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Analysis: Riding the ECA rush?
11 September 2012
Export credit agency (ECA) debt has never been more popular, writes Dickon Harris, but banks are changing the way they approach ECA-backed financing.
Faced with liquidity constraints, carriers and lessors have been forced to seek alternative financing structures. Export credit agencies (ECAs), as was widely expected, have helped fill this gap.? Last year US Ex-Im underwrote a record $11.6 billion-worth of aviation debt for its 2011 fiscal year. Early indicators from Airfinance Journalï¿½s Deals Database show that the North American ECA is on course for another bumper year and should surpass its 2011 record by some margin.
Move to debt capital markets?
This year has seen an explosion of ECA-backed bond issues. To date US Ex-Im has underwritten more than $5 billion-worth of bond issues since 2009. The vast bulk of these deals were signed in 2010, with just three bond deals being done in 2011 ï¿½ for Ethiad, Ryanair and Air China. According to the Deals Database, US Ex-Im has backed...
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