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<br /> FINANCE & LEASING GUIDE<br /> ISSUE FIVE 2016<br /> FINANCE & LEASING GUIDE<br /> FINANCE & LEASING GU<br /> Sponsors<br /> DS Aviation<br /> GMBH & CO. KG<br /> VedderPrice<br /> AVIATION<br /> School Sponsor<br /> www.aviationnews-online.com<br /> providing<br /> financing solutions...<br /> USD 1,000,000,000<br /> 1 B737-800<br /> USD 1,000,000,000<br /> Commercial Financing 4.250% and 4.625%<br /> Combined with French Senior Notes Due 2020<br /> Lease and 4.625% Senior Notes<br /> Due 2022<br /> Mandated Lead Arranger, Security<br /> Trustee & Facility Agent <a title="Finance Guide 2016 page 1" href="http://viewer.zmags.com/publication/c823df6f?page=1"> FINANCE & LEASING GUIDE ISSUE FIVE </a> <a title="Finance Guide 2016 page 2" href="http://viewer.zmags.com/publication/c823df6f?page=2"> providing financing solutions... </a> <a title="Finance Guide 2016 page 3" href="http://viewer.zmags.com/publication/c823df6f?page=3"> ...for Air Transportation MAY 2015 </a> <a title="Finance Guide 2016 page 4" href="http://viewer.zmags.com/publication/c823df6f?page=4"> CONTENTS 4 THE 2015 REVIEW Letter from the </a> <a title="Finance Guide 2016 page 5" href="http://viewer.zmags.com/publication/c823df6f?page=5"> The Global Aviation Law Firm We were there... </a> <a title="Finance Guide 2016 page 6" href="http://viewer.zmags.com/publication/c823df6f?page=6"> EDITOR’S LETTER THE 2015 REVIEW The Airline </a> <a title="Finance Guide 2016 page 7" href="http://viewer.zmags.com/publication/c823df6f?page=7"> E-JETS Our vision is </a> <a title="Finance Guide 2016 page 8" href="http://viewer.zmags.com/publication/c823df6f?page=8"> NEWS EMP funds its first Emirates A380 Emirates</a> <a title="Finance Guide 2016 page 9" href="http://viewer.zmags.com/publication/c823df6f?page=9"> SOCIETE GENERALE Societe Generale Socie</a> <a title="Finance Guide 2016 page 10" href="http://viewer.zmags.com/publication/c823df6f?page=10"> NEWS New ACG CEO pursues IPO Aviation Capital G</a> <a title="Finance Guide 2016 page 11" href="http://viewer.zmags.com/publication/c823df6f?page=11"> SOCIETE GENERALE CORPORATE & INVESTMENT BANKING F</a> <a title="Finance Guide 2016 page 12" href="http://viewer.zmags.com/publication/c823df6f?page=12"> NEWS Mesa Airlines closes debut EETC Mesa Airli</a> <a title="Finance Guide 2016 page 13" href="http://viewer.zmags.com/publication/c823df6f?page=13"> think small. Looking for</a> <a title="Finance Guide 2016 page 14" href="http://viewer.zmags.com/publication/c823df6f?page=14"> NEWS Southwest Airlines issues five year notes </a> <a title="Finance Guide 2016 page 15" href="http://viewer.zmags.com/publication/c823df6f?page=15"> PING AN LEASING Ping An Aviation Business</a> <a title="Finance Guide 2016 page 16" href="http://viewer.zmags.com/publication/c823df6f?page=16"> NEWS Rolls-Royce issues debut US bond Rolls-Roy</a> <a title="Finance Guide 2016 page 17" href="http://viewer.zmags.com/publication/c823df6f?page=17"> A full suite of turn-key solutions tailored to yo</a> <a title="Finance Guide 2016 page 18" href="http://viewer.zmags.com/publication/c823df6f?page=18"> NEWS Delta’s snaps up 777 for $7.7m </a> <a title="Finance Guide 2016 page 19" href="http://viewer.zmags.com/publication/c823df6f?page=19"> Aset Management • • • • Remarketing Services </a> <a title="Finance Guide 2016 page 20" href="http://viewer.zmags.com/publication/c823df6f?page=20"> NEWS IAG convertible bond flies On November 12,</a> <a title="Finance Guide 2016 page 21" href="http://viewer.zmags.com/publication/c823df6f?page=21"> Global Leaders in Aviation Finance KPMG i</a> <a title="Finance Guide 2016 page 22" href="http://viewer.zmags.com/publication/c823df6f?page=22"> NEWS Bohai Leasing acquires Avolon Avolon has </a> <a title="Finance Guide 2016 page 23" href="http://viewer.zmags.com/publication/c823df6f?page=23"> Supporting Ireland’s Aviation Finance Industry </a> <a title="Finance Guide 2016 page 24" href="http://viewer.zmags.com/publication/c823df6f?page=24"> NEWS Etihad