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2005 Awards: Welcome back innovation
01 February 2006
The 2005 Airfinance Journal Airline Deal of the Year awards demonstrate how lenders were prepared to be more creative and take more risks. Airport Finance Deal of the Year awards will be published in the March issue.
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JOL; awards
The aircraft finance market awoke in 2005. Banks which had spent several months, or even years, restructuring deals started looking for new ones. Airlines which had been unable to find commercial debt without export credit guarantees suddenly found that banks were calling them offering loans.
Banks were not the only institutions chasing deals. Most lessors got used to fielding calls from hedge funds and private equity companies looking for aircraft. While this was most obvious in public deals such as the sales of Boullioun, debis Airfinance and Awas, the competition for smaller deals was more intense. One narrowbody aircraft attracted 23 bids, for example.
Despite high oil prices and worries about bird flu, 2005 was a year when borrowers had time to choose between banks rather than just having to find capital. The Deal of the Year award winners reflect this. Deals such as West, Aviation Capital Group III and...
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