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FEATURE: Sources of airfinance in 2010
29 December 2009
The year 2009 will go down as one of the most difficult on record for airfinance.Airfinance Journal looks at the kinds of finance that will be available in 2010.
Read more:
[Finance 2010]
[Funding Gap]
[Capital Markets]
[China]
[Sale/leasebacks]
[Export Credit]
The funding gap never arrived in 2009. Old and new sources of capital came to the rescue. Chinese capital trickled into the international airfinance market. TheUS Export-Import Bank came out with a new US government-guaranteed capital markets structure. GE Capital issued the first aircraft-based Islamic bond.
More traditional sources of capital began to recover, too. The capital markets returned with a vengeance. Every US flag carrier did a capital markets issuance in the second half of the year.
Although the 2009 funding gap was filled – and the manufacturers were never worried it would not be – what should the industry expect for finance in 2010?
“More of the same,†seems to be the chant coming from lessors and bankers. “The theme of the year will be differentiated access to capital,†says Rob Wainshal, chief executive officer, Aircastle. “It’s always that way. Aircastle has repeatedly demonstrated...
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