Airways raises $500 million </a> <a title="Finance Guide 2016 page 25" href="http://viewer.zmags.com/publication/c823df6f?page=25"> </a> <a title="Finance Guide 2016 page 26" href="http://viewer.zmags.com/publication/c823df6f?page=26"> NEWS HKAC $725m warehouse facility Ho</a> <a title="Finance Guide 2016 page 27" href="http://viewer.zmags.com/publication/c823df6f?page=27"> Global Transportation Finance Global clients. G</a> <a title="Finance Guide 2016 page 28" href="http://viewer.zmags.com/publication/c823df6f?page=28"> NEWS EIB loan for Rolls-Royce The European In</a> <a title="Finance Guide 2016 page 29" href="http://viewer.zmags.com/publication/c823df6f?page=29"> VedderPrice D</a> <a title="Finance Guide 2016 page 30" href="http://viewer.zmags.com/publication/c823df6f?page=30"> NEWS Avolon gains Chinese shareholder Avolon an</a> <a title="Finance Guide 2016 page 31" href="http://viewer.zmags.com/publication/c823df6f?page=31"> With over 1,800 specialists across 26 countries, </a> <a title="Finance Guide 2016 page 32" href="http://viewer.zmags.com/publication/c823df6f?page=32"> NEWS UKEF supports China Southern ren</a> <a title="Finance Guide 2016 page 33" href="http://viewer.zmags.com/publication/c823df6f?page=33"> NEWS Gertan / Shut</a> <a title="Finance Guide 2016 page 34" href="http://viewer.zmags.com/publication/c823df6f?page=34"> NEWS AWAS ABS rated; Kahala Aviation to buy E-n</a> <a title="Finance Guide 2016 page 35" href="http://viewer.zmags.com/publication/c823df6f?page=35"> Reach us at mm@mtu-lease-services.com More asset</a> <a title="Finance Guide 2016 page 36" href="http://viewer.zmags.com/publication/c823df6f?page=36"> NEWS Capital markets investors lap up PDP deals</a> <a title="Finance Guide 2016 page 37" href="http://viewer.zmags.com/publication/c823df6f?page=37"> Aviation Asset Management Charles Taylor Avi</a> <a title="Finance Guide 2016 page 38" href="http://viewer.zmags.com/publication/c823df6f?page=38"> NEWS CALC issues RMB340m MTN China </a> <a title="Finance Guide 2016 page 39" href="http://viewer.zmags.com/publication/c823df6f?page=39"> A GLOBAL AIRCRAFT LEASING COMPANY RUTH KELLY CHI</a> <a title="Finance Guide 2016 page 40" href="http://viewer.zmags.com/publication/c823df6f?page=40"> NEWS AerCap share sale success American Inter</a> <a title="Finance Guide 2016 page 41" href="http://viewer.zmags.com/publication/c823df6f?page=41"> KfW IPEX-Bank, Helaba and KDB finance A320s for C</a> <a title="Finance Guide 2016 page 42" href="http://viewer.zmags.com/publication/c823df6f?page=42"> NEWS Amedeo Air Four Plus launches Amedeo Air</a> <a title="Finance Guide 2016 page 43" href="http://viewer.zmags.com/publication/c823df6f?page=43"> DYNAMIC INNOVATIVE DECISIVE Ae</a> <a title="Finance Guide 2016 page 44" href="http://viewer.zmags.com/publication/c823df6f?page=44"> NEWS No French housing tax for foreign airline </a> <a title="Finance Guide 2016 page 45" href="http://viewer.zmags.com/publication/c823df6f?page=45"> The sky is not the limit At AerFin we’re not co</a> <a title="Finance Guide 2016 page 46" href="http://viewer.zmags.com/publication/c823df6f?page=46"> NEWS VistaJet completes first senior unsecured </a> <a title="Finance Guide 2016 page 47" href="http://viewer.zmags.com/publication/c823df6f?page=47"> WHAT WE DO We are an award-winning business law </a> <a title="Finance Guide 2016 page 48" href="http://viewer.zmags.com/publication/c823df6f?page=48"> NEWS Aircraft hacked in flight Chris Roberts, a</a> <a title="Finance Guide 2016 page 49" href="http://viewer.zmags.com/publication/c823df6f?page=49"> To find out how we can help your business, contac</a> <a title="Finance Guide 2016 page 50" href="http://viewer.zmags.com/publication/c823df6f?page=50"> NEWS Industry innovators succeed again Emirates</a> <a title="Finance Guide 2016 page 51" href="http://viewer.zmags.com/publication/c823df6f?page=51"> THY closes EETC Turkish Airlines (THY) h</a> <a title="Finance Guide 2016 page 52" href="http://viewer.zmags.com/publication/c823df6f?page=52"> NEWS Hong Kong lowers