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December
Maintenance records are often neglected and dismissed as a technical issue by aircraft financiers, but how many have considered what their aircraft is worth without them. Alexandra Cain reports.
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Eight countries have ratified the Cape Town Convention, which will be implemented in March. Victoria Pennington speaks to some of the people who made it happen.
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UK banks remain a force in the aviation finance market in the face of growing European competition. Three of the UK's most prominent bankers shared their views in a roundtable discussion.
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Aer Lingus has transformed itself significantly over the past few years and this is set to continue under new CEO Dermot Mannion. Andrew McGuinness reports.
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The American Jobs Creation Act of 2004 created about 450 amendments to the Internal Revenue Code, but one change in particular has potentially far-reaching consequences for US aircraft lessors. Garry Burke, chief executive officer of Pembroke Capital, reports.
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Iberia has three A340-600s due for delivery in 2006 and is hoping to finance them using Spanish operating leases (SOLs). Other Spanish banks are keen emulate the success of Caja Madrid and Royal Bank of Scotland, which arranged the first SOL for Iberia in September.
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A Japanese operating lease (JOL) for one Air Europa 737-800 was one of the first transactions closed by Natexis Transport Finance (NTF), the new subsidiary bank of Natexis Banques Populaire, that focuses solely on air finance
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Air Canada has financed 18 Embraer 190s, worth about $400 million, with a 15-year secured loan.
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Babcock & Brown Aircraft Management (BBAM) has arranged a $1.2 billion warehousing facility to fund aircraft acquisitions
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Monica Burke, chief financial officer of Willis Lease Finance, has decided to leave the company in January 2006. Robert Warwick, director of finance, will take over her position.
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There are 11 banks bidding for THY Turkish Airlines' mandate to provide financing for 22 A330s, A321s, A320s and 737-800s. Even though the request for proposals was issued in March, THY's Boeing deliveries have been delayed because of the machinists' strike, and the airline is taking its time to make a final decision on the Airbus aircraft.
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Air New Zealand (AirNZ) has closed an export credit financing for two 777-200ERs and a spare Rolls-Royce Trent 895 engine. BNP Paribas was sole mandated lead arranger.
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There were lots of orders at the Dubai Airshow, but one letter of intent was far more intriguing than the others. On the fourth day of the show, by which time many journalists and exhibitors had left, Sukhoi, the Russian aircraft manufacturer, announced a $500 million order for 20 Russian Regional Jets (RRJ), with a further 20 options.
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Transmile Air, the Malaysian freight, air cargo and aircraft services company, has raised $115 million in five-year loans from mandated lead arranger HSBC. HSBC took $16 million.
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Aviation Capital Group's (AGC) portfolio securitization priced in mid-December had been premarketed and were well received, particularly in the US and Asia.
The total value of the issuance is $1.866 billion, the biggest lessor securitization since 1996. UBS Warburg is arranging the deal.
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Four banks were involved in the financing of the recently concluded lease between China Southern Airlines (CSA) and Singapore Aircraft Leasing Enterprise (Sale).
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By Robert E Melson, Jr & Hisao Hirose of Latham & Watkins.
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There were a few large orders announced at the Dubai Airshow this year, and while Low-Cost Aircraft Leasing's (LCAL) order for six 787s was not the biggest, it arguably was the most interesting.
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November
Awas has a very different portfolio to Boullioun, but there is no shortage of bidders. Alasdair Whyte looks at the contenders.
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Pegasus Aviation is expanding and, with the help of Oaktree Capital Management and an ex-Boeing salesman, this will continue over the next decade. Victoria Pennington reports.
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Bankruptcy meant that the Fairchild Dornier 328 Jet never really found a market, and with Delta parking aircraft, its value is unlikely to recover.
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October
Willis Lease Finance's first securitization took almost five years to structure, but now the model is in place the engine lessor is planning to issue every 18 months. Alasdair Whyte reports.
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India and China are both emerging markets for aircraft finance – and the two are becoming increasingly similar. Dominic Jones reports.
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AerCap, the lessor formerly known as debis Airfinance, is an example of how important the owners of a leasing company are. Its original owners started with high expectations and then lost their nerve. Cerberus Capital, its new owner, wants to change this.
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With the acquisition of Boullioun, Aviation Capital Group has gone from being one of the smaller lessors to one of the largest. Alexandra Cain reports.
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Renewed interest in 747 freighters has made it likely that Boeing will launch the 747 Advanced. Geoff Hearn examines how the compares to the A380F.
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As the popularity of engine leasing increases, existing players are becoming wary of market saturation but that is good news for airlines. Andrew McGuinness reports.
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AiRUnion is hoping to become a major competitor to Aeroflot and Sibir, but can the alliance find the funding and the management to become a viable rival? Steve Thomson, editor of Concise Aerospace (www.conciseb2b.com/aerospace), reports.
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September
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August
The battle for third place in the Airfinance Journal operating leasing league tables has intensified. Research and analysis by Victoria Pennington.
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Tim Duncan, head of Babcock & Brown's London office, gives a guide to London. Interview by Jack Duncan.
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June
Airfinance Journal's 2004/05 Japanese operating lease survey showed a market still in confusion and waiting for the final effects of tax changes. Nevertheless, 2004 was still an excellent year, says Alexandra Cain.
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Avoid the pitfalls of operating leasing in China with Adam Law and William Ho's essential guide to the regulations.
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May
Although a shadow is still hanging over the US and fuel prices are steadily rising, the global aviation market rebounded strongly in 2004 – and the deals that closed reflect this.
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Rising fuel costs have forced Spirit Airlines to abandon its MD-80s for the more economical A320-family aircraft. CEO Jacob Schorr tells Michael Marray about the carrier's fleet-renewal programme and his hopes for the future.
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April
Escalation formulas mean that many aircraft being delivered are costing far more than their market value. How long, asks Alasdair Whyte, can manufacturers can keep taking money from their most loyal customers?
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With new equity coming into the market, Aviation Capital Group and debis AirFinance are joining the fight for third place in the lessor rankings. But is it a race worth winning?
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March
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February
Iberia's third European bond issue closed just before Christmas. Alasdair Whyte goes into the details.
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Proposed reforms may close the Japanese operating lease to airlines. Dominic Jones reports on a pessimistic group of arrangers.