Aviation Finance

Developments

The latest edition of Aviation Finance is published
August 10th 2017: In the latest issue of Aviation Finance: In this issue Goshawk CEO Ruth Kelly outlines the lessor's strategy and details the success of its second US private placement, the largest by an aircraft lessor to date; IBA white paper outlines the advantages, and pitfalls of P2F conversions as strong demand for air freighters sees more investors analyse the opportunities; AerCap's Q2 results and fleet strategy show the key role of aircraft trading in the leasing industry; Early adopter risk: will the NEO shake off early setbacks in the same way the 787s has? Blackbird II and GAIN 2 launched; The A350 reaches milestone, as does the C Series.

The latest edition of Aviation Finance is published
July 27th 2017: In the latest issue of Aviation Finance: In this issue Stellwagen Capital CEO Howard Millar details the first activity from the company's new loan product. Fitch Ratings Sean Pattap on the key drivers behind lessor credit ratings; The Financial Centres Summit, Dublin October 2017; EY global airline survey; Fare wars in Europe; Goshawk's Ruth Kelly on the lessor's upsized USPP; NAC's debut private placement; VLA outlook; Listed lessor performance.

 

Perspectives

Quality growth

Goshawk's Ruth Kelly on the aircraft lessor's growth strategy, its latest US private placement and the search for 'sensible transactions'
Cowen's Helane Becker on the coming aviation deals
GECAS' Diarmuid Hogan on demand for aircraft assets
AVi8's founders on its clearing house leasing model
SMBC AC's Barrett on chasing returns, not scale
IBA's Seymour on the business of aircraft appraisals

See the Aviation Finance Perspectives Series here.

Analysis

The latest edition of Aviation Finance is published
July 13th 2017: In the latest issue of Aviation Finance: In this issue Cowen and Company's Helane Becker analyses the current state of the aviation market; What Brexit means for Europe's airlines andthe steps the UK will need to take if it leaves the European Common Aviation Area; Research: Secondary airports lead passenger growth in Europe; Record deliveries put a small dent in record backlogs; Euro-Sino JVs beginning to show aircraft financing potential; Castlelake's latest aircraft-backed ABS.

The latest edition of Aviation Finance is published
June 29th 2017: In the latest issue of Aviation Finance: In this issue IBA's Stuart Hatcher reviews the Paris Air Show with the Boeing 737 MAX the star order performer; NODB/LB's Daniel Weiss speaks with Aviation Financeon the aircraft financing market; We look at what the US Financial CHOICE Act could mean for GECAS as it launches a new $2 billion platform with Canadian investment manager CPDQ; What messages are the two major OEMs taking from the Paris Air Show 2017?; We analyse the geopolitics of the Gulf and what it means for the aviation complex; Norton Rose Survey reveals what the aviation industry thinks is the best investment opportunity in the sector currently.

IBA's Paris Air Show order forecast
June 19th 2017: IBA's Chief Intelligence Officer Stuart Hatcher predicts where the orders will be coming from at the Paris Air Show with the MAX 10 and the MOM aircraft possible announcements from Boeing while Airbus could announce a larger version of the A350 as well as a new longer range member of the A320 family that could compete with a 767-mission capable jet. On the leasing side he sees more smaller lessors making direct orders but expects that the orders of note will come from China-based lessors.

 

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Financing & Risk Strategies

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Financial Centres Summit, Dublin, October 2017

Financial Centres Summit, Dublin, 17th October 2017


The latest edition of Aviation Finance is published
June 15th 2017: In the latest issue of Aviation Finance: We analyse the AFIC, an alternative to US Ex-Im backed financing for Boeing aircraft that has just hired two senior US Ex-Im Bank executives, as it announces its first transaction; The Paris Air Show preview - a revival in widebody orders possible? Can the C919 and MC21 begin to gain traction outside of their domestic markets? Will Ryanair launch the MAX 10 and how could a deal reshape both the European and transatlantic aviation markets? Leaders talk about the future of funding to investors; Three factors that can subdue uptake of new technology narrowbodies; Wings Capital Partners gets a new equity investor; IATA revises its global airline 2017 profit forecast upwards; ALAFCO in 13 aircraft deal with Allegiant.