withholding tax for aviat</a> <a title="Finance Guide 2016 page 53" href="http://viewer.zmags.com/publication/c823df6f?page=53"> BOC Aviation inaugural US bond issuance BOC Avia</a> <a title="Finance Guide 2016 page 54" href="http://viewer.zmags.com/publication/c823df6f?page=54"> NEWS Plane View Partners and Athyenia form new </a> <a title="Finance Guide 2016 page 55" href="http://viewer.zmags.com/publication/c823df6f?page=55"> NEWS Ex-Im Bank chair shrugs off Delta challeng</a> <a title="Finance Guide 2016 page 56" href="http://viewer.zmags.com/publication/c823df6f?page=56"> See how we work in partnership with Hawaiian Airl</a> <a title="Finance Guide 2016 page 57" href="http://viewer.zmags.com/publication/c823df6f?page=57"> Aloha! Rolls-Royce</a> <a title="Finance Guide 2016 page 58" href="http://viewer.zmags.com/publication/c823df6f?page=58"> NEWS Macquarie Group buys AWAS portfolio for $4</a> <a title="Finance Guide 2016 page 59" href="http://viewer.zmags.com/publication/c823df6f?page=59"> NEWS Deucalion ABS portfolio sale closed DVB's </a> <a title="Finance Guide 2016 page 60" href="http://viewer.zmags.com/publication/c823df6f?page=60"> What is today’s best aircraft investment that ens</a> <a title="Finance Guide 2016 page 61" href="http://viewer.zmags.com/publication/c823df6f?page=61"> Airbus Widebody aircraft. Offering sta</a> <a title="Finance Guide 2016 page 62" href="http://viewer.zmags.com/publication/c823df6f?page=62"> CALC In safe hands China Aircraft Leasing Group</a> <a title="Finance Guide 2016 page 63" href="http://viewer.zmags.com/publication/c823df6f?page=63"> of Mr. Poon and had been scheduled several weeks </a> <a title="Finance Guide 2016 page 64" href="http://viewer.zmags.com/publication/c823df6f?page=64"> CALC question was only ap</a> <a title="Finance Guide 2016 page 65" href="http://viewer.zmags.com/publication/c823df6f?page=65"> “The first ECA-backed deal in February was a mile</a> <a title="Finance Guide 2016 page 66" href="http://viewer.zmags.com/publication/c823df6f?page=66"> CALC ignore B</a> <a title="Finance Guide 2016 page 67" href="http://viewer.zmags.com/publication/c823df6f?page=67"> “We demonstrated in our deal for the three A300Fs</a> <a title="Finance Guide 2016 page 68" href="http://viewer.zmags.com/publication/c823df6f?page=68"> DEAL ANALYSIS: ECAF 1 </a> <a title="Finance Guide 2016 page 69" href="http://viewer.zmags.com/publication/c823df6f?page=69"> DEAL ANALYSIS: ECAF 1 Elemental finance Elemen</a> <a title="Finance Guide 2016 page 70" href="http://viewer.zmags.com/publication/c823df6f?page=70"> DEAL ANALYSIS: ECAF 1 </a> <a title="Finance Guide 2016 page 71" href="http://viewer.zmags.com/publication/c823df6f?page=71"> to see if rates would fall back down to 2.25 or i</a> <a title="Finance Guide 2016 page 72" href="http://viewer.zmags.com/publication/c823df6f?page=72"> AERCAP Bigger is better </a> <a title="Finance Guide 2016 page 73" href="http://viewer.zmags.com/publication/c823df6f?page=73"> being created and so they wanted as much stock as</a> <a title="Finance Guide 2016 page 74" href="http://viewer.zmags.com/publication/c823df6f?page=74"> AERCAP AerCap Global Avi</a> <a title="Finance Guide 2016 page 75" href="http://viewer.zmags.com/publication/c823df6f?page=75"> AERCAP AerCap H1 2015 highlights AERC</a> <a title="Finance Guide 2016 page 76" href="http://viewer.zmags.com/publication/c823df6f?page=76"> AVIATION CAPITAL GROUP Expe</a> <a title="Finance Guide 2016 page 77" href="http://viewer.zmags.com/publication/c823df6f?page=77"> “We disclosed recently the purchase of 31 aircraf</a> <a title="Finance Guide 2016 page 78" href="http://viewer.zmags.com/publication/c823df6f?page=78"> AVIATION CAPITAL GROUP </a> <a title="Finance Guide 2016 page 79" href="http://viewer.zmags.com/publication/c823df6f?page=79"> AVIATION CAPITAL GROUP UNSECURED BOND ISSUANCE </a> <a title="Finance Guide 2016 page 80" href="http://viewer.zmags.com/publication/c823df6f?page=80"> Soaring to new heights Established in November 20</a> <a title="Finance Guide 2016 page 