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Export credit agencies enter new era
13 March 2009
The role of export credit agencies is set to change as they look to guarantee securitizations and PDP financings, and become busier than ever.
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Export credit
ECA
Ex-Im Bank
Export-Import Bank
Exim
Coface
ECGD
Eurler Hermes
The involvement of export credit agencies (ECAs) in aircraft financing will reach new, unprecedented levels and the part they play in transactions fundamentally alter as they consider guaranteeing securitizations and pre-delivery payment (PDP) deals.
“This is game day for Ex-Im Bank,” said Bob Morin, vice president of transportation division at America's Export-Import Bank, to delegates at Airfinance Journal’s Fourth Annual India and South Asia Conference in New Delhi. “This will be our busiest year ever.”
Morin said Ex-Im Bank will finance a record $7-9 billion and 115 aircraft this fiscal year (to September), compared with $5.5 billion and 98 aircraft last year. Ex-Im has the largest portfolio of US-manufactured aircraft, worth $86 billion.
He said the role of export credit agencies had been transformed in just a few years. Whereas 2006/2007 was a period marked by a surplus of liquidity when the role of export credit agencies was...
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