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December
There might not be a funding gap in 2010 but if one major airline files for bankruptcy it could be chaos.
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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.
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DVB Bank has been in the market for decades. Sophie Segal speaks to Bertrand Grabowski, a member of the board of managing directors, about the bank's aviation strategy and the kinds of clients it is looking for.
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General Electric Capital Corporation has become the first US corporate to issue an aircraft-based Islamic bond.
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AerData Management and AerCap now hold a 49% stake each.
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AerData Management and AerCap now hold a 49% stake each.
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The International Air Transport Association (Iata) revised its 2010 financial outlook predicting a $5.6 billion net loss, but says the worst is behind us.
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The two separate facilities were signed with Natixis Transport Finance S.A. and Norddeutsche Landesbank Girozentrale.
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The airline funded for six Airbus A380s with different types of finance.
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LAN priced its first Ex-Im Guaranteed bond for one Boeing 767-300ER.
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US airline, Continental Airlines, will raise debt with a public offering of convertible senior notes.
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Japan Airlines could receive an investment and revenue package worth $1.8 billion from its airline alliance.
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November
It may not be as well known as most banks but Private Exporting Funding Corporation is always there for Ex-Im customers and open for business in 2010. JoAnn DeLuna investigates a key aircraft lender.
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Japan Airlines closes guaranteed loan and arranges emergency facility with
Development Bank of Japan.
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Oman Air mandates Citi for financing of two A330-200.
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Safran launches and prices its first bond for €750 million.
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There was great demand for the first US issued an Islamic bond.
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United will tap the capital markets for aircraft refinancings.
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Frontier receives direct loan from Airbus.
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AerCap closes a landmark deal with Chinese Development Bank. This is the first loan for an international aircraft lessor from the Chinese bank.
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DVB has financed €5.02 billion in aviation transactions since the beginning of 2009.
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AerCap will receive $358 million for China Development bank for four A330s ordered in 2006 and 2007.
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This is the second Ex-Im bond in October for Goldman Sachs and Calyon.
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Continental finances 11 new Boeing aircraft and refinance another eight with $650 million bond.
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October
Calyon was mandated to finance three A330-300s.
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Calyon will be sole underwriter and arranger.
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Export credit agencies have been breaking records with support for Airbus and Boeing in one of the toughest years on record, writes Sophie Segal.
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Banks may be being too cautious with PDP financing, writes Alasdair Whyte.
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Calyon will provide pre-delivery payment financing for five 737-800s.
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Brazil’s low cost carrier will issue 38,005,000 preferred shares to strengthen its balance sheet
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The Indian carrier will sell shares to foreign investors as it looks to reduce its debt burden
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The board has decided to focus on core financing activities, as it restructures.
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The parent company of AirTran Airways will offer $100 million in debt secure obligation notes maturing in 2016.
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The Shannon-based company has reduced its borrowing capacity under a $1 billion revolving credit facility to $200 million
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The holding company of United Air Lines will sell 19 million shares of common stock at an offering price of $7.24 per share
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The Brazilian manufacturer has raised $500 million in an issue that was five times oversubscribed
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Managing director Jeh Wadia says the Mumbai-based carrier is financially robust and will not proceed with any of its investment offers
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The parent of American Airlines says the sale of common stock and convertible notes will bolster its financial position in the face of the financial downturn
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With years of experience in the Japanese airfinance market, Michael Kramer has set up a new advisory business in Japan.
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September
The financing will help meet the company’s 2010 debt maturities and bolster its liquidity
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Emirates and other carriers speaking at Airfinance Journal's 7th Middle East and Africa Airfinance Conference have thanked export credit agencies for their support over the last 12 months.
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The financier will arrange the S/L of three Airbus aircraft for the Sri Lankan airline.
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The commercial aviation fund will lease aircraft and engines to airlines and is looking to acquire $1 billion in assets over the next two years.
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Ex-Im Bank and the European ECAs have helped to finance almost $20 billion of aircraft in 2009.
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Although PDP financing has dropped by around 80% since last year, ECAs are cautious about financing them.
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Robert Morin, executive vice president of transportation, US Ex-Im Bank, speaks to Airfinance Journal about the bank’s role in the downturn and exciting new products on offer.
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Ex-Im Bank is developing innovative financing structures to cover the funding gap in 2009. Geoffrey P Burgess, partner, and Sulagna Roy, associate, at Debevoise & Plimpton LLP, discuss Ex-Im Bank's role in financing pre-owned aircraft, engines and spare parts.
