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The SOL is shining for Iberia
01 October 2005
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airline
Spanish operating lease
Jorge Rodriquez
Japanese operating lease
JOL
Aviation
Iberia likes the fact that people associate it with its innovative financing. While some airlines look for simplicity at all costs, the Spanish flag carrier is always seeking diversity. So it is perhaps no surprise that the airline has closed the first Spanish operating lease on an aircraft.
The Spanish flag carrier closed the deal on September 15, about 18 months after it began the search for an alternative to the Japanese operating lease (JOL).
Iberia was active in the JOL market throughout the 1990s, but uncertainty surrounding the future of the JOL forced the airline to explore alternative funding structures for new aircraft.
In January, Jorge Rodriguez, head of finance at Iberia, mandated Caja Madrid to work with Iberia to devise a new structure and, in April, Royal Bank of Scotland was instructed to provide aviation finance expertise. After several months' work, the two banks were told in July...
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