81" href="http://viewer.zmags.com/publication/c823df6f?page=81"> serviced by the Investec aviation team through a </a> <a title="Finance Guide 2016 page 82" href="http://viewer.zmags.com/publication/c823df6f?page=82"> GOSHAWK 30s; with a si</a> <a title="Finance Guide 2016 page 83" href="http://viewer.zmags.com/publication/c823df6f?page=83"> GOSHAWK Ruth Kelly, CEO </a> <a title="Finance Guide 2016 page 84" href="http://viewer.zmags.com/publication/c823df6f?page=84"> ISLAMIC FINANCE Emirates landmark Sukuk Buildi</a> <a title="Finance Guide 2016 page 85" href="http://viewer.zmags.com/publication/c823df6f?page=85"> Finance at Airbus Group, is more modest in his re</a> <a title="Finance Guide 2016 page 86" href="http://viewer.zmags.com/publication/c823df6f?page=86"> ISLAMIC FINANCE how that maps with the underlyi</a> <a title="Finance Guide 2016 page 87" href="http://viewer.zmags.com/publication/c823df6f?page=87"> “The whole structure was discussed and agreed </a> <a title="Finance Guide 2016 page 88" href="http://viewer.zmags.com/publication/c823df6f?page=88"> ISLAMIC FINANCE but detailed the structure that</a> <a title="Finance Guide 2016 page 89" href="http://viewer.zmags.com/publication/c823df6f?page=89"> “This was not our cheapest form of financing,</a> <a title="Finance Guide 2016 page 90" href="http://viewer.zmags.com/publication/c823df6f?page=90"> Made in the UK Gordon Welsh speaks frankly to Air</a> <a title="Finance Guide 2016 page 91" href="http://viewer.zmags.com/publication/c823df6f?page=91"> U K Export Finance (UKEF), un</a> <a title="Finance Guide 2016 page 92" href="http://viewer.zmags.com/publication/c823df6f?page=92"> UKEF PROFILE FEATURE a full analysis of the dea</a> <a title="Finance Guide 2016 page 93" href="http://viewer.zmags.com/publication/c823df6f?page=93"> and raised orders exceeding $3.2bn. The certi</a> <a title="Finance Guide 2016 page 94" href="http://viewer.zmags.com/publication/c823df6f?page=94"> UKEF PROFILE FEATURE </a> <a title="Finance Guide 2016 page 95" href="http://viewer.zmags.com/publication/c823df6f?page=95"> Gordon Welsh, UKEF “We are close to launching a </a> <a title="Finance Guide 2016 page 96" href="http://viewer.zmags.com/publication/c823df6f?page=96"> EETCs New ki</a> <a title="Finance Guide 2016 page 97" href="http://viewer.zmags.com/publication/c823df6f?page=97"> Air Canada could now be described as a “seas</a> <a title="Finance Guide 2016 page 98" href="http://viewer.zmags.com/publication/c823df6f?page=98"> EETCs EETCs structured using Section 1110 of t</a> <a title="Finance Guide 2016 page 99" href="http://viewer.zmags.com/publication/c823df6f?page=99"> Sachs acted as Joint Structuring Agents on the de</a> <a title="Finance Guide 2016 page 100" href="http://viewer.zmags.com/publication/c823df6f?page=100"> EETCs of 68.4% - much higher than usual for an</a> <a title="Finance Guide 2016 page 101" href="http://viewer.zmags.com/publication/c823df6f?page=101"> 2015 will be an even more active year and we curr</a> <a title="Finance Guide 2016 page 102" href="http://viewer.zmags.com/publication/c823df6f?page=102"> AVIATION FINANCE Bonds a</a> <a title="Finance Guide 2016 page 103" href="http://viewer.zmags.com/publication/c823df6f?page=103"> Merrill Lynch, BMO Capital Markets, Credit Agrico</a> <a title="Finance Guide 2016 page 104" href="http://viewer.zmags.com/publication/c823df6f?page=104"> AVIATION FINANCE a good</a> <a title="Finance Guide 2016 page 105" href="http://viewer.zmags.com/publication/c823df6f?page=105"> AVIATION FINANCE LESSOR UNSECURED BONDS ARTICLE </a> <a title="Finance Guide 2016 page 106" href="http://viewer.zmags.com/publication/c823df6f?page=106"> Talking Bonds Following on from the article in Is</a> <a title="Finance Guide 2016 page 107" href="http://viewer.zmags.com/publication/c823df6f?page=107"> will continue to change since the lessor has anot</a> <a title="Finance Guide 2016 page 108" href="http://viewer.zmags.com/publication/c823df6f?page=108"> BOC AVIATION we realised</a> <a title="Finance Guide 2016 page 