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Deals of the Year 2004: Last year's stars
01 May 2005
Although a shadow is still hanging over the US and fuel prices are steadily rising, the global aviation market rebounded strongly in 2004 – and the deals that closed reflect this.
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The stars of the aviation industry gathered at the Rainbow Room in New York to congratulate themselves and each other on another year of successful structuring.
Iberbond 2004 bedazzled the financiers with its complexity; Air Canada set the standard for restructuring; and Jet Airways demonstrated how quickly Indian aviation is growing. Air France and KLM have launched European consolidation and Swiss deserve a special mention for securing financing despite enduring intense media scrutiny following its relaunch.
Two US airlines, American Airlines and Northwest Airlines, deservedly won a joint award for securing large amounts of financing during a difficult period for American carriers and JetBlue's EETC completely redesigned US bond issues.
British Airways' sale of its shares in Qantas was a masterful display of stealth and ingenuity, while Qantas' treasury team showed determination and foresight in 2004.
GOL's IPO has to be one of the most successful issues for an airline, and was a particular...
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