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The carrier will raise the funds through instruments including global depositary receipts and also plans to increase its share capital
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August
The European aerospace giant has issued a €1 billion seven-year bond. BNP Paribas, Calyon and Deutsche Bank are active leads
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The bank reported a decline of 28% in consolidated net profit before tax for the first half of the year
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Vought Aircraft Industries net income for the second quarter decreased by $55.2 million, but the company points to the improvement in its balance sheet following the sale of its 787 facility
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The UK Export Credits Guarantee Department (ECGD) says that European ECAs are set to step up their involvement in aircraft exports and are looking to support around 30% of Airbus sales over the coming year
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Global Aviation Holdings, World Airways and North American Airlines have sold $175 million of senior secured notes in a private placement
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The cargo company’s shares rose 8.6% after second quarter net income increased to $11.3 million
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The airline is planning a share placement to raise $171 million to strengthen its balance sheet
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American Airlines refinances 12 aircraft with secured notes in private placement.
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The airline has issued $276 million in senior secured notes, which have a 13% yield
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July
The airline has closed a €530 million ($755 million) forward starting syndicated revolving credit facility with the support of ten relationship banks
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Australia’s second largest carrier is selling A$231 million of stock and expects to post its first annual loss.
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The two-tranche, $1.48 billion transaction is the first securitization in the European market for five years and differs from traditional structures as the securitized loans are guaranteed by export credit agencies.
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BA’s convertible bond has been oversubscribed from an initial £300 million to £350 million, as the carrier plans to raise £600 million after posting its first Q1 loss since privatisation.
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The loan will be used for the purchase of ten aircraft, with the state carrier also in line to get a capital injection from the government.
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Following rumours that the struggling carrier was set to raise funds via a rights issue, BA will now issue a convertible bond to shore up its balance sheet.
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Despite closing its aircraft finance business is March, Bayerische Landesbank is still looking to finance aircraft with export credit guaranteed loans.
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French bank Natixis is growing its relationships in Korea, with two mandates in June.
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Babcock & Brown Air has declared a quarterly dividend of $0.20 per share, which is unchanged from January and in line with the company’s strategy of retaining cash amid the dislocation in the financial markets.
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French bank, BNP Paribas, is mandated to arrange a Japanese operating lease and an export credit financing
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French bank Natixis is growing its relationships in Korea, with two deals mandated in June.
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The seven-year deal, which has no step-up coupon owing to high demand, is priced 80bp tighter than the airline’s five-year bond issued back in March.
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June
Following Continental’s EETC and United’s secured bond, American Airlines will go to the capital markets to raise capital
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Two firms team up to provide real time revenue data to small and medium sized airlines in Dubai
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Goldman Sachs and Citi have closed a secured bond for United Airlines in a tough market.
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Air France-KLM has exercised an extension clause in its convertible bond due to high demand.
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Under the new terms, a fixed charge covenant for the quarter ending March 30 will be waived.
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The Taiwan-based carrier has raised $175 million through a private placement to a government fund and China Aviation Development Fund.
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On the first morning of the China Airfinance conference, delegates were told that Chinese banks will increase their lending activity and look to finance aircraft internationally, as the aviation centre of gravity shifts from West to East.
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Waha Capital has acquired a 50% stake in AerVenture for $135 million, becoming joint venture partner with Aercap. The equity investment comes after LoadAir ended its founding partnership in AerVenture earlier this month following a failure to make an equity payment.
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French carrier, Air France, will raise money with a convertible bond to finance aircraft.
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Babcock & Brown Air has closed a $32 million debt facility for aircraft acquisitions and debt repurchases
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The lending arm of the European Union is providing Safran with a loan of €300 million for the development of cleaner engines, in what is the first loan to the aviation industry under the European Clean Transport Facility.
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Continental Airlines is in the market to raise $390 million with a EETC in July
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DAE Capital has secured a $450 million Ex-Im guaranteed loan from Citibank for the purchase of nine aircraft, with the Dubai-based company planning a capital market issuance to replace the borrowing facility.
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The German low cost carrier has raised €23 million from issuing 6.6 million new shares to institutional investors and an additional €15.8 million in a separate capital increase.
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The loan is being arranged by state-backed Development Bank of Japan, which will also provide a loan amount in cooperation with a syndicate of the country’s three largest banks.
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HNA Group is spearheading Tianjin’s efforts to establish the region as China’s aviation centre of gravity and reinvigorate the country’s industry. Acquiring Allco – which is by no means a certainty – would be an important piece of the strategic jigsaw.
