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December 2005
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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LloydsTSB, one of the UK's five-largest lending banks, is closing its aircraft finance team and will no longer offer aviation finance to airlines.
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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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Natexis Transport Finance has been mandated to provide financing for one CRJ700 for regional airline BritAir, a subsidiary of Air France.
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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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British Airways (BA) has announced an innovative standby facility that allows it to use a range of aircraft types to back the deal.
PK Airfinance and Spectrum Capital jointly arranged the $420 million facility that can be drawn at any time over the next five years. Spectrum also advised the airline, with PK Airfinance the sole lender.
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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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British Airways (BA) has closed a Yen facility to help it finance maturing Japanese leverage leases (JLLs).
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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 2005
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German banks are stepping up their aircraft activity after a few quiet years. Alexandra Cain reports from Frankfurt, Hamburg and Hannover.
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The 2005 Airfinance Journal export credit survey shows how few banks are winning mandates, although competition among them remains fierce.
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ABN Amro has created a new way of funding export credit. Neil Unmack examines the structure.
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Lenard Parkins and Kenric Kattner, of Haynes and Boone, and lead counsel for Atlas Air Worldwide Holdings, provide an essential guide to restructuring EETCs in bankruptcy.