN AIRCRAFT
INVESTING IN AIRCRAFT EXTERNAL FORCES All of th
INVESTING IN AIRCRAFT 60% 50% 40%
GROWTH FRONTIERS MIDDLE EAST & AFRICA 2016 Suppo
COLLATERAL VERIFICATIONS
7 77 162In Service 162 162 In Se
COLLATERAL VERIFICATIONS METHODOL
COLLATERAL VERIFICATIONS EMBRAER E‐175LR (AS OF
COLLATERAL VERIFICATIONS
COLLATERAL VERIFICATIONS 16 180 16
COLLATERAL VERIFICATIONS
COLLATERAL VERIFICATIONS SUKHOI SSJ‐100 (AS OF S
COLLATERAL VERIFICATIONS, LLC
COLLATERAL VERIFICATIONS, LLC 14 47 10
COLLATERAL VERIFICATIONS, LLC
COLLATERAL VERIFICATIONS, LLC BOEING 737‐700 (AS
SPECIAL AIRCRAFT REPORT AIRBUS A320-200
3603 796 796 796 88
COLLATERAL VERIFICATIONS, LLC METHODOLOGY CURR
COLLATERAL VERIFICATIONS, LLC AIRBUS A320‐200 (A
SPECIAL AIRCRAFT REPORT BOEING 777-300ER
212 In Service On Order Stored 556212 212
COLLATERAL VERIFICATIONS, LLC METHODOLOGY CURR
COLLATERAL VERIFICATIONS, LLC BOEING 777‐300ER (
COLLATERAL VERIFICATIONS
COLLATERAL VERIFICATIONS 8 8 58 60
COLLATERAL VERIFICATIONS
COLLATERAL VERIFICATIONS BOEING 747‐8F (AS OF SE
COLLATERAL VERIFICATIONS
COLLATERAL VERIFICATIONS 32 32 375 375
COLLATERAL VERIFICATIONS va
COLLATERAL VERIFICATIONS BOEING 777‐200ER (AS OF
DATA 2015 COMPLETE GROSS ORDERS OEM
DATA 2015 COMPLETE GROSS ORDERS , CONTINUED..
DATA 2015 BOEING PERFORMANCE Family Delivere
DATA 2015 ENGINE VALUES
DATA 2015 VALUES AND RATES
DATA 3RD QUARTER 2015 CMV Oldest CMV Newest L
View the possibilities... www.jet-data.com
Bombardier, and the Evolution of Mobility, are tr
C Series Q Series
What is today’s best aircraft investment that ens