109" href="http://viewer.zmags.com/publication/c823df6f?page=109"> of the deal. “The maximum we would ever do at onc</a> <a title="Finance Guide 2016 page 110" href="http://viewer.zmags.com/publication/c823df6f?page=110"> BOC AVIATION Robert Mar</a> <a title="Finance Guide 2016 page 111" href="http://viewer.zmags.com/publication/c823df6f?page=111"> BOC AVIATION BOC Aviation debt capital markets is</a> <a title="Finance Guide 2016 page 112" href="http://viewer.zmags.com/publication/c823df6f?page=112"> Expanding horizons LATAM Airlines Group landmark </a> <a title="Finance Guide 2016 page 113" href="http://viewer.zmags.com/publication/c823df6f?page=113"> at a maximum in order to best execute either at t</a> <a title="Finance Guide 2016 page 114" href="http://viewer.zmags.com/publication/c823df6f?page=114"> EETCS 2016; and two new Airbus A350-900 aircraf</a> <a title="Finance Guide 2016 page 115" href="http://viewer.zmags.com/publication/c823df6f?page=115"> legal aspects were generally favorable, albeit no</a> <a title="Finance Guide 2016 page 116" href="http://viewer.zmags.com/publication/c823df6f?page=116"> LESSOR PROFILE Commercial aviation market outl</a> <a title="Finance Guide 2016 page 117" href="http://viewer.zmags.com/publication/c823df6f?page=117"> they want to keep the ownership of the aircraft o</a> <a title="Finance Guide 2016 page 118" href="http://viewer.zmags.com/publication/c823df6f?page=118"> LESSOR PROFILE GDP GROWTH Real GDP Growth (%) Co</a> <a title="Finance Guide 2016 page 119" href="http://viewer.zmags.com/publication/c823df6f?page=119"> LESSOR PROFILE </a> <a title="Finance Guide 2016 page 120" href="http://viewer.zmags.com/publication/c823df6f?page=120"> RISK MANAGEMENT The Chinese black swan This</a> <a title="Finance Guide 2016 page 121" href="http://viewer.zmags.com/publication/c823df6f?page=121"> L ike most indus</a> <a title="Finance Guide 2016 page 122" href="http://viewer.zmags.com/publication/c823df6f?page=122"> RISK MANAGEMENT </a> <a title="Finance Guide 2016 page 123" href="http://viewer.zmags.com/publication/c823df6f?page=123"> fongfong / Shutterstock.com </a> <a title="Finance Guide 2016 page 124" href="http://viewer.zmags.com/publication/c823df6f?page=124"> Investing in lessors Following the recent poor ra</a> <a title="Finance Guide 2016 page 125" href="http://viewer.zmags.com/publication/c823df6f?page=125"> cost of ownership up by around 8% or 9%, but the </a> <a title="Finance Guide 2016 page 126" href="http://viewer.zmags.com/publication/c823df6f?page=126"> COMMERCIAL AIRCRAFT LEASING TOP 21 OPERATING LES</a> <a title="Finance Guide 2016 page 127" href="http://viewer.zmags.com/publication/c823df6f?page=127"> COMMERCIAL AIRCRAFT LEASING stop ordering new a</a> <a title="Finance Guide 2016 page 128" href="http://viewer.zmags.com/publication/c823df6f?page=128"> COMMERCIAL AIRCRAFT LEASING AERCAP In May 2015,</a> <a title="Finance Guide 2016 page 129" href="http://viewer.zmags.com/publication/c823df6f?page=129"> COMMERCIAL AIRCRAFT LEASING </a> <a title="Finance Guide 2016 page 130" href="http://viewer.zmags.com/publication/c823df6f?page=130"> COMMERCIAL AIRCRAFT LEASING AIR LEASE CORPORATI</a> <a title="Finance Guide 2016 page 131" href="http://viewer.zmags.com/publication/c823df6f?page=131"> COMMERCIAL AIRCRAFT LEASING AIR LEASE CUSTOMER </a> <a title="Finance Guide 2016 page 132" href="http://viewer.zmags.com/publication/c823df6f?page=132"> COMMERCIAL AIRCRAFT LEASING AIRCASTLE Aircastle</a> <a title="Finance Guide 2016 page 133" href="http://viewer.zmags.com/publication/c823df6f?page=133"> COMMERCIAL AIRCRAFT LEASING 2015 cash dividen</a> <a title="Finance Guide 2016 page 134" href="http://viewer.zmags.com/publication/c823df6f?page=134"> COMMERCIAL AIRCRAFT LEASING million for the fou</a> <a title="Finance Guide 2016 page 135" href="http://viewer.zmags.com/publication/c823df6f?page=135"> COMMERCIAL AIRCRAFT LEASING AVOLON Avolon Hold</a> <a title="Finance Guide 2016 page 136" href="http://viewer.zmags.com/publication/c823df6f?page=136"> COMMERCIAL AIRCRAFT LEASING A