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May
The Brazilian state carrier has been given a $98.2 million loan from Brazil’s National Bank for Economic and Social Development for the purchase of four Embraer jets.
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The underwriters of Atlas Air’s secondary offering has purchased 440,848 shares from selling stockholder HMC Atlas Air.
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Club Bank’Air welcomes new co-presidents Jose Abramovici and Eric François to its ranks
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The KG leasing market is still pretty busy, but unfortunately some of the activity is from funds still closing last year’s deals.
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State bank VEB is lending the country’s airlines $250 million to lease the Superjet-100, hailed as the spearhead of the manufacturing industry’s revival.
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Harbinger has begun the public offering of 4 million Atlas common shares and has granted the underwriters an option to purchase an additional 15% of the offering.
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DVB Bank has posted a record interest margin of 344 bps for new business in the first quarter as the bank completes its transformation from troubled commercial lender to profitable transportation bank.
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Engine values have traditionally held up better than aircraft during downturns, especially as investors move to diversify portfolios. While this is true of the present downturn, as increasing numbers of aircraft are parked engines will inevitably suffer.
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The US export credit agency is talking to banks about bundling together aircraft deals and selling them on to the capital markets as bonds, treasury certificates and private placements
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This is the year when Chinese banks will become key aircraft financiers.
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April
Despite its low share price, AerCap is well funded for 2009
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Opinions were divided among bankers at the New York Conference as to whether the funding gap exists, with panellists arguing that the issue is less the availability of capital and more its pricing
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Bahrain’s flag carrier closes a loan facility with the country’s National Bank.
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Since the effects of the credit crunch started to be felt at the end of 2007 airlines and operating lessors have struggled to attract investor interest in capital market issuances. Investment bankers reflect on when this source of funding might return.
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Asiana’s rare issuance, which is backed by future ticket sales from its Tokyo offices, could back the return of the ABS market in Korea.
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Korean Air Lines is set to issue a 200 billion won ($146 million) bond to finance aircraft leases and repay debt.
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March
The bond – which represents a rare offering given the cyclical nature of the industry – performed well on the back of strong domestic demand on a day the equity markets gathered momentum
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Key German bank formally moves out of aircraft and ship finance, real danger that other Landesbanks will follow Bayerische Landesbank and focus on local lending.
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The bond, which has a spread of mid-swaps plus 410 basis points, represents a rare offering given the cyclical nature of the airline industry. And considering Lufthansa’s low investment grade rating and the danger airlines face of possible downgrade, the venture could be a risky undertaking.
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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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As international banks become increasingly cautious and expensive, Indian banks are set to step in to bridge the gap and help fund the country’s aircraft deliveries.
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China Construction Bank’s Hong Kong unit to set up aviation fund in Tianjin
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With the 2008 winners about to be announced, how do we chose the Airfinance Journal Deal of the Year Awards?
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RBS Aviation Capital is not a core asset for Royal Bank of Scotland, but the bank is not a distressed seller.
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With the future of RBS Aviation Capital in doubt, it is worth remembering that Royal Bank of Scotland's (RBS) chief executive has already closed one aircraft leasing company before. A brief history of RBS Aviation Capital.
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Calyon has closed a refinancing for a Qantas A330 and has been mandated by Aer Lingus for the export credit financing of an A330.
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February
Several financial institutions are forecasting that manufacturers will have to slow production and finance aircraft with governments in 2009. But the manufacturers are more optimistic.
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Banks left the market, not because aviation was in trouble, but as a result of internal liquidity restrictions. Campbell Davis lists the main European, Asian and African banks still open to their aviation clients.
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Emirates says it will find funding in the downturn, although some industry insiders believe the carrier has to be more realistic.
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Goldman Sachs closes a $400 million bond for Southwest Airlines secured on 17 737 aircraft.
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CIT closes unusual – and most expensive ever - aircraft securitization and sells notes to itself.
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Ryanair has mandated Calyon and Deka Bank for the Ex-Im Bank financing of 15 737-800s.
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Two types of banks affecting American International Group's sale of ILFC – its existing
unsecured lenders and the ones that it needs to join a new secured facility.
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Air Canada completes a $37 million deal with NordLB and a second tranche of financing with GE Capital Corporation.
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Russia's second-largest passenger carrier redeems bond and looks to future loans to fund expansion
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January
The past 12 months were not the best of times, although aviation can largely claim its innocence in the financial catastrophe.
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