Aercap, Avolon, Aviation Capital Group (ACG) and Air Lease (ALC) are seeking European export credit agency (ECA) support to finance Airbus deliveries, a source tells Airfinance Journal.
The four lessors are working with various European ECAs and Airbus to support the delivery of orders of one or two widebodies and five to 10 narrowbody aircraft.
The aircraft are scheduled for delivery in October and November.
Airfinance Journal's Fleet Tracker shows that Air Lease has two Airbus A321neos, one A350-1000 and two Boeing 787-9 scheduled for delivery in October, while Avolon is expecting one 787-9. In November, the data shows that Avolon is scheduled to take two 737 Max 8s, Aercap is due one A321neo and ACG is expecting two A321neos and two A320neos.
Each lessor is working with one “lead” ECA while two others reinsure in the background, the source says.
“That may be the pattern for the immediate future, whereby it’s leased aircraft that are coming to the market rather than bought aircraft,” the source says.
While ECA demand is not at 2008 levels of 200 aircraft yet, the source says that it is “not beyond the realms of possibility” that over the next two to three years export credit support will return to those levels “depending on how long it takes the banks to recover credit appetite and recover confidence in the sector”.
While all of the deliveries under consideration are Airbus aircraft, the source says that one European ECA is also looking at financing a number of Boeing 787s, while the US Export-Import Bank is also looking at financing a number of Boeing aircraft.
Avolon declined to comment.
The lessor has tapped a diverse range of funding sources – focusing on unsecured funding – over the last few years as it achieved an investment grade credit rating.
But Airfinance Journal understands that it will continue to “explore all funding options" given the market backdrop. Avolon has accessed ECA facilities in the past and may do so in the future.
Fleet Tracker shows that Avolon has 192 A320neo-family aircraft on order, Aercap has 182, Air Lease has 153 and ACG has 54.
Aercap and ACG did not immediately comment when contacted by Airfinance Journal.
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