BRIEF ROUNDUP Eac</a> <a title="Finance Guide 2016 page 137" href="http://viewer.zmags.com/publication/c823df6f?page=137"> </a> <a title="Finance Guide 2016 page 138" href="http://viewer.zmags.com/publication/c823df6f?page=138"> Chinese lessors expand their reach Debra Erni, Pa</a> <a title="Finance Guide 2016 page 139" href="http://viewer.zmags.com/publication/c823df6f?page=139"> encouragement to grow and diversify international</a> <a title="Finance Guide 2016 page 140" href="http://viewer.zmags.com/publication/c823df6f?page=140"> APAC LEASING have resor</a> <a title="Finance Guide 2016 page 141" href="http://viewer.zmags.com/publication/c823df6f?page=141"> </a> <a title="Finance Guide 2016 page 142" href="http://viewer.zmags.com/publication/c823df6f?page=142"> New horizons Nordic Aviation Capital surprised th</a> <a title="Finance Guide 2016 page 143" href="http://viewer.zmags.com/publication/c823df6f?page=143"> to face reality and see what the options were.” </a> <a title="Finance Guide 2016 page 144" href="http://viewer.zmags.com/publication/c823df6f?page=144"> NORDIC AVIATION CAPITAL started; he had a speci</a> <a title="Finance Guide 2016 page 145" href="http://viewer.zmags.com/publication/c823df6f?page=145"> technicians, involved in looking after the aircra</a> <a title="Finance Guide 2016 page 146" href="http://viewer.zmags.com/publication/c823df6f?page=146"> APOLLO AVIATION Conversion challenges Daniel L</a> <a title="Finance Guide 2016 page 147" href="http://viewer.zmags.com/publication/c823df6f?page=147"> APOLLO AVIATION 40 percent by period end, approxi</a> <a title="Finance Guide 2016 page 148" href="http://viewer.zmags.com/publication/c823df6f?page=148"> APOLLO AVIATION part </a> <a title="Finance Guide 2016 page 149" href="http://viewer.zmags.com/publication/c823df6f?page=149"> </a> <a title="Finance Guide 2016 page 150" href="http://viewer.zmags.com/publication/c823df6f?page=150"> COMMERCIAL AIRCRAFT FINANCE C</a> <a title="Finance Guide 2016 page 151" href="http://viewer.zmags.com/publication/c823df6f?page=151"> COMMERCIAL AIRCRAFT FINANCE </a> <a title="Finance Guide 2016 page 152" href="http://viewer.zmags.com/publication/c823df6f?page=152"> COMMERCIAL AIRCRAFT FINANCE </a> <a title="Finance Guide 2016 page 153" href="http://viewer.zmags.com/publication/c823df6f?page=153"> COMMERCIAL AIRCRAFT FINANCE </a> <a title="Finance Guide 2016 page 154" href="http://viewer.zmags.com/publication/c823df6f?page=154"> Changes in store for aviation leasing Brian Leona</a> <a title="Finance Guide 2016 page 155" href="http://viewer.zmags.com/publication/c823df6f?page=155"> lessors, the report on Action Point 7 (PE status)</a> <a title="Finance Guide 2016 page 156" href="http://viewer.zmags.com/publication/c823df6f?page=156"> BEPS e ty provisions s toBparcekvegn</a> <a title="Finance Guide 2016 page 157" href="http://viewer.zmags.com/publication/c823df6f?page=157"> </a> <a title="Finance Guide 2016 page 158" href="http://viewer.zmags.com/publication/c823df6f?page=158"> Thinking low-cost Can full service carriers survi</a> <a title="Finance Guide 2016 page 159" href="http://viewer.zmags.com/publication/c823df6f?page=159"> and configuration, to engines, to fuel strategy, a</a> <a title="Finance Guide 2016 page 160" href="http://viewer.zmags.com/publication/c823df6f?page=160"> LOW-COST AIRLINES we</a> <a title="Finance Guide 2016 page 161" href="http://viewer.zmags.com/publication/c823df6f?page=161"> New entrants come and go, but recently we </a> <a title="Finance Guide 2016 page 162" href="http://viewer.zmags.com/publication/c823df6f?page=162"> OPINION Retirement and storage trends In a rec</a> <a title="Finance Guide 2016 page 163" href="http://viewer.zmags.com/publication/c823df6f?page=163"> for younger aircraft, averaging less than 10% and</a> <a title="Finance Guide 2016 page 164" href="http://viewer.zmags.com/publication/c823df6f?page=164"> OPINION and manufactured, for specific mis</a> <a title="Finance Guide 2016 page 165" href="http://viewer.zmags.com/publication/c823df6f?page=165"> 