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Feature: JOL survey 2012
20 June 2012
New aircraft, new credits, new geographies and new investors - this year's survey shows that airlines clearly like the flexible financing structure. But are the banks willing to keep funding Japanese operating leases?
Japanese operating lease
A380 Jol survey
Investor appetite for the airline-friendly structure of Japanese operating leases (Jols) is buoyant. The first Japanese operating lease with call option (Jolco) for an A380 closed in March for Lufthansa. Bank of Tokyo Mitsubishi (BTMU) and Sumitomo Mitsui Banking Corporation (SMBC) are supplying the debt portion, consisting of a 12-year commercial loan. Yamasa, a Japanese investor, is equity arranger.
Last year the market had mixed views about whether an A380 Jolco would be a success. Only one banker predicted it would do well.
"My understanding is that no equity arrangers have put their hands up for an A380 yet. But if it was structured as a Jolco, where the possibility for the lessee to exercise a purchase option is high, and there are also debt providers - you could see investors," said one Japanese banker the last time Airfinance Journal surveyed the Japanese operating lease market.
Other bankers surveyed by...
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