The latest edition of Aviation Finance is published
June 1st 2017: In the latest issue of Aviation Finance: We analyse some of the key elements that will underpin the $USD 200 billion a year financing demand for new aircraft in the next four years - including the key characteristics of a strong aircraft leasing business model; Aircraft ABS - latest deal of the latest award winners in ABS; Long haul, wide bodies: we probe the factors in play; Diversification - Aviation Finance interviews Mark Lapidus. Wizz and Ryanair show strong growth in passenger volumes as both release results that underscore the progress both LCCs are making in the European short-haul market.

DAE agrees to acquire AWAS
April 25th 2017: Dubai Aerospace Enterprise has agreed to acquire AWAS, the Dublin-based whose majority shareholder is UK private equity Terra Firma. The combined entity will have an owned, managed and committed fleet of 394 aircraft, valued at more than $14 billion. The move by Terra Firma to sell AWAS follows its decision to sell a portfolio of 90 aircraft to Macquarie in 2015. DAE will become a top 10 lessor when the deal completes in Q3.

 

Analysis

Avolon closes CIT deal
Avolon has closed its $10.38 billion acquisition of the aircraft leasing business of CIT Group, encompassing approximately 320 aircraft, of which some 72 per cent are in-production narrowbodies. The price represents represents a 6.7% premium on the net assets of $9.4 billion. Avolon said the transaction gives it an owned fleet of 551 aircraft at end December last year, with an average aircraft age of 4.7 years. The combined business serves 149 customers in 62 countries with approximately one third of in-service aircraft leased 
into each of the Americas, EMEA and Asia-Pacific regions.

The latest edition of Aviation Finance is published
March 23rd 2017: In the latest issue of Aviation Finance: Adam Pilarski on the order and delivery mismatch and the short and medium term impact of changes to US economic policy; Johnny Lau on Chinese demand for aircraft assets in light; Update on regional jet programmes; Ryanair milestone underlines the merits of organic growth; IAG jumps into the long haul, low cost arena with LEVEL; CALC subsidiary acquires US part out business; Avianca's private EETC closes.

Avianca opts again for EAIV to finance three aircraft
March 21st 2017 Investment bank Burnham Sterling has closed its third privately placed EETC for Colombian airline Avianca, this time financing three aircraft - two Airbus A320s and one Boeing 787 – as it did with its first in December 2014. The transaction, again made using the bank's proprietary EAIV (Enhanced Aviation Investment Vehicle) structure, is its first multi-currency EAIV, providing both US dollar and Euro funding for Latin America’s second largest airline.

The latest edition of Aviation Finance is published
March 9th 2017: In the latest issue of Aviation Finance: China's domestic aviation market examined; The threat that Basel IV may present to aircraft financing; Rise of the drones - will technological leaps being made in automated flight lead to large cost savings for airlines?; President Trump and US EXIM Bank - uncertainty could play into the hands of Boeing's rivals. Lessor stocks start the year strongly, Norwegian steps up a gear; CALC shares eligible for Shenzhen-Hong Kong Stock Connect.

CDB Aviation Lease Finance delivers one Airbus A320-200neo to SAS
2nd March 2017 CDB Aviation Lease Finance, which is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited, announced today the delivery of one Airbus A320-200neo aircraft to flag carrier SAS. The Airbus A320-200neo represents CDB Aviation’s first delivery of a six aircraft sale and leaseback transaction with SAS, the largest airline in Scandinavia. Patrick Hannigan, CDB Aviation Chief Commercial Officer commented, "It's our first deal with SAS. CDB Aviation has ambitious growth plans and we look forward to doing more business with them'.

The latest edition of Aviation Finance is published
February 23rd 2017: In the latest issue of Aviation Finance: Interview: Stellwagen Finance CEO Mark Bourgade - winning lessors 'will be the ones with shareholders who have the lowest expectations in terms of return on funds'; Interview: Moodys on the Aviation ABS outlook for 2017; Timelapse video - the making of the B787-10, rolled out this week; Iran - the aviation market potential; IAG to bring A321LRs into service on North Atlantic; Aercap's 2016 figures.