10109%0%ChCahratr7t:7P:ePrecrecnetn5yot5efoayrDef</a> <a title="Finance Guide 2016 page 166" href="http://viewer.zmags.com/publication/c823df6f?page=166"> A380 Used A380s open</a> <a title="Finance Guide 2016 page 167" href="http://viewer.zmags.com/publication/c823df6f?page=167"> ordered A380s are being “promoted” with high le</a> <a title="Finance Guide 2016 page 168" href="http://viewer.zmags.com/publication/c823df6f?page=168"> A380 be accepted fo</a> <a title="Finance Guide 2016 page 169" href="http://viewer.zmags.com/publication/c823df6f?page=169"> acquired an aircraft that has been taken care of </a> <a title="Finance Guide 2016 page 170" href="http://viewer.zmags.com/publication/c823df6f?page=170"> MRO Revitalising older assets A new concept fr</a> <a title="Finance Guide 2016 page 171" href="http://viewer.zmags.com/publication/c823df6f?page=171"> had experienced demand from some A340 custome</a> <a title="Finance Guide 2016 page 172" href="http://viewer.zmags.com/publication/c823df6f?page=172"> MRO do the same thing so used material is limit</a> <a title="Finance Guide 2016 page 173" href="http://viewer.zmags.com/publication/c823df6f?page=173"> Beyond.Fleet.Services is not solely for the </a> <a title="Finance Guide 2016 page 174" href="http://viewer.zmags.com/publication/c823df6f?page=174"> MRO Fixing the obsolete Steve Johnson takes a </a> <a title="Finance Guide 2016 page 175" href="http://viewer.zmags.com/publication/c823df6f?page=175"> T he pace of new </a> <a title="Finance Guide 2016 page 176" href="http://viewer.zmags.com/publication/c823df6f?page=176"> MRO DELTA AI</a> <a title="Finance Guide 2016 page 177" href="http://viewer.zmags.com/publication/c823df6f?page=177"> MRO TABLE1:DELTA’S‘MATURE’FLEET </a> <a title="Finance Guide 2016 page 178" href="http://viewer.zmags.com/publication/c823df6f?page=178"> MRO UPS - PLENTY OF SE</a> <a title="Finance Guide 2016 page 179" href="http://viewer.zmags.com/publication/c823df6f?page=179"> Technik for its FLYFokker programme. Complementin</a> <a title="Finance Guide 2016 page 180" href="http://viewer.zmags.com/publication/c823df6f?page=180"> INVESTING IN AIRCRAFT </a> <a title="Finance Guide 2016 page 181" href="http://viewer.zmags.com/publication/c823df6f?page=181"> INVESTING IN AIRCRAFT EXTERNAL FORCES All of th</a> <a title="Finance Guide 2016 page 182" href="http://viewer.zmags.com/publication/c823df6f?page=182"> INVESTING IN AIRCRAFT 60% 50% 40% </a> <a title="Finance Guide 2016 page 183" href="http://viewer.zmags.com/publication/c823df6f?page=183"> GROWTH FRONTIERS MIDDLE EAST & AFRICA 2016 Suppo</a> <a title="Finance Guide 2016 page 184" href="http://viewer.zmags.com/publication/c823df6f?page=184"> COLLATERAL VERIFICATIONS </a> <a title="Finance Guide 2016 page 185" href="http://viewer.zmags.com/publication/c823df6f?page=185"> 7 77 162In Service 162 162 In Se</a> <a title="Finance Guide 2016 page 186" href="http://viewer.zmags.com/publication/c823df6f?page=186"> COLLATERAL VERIFICATIONS METHODOL</a> <a title="Finance Guide 2016 page 187" href="http://viewer.zmags.com/publication/c823df6f?page=187"> COLLATERAL VERIFICATIONS EMBRAER E‐175LR (AS OF </a> <a title="Finance Guide 2016 page 188" href="http://viewer.zmags.com/publication/c823df6f?page=188"> COLLATERAL VERIFICATIONS </a> <a title="Finance Guide 2016 page 189" href="http://viewer.zmags.com/publication/c823df6f?page=189"> COLLATERAL VERIFICATIONS 16 180 16 </a> <a title="Finance Guide 2016 page 190" href="http://viewer.zmags.com/publication/c823df6f?page=190"> COLLATERAL VERIFICATIONS </a> <a title="Finance Guide 2016 page 191" href="http://viewer.zmags.com/publication/c823df6f?page=191"> COLLATERAL VERIFICATIONS SUKHOI SSJ‐100 (AS OF S</a> <a title="Finance Guide 2016 page 192" href="http://viewer.zmags.com/publication/c823df6f?page=192"> COLLATERAL VERIFICATIONS, LLC </a> <a title="Finance Guide 2016 page 193" href="http://viewer.zmags.com/publication/c823df6f?page=193"> COLLATERAL VERIFICATIONS, LLC 14 47 10</a> <a title="Finance Guide 2016 page 194" href="http://viewer.zmags.com/publication/c823df6f?page=194"> COLLATERAL VERIFICATIONS, LLC </a> <a title="Finance Guide 2016 page 195" href="http://viewer.zmags.com/publication/c823df6f?page=195"> COLLATERAL VERIFICATIONS, LLC BOEING 737‐700 (AS</a> <a title="Finance Guide 2016 page 196" href="http://viewer.zmags.com/publication/c823df6f?page=196"> SPECIAL AIRCRAFT REPORT AIRBUS A320-200 </a> <a title="Finance Guide 2016 page 197" href="http://viewer.zmags.com/publication/c823df6f?page=197"> 3603 796 796 796 88 </a> <a title="Finance Guide 2016 page 198" href="http://viewer.zmags.com/publication/c823df6f?page=198"> COLLATERAL VERIFICATIONS, LLC METHODOLOGY CURR</a> <a title="Finance Guide 2016 page 199" href="http://viewer.zmags.com/publication/c823df6f?page=199"> COLLATERAL VERIFICATIONS, LLC AIRBUS A320‐200 (A</a> <a title="Finance Guide 2016 page 200" href="http://viewer.zmags.com/publication/c823df6f?page=200"> SPECIAL AIRCRAFT REPORT BOEING 777-300ER </a> <a title="Finance Guide 2016 page 201" href="http://viewer.zmags.com/publication/c823df6f?page=201"> 212 In Service On Order Stored 556212 212</a> <a title="Finance Guide 2016 page 202" href="http://viewer.zmags.com/publication/c823df6f?page=202"> COLLATERAL VERIFICATIONS, LLC METHODOLOGY CURR</a> <a title="Finance Guide 2016 page 203" href="http://viewer.zmags.com/publication/c823df6f?page=203"> COLLATERAL VERIFICATIONS, LLC BOEING 777‐300ER (</a> <a title="Finance Guide 2016 page 204" href="http://viewer.zmags.com/publication/c823df6f?page=204"> COLLATERAL VERIFICATIONS </a> <a title="Finance Guide 2016 page 205" href="http://viewer.zmags.com/publication/c823df6f?page=205"> COLLATERAL VERIFICATIONS 8 8 58 60</a> <a title="Finance Guide 2016 page 206" href="http://viewer.zmags.com/publication/c823df6f?page=206"> COLLATERAL VERIFICATIONS </a> <a title="Finance Guide 2016 page 207" href="http://viewer.zmags.com/publication/c823df6f?page=207"> COLLATERAL VERIFICATIONS BOEING 747‐8F (AS OF SE</a> <a title="Finance Guide 2016 page 208" href="http://viewer.zmags.com/publication/c823df6f?page=208"> COLLATERAL VERIFICATIONS </a> <a title="Finance Guide 2016 page 209" href="http://viewer.zmags.com/publication/c823df6f?page=209"> COLLATERAL VERIFICATIONS 32 32 375 375 </a> <a title="Finance Guide 2016 page 210" href="http://viewer.zmags.com/publication/c823df6f?page=210"> COLLATERAL VERIFICATIONS va</a> <a title="Finance Guide 2016 page 211" href="http://viewer.zmags.com/publication/c823df6f?page=211"> COLLATERAL VERIFICATIONS BOEING 777‐200ER (AS OF</a> <a title="Finance Guide 2016 page 212" href="http://viewer.zmags.com/publication/c823df6f?page=212"> DATA 2015 COMPLETE GROSS ORDERS OEM </a> <a title="Finance Guide 2016 page 213" href="http://viewer.zmags.com/publication/c823df6f?page=213"> DATA 2015 COMPLETE GROSS ORDERS , CONTINUED..</a> <a title="Finance Guide 2016 page 214" href="http://viewer.zmags.com/publication/c823df6f?page=214"> DATA 2015 BOEING PERFORMANCE Family Delivere</a> <a title="Finance Guide 2016 page 215" href="http://viewer.zmags.com/publication/c823df6f?page=215"> DATA 2015 ENGINE VALUES </a> <a title="Finance Guide 2016 page 216" href="http://viewer.zmags.com/publication/c823df6f?page=216"> DATA 2015 VALUES AND RATES </a> <a title="Finance Guide 2016 page 217" href="http://viewer.zmags.com/publication/c823df6f?page=217"> DATA 3RD QUARTER 2015 CMV Oldest CMV Newest L</a> <a title="Finance Guide 2016 page 218" href="http://viewer.zmags.com/publication/c823df6f?page=218"> </a> <a title="Finance Guide 2016 page 219" href="http://viewer.zmags.com/publication/c823df6f?page=219"> View the possibilities... www.jet-data.com </a> <a title="Finance Guide 2016 page 220" href="http://viewer.zmags.com/publication/c823df6f?page=220"> Bombardier, and the Evolution of Mobility, are tr</a> <a title="Finance Guide 2016 page 221" href="http://viewer.zmags.com/publication/c823df6f?page=221"> C Series Q Series </a> <a title="Finance Guide 2016 page 222" href="http://viewer.zmags.com/publication/c823df6f?page=222"> What is today’s best aircraft investment that ens</a>