Aviation Finance


The latest edition of Aviation Finance is published
May 18th 2017: In the latest issue of Aviation Finance: We look at the latest developments in the Chinese and Russian narrowbody commercial passenger jet programmes; Upgauging trend - EasyJet opts for A321neo. Aviation in China: Avolon's Dick Forsberg analyses the Chinese domestic aviation market; Ireland adopts Alternative A of the Cape Town Treaty; Frontier limbers up for its IPO; Stellwagen to acquire US aviation asset manager.

The latest edition of Aviation Finance is published
May 4th 2017: In the latest issue of Aviation Finance: We analyse Dubai Aerospace Enterprise's transformative acquisition of AWAS and what it means for the Middle East's aircraft financing industry; Conyer Dill Pearman's Audrey Robertson profiles the BVI's growing commercial aviation financing industry; The ups and downs of the airline game - we look at contrasting fortunes of Ryanair and Alitalia; BOC Aviation's 500th aircraft; Air freight surges in March; What Boeing's results mean for the aviation sector.



'Soft landing in next leg of cycle'

GECAS' Diarmuid Hogan says investor demand for aircraft assets and strong airlines likely to result in a softer landing

AVi8's founders on its clearing house leasing model
Avitas' Pilarski on the end of the order mismatch
SMBC AC's Barrett on chasing returns, not scale
AerCap's Kelly the lessor's strategy
IBA's Seymour on the business of aircraft appraisals
GECAS' Sean Flannery on the aircraft leasing market

See the Aviation Finance Perspectives Series here.


DAE agrees to acquire AWAS
April 25th 2017: Dubai Aerospace Enterprise has agreed to acquire AWAS, the Dublin-based whose majority shareholder is UK private equity Terra Firma. The combined entity will have an owned, managed and committed fleet of 394 aircraft, valued at more than $14 billion. The move by Terra Firma to sell AWAS follows its decision to sell a portfolio of 90 aircraft to Macquarie in 2015. DAE will become a top 10 lessor when the deal completes in Q3.

The latest edition of Aviation Finance is published
April 20th 2017: In the latest issue of Aviation Finance: GECAS' chief financial officer Diarmuid Hogan talks about investor demand for aircraft with leases attached, rising interest rates, the aviation cycle and GECAS' business model; The growing aircraft trading market; ALC's mid-life ABS issuance; Commercial aviation's need for greater speed; The case for a Boeing 737 MAX 10; BOC Aviation extends GMTN programme.

The latest edition of Aviation Finance is published
April 6th 2017: In the latest issue of Aviation Finance: Ray Sisson and Ed Wegel on AVi8 Air Capital's business model, and their plans for deploying capital in the aviation downcycle; Stephen Fortune speaks about the positive forces shaping the global air freight market; The A330 is becoming the aircraft of choice for LHLC airlines; IATA passenger figures show 2017 has started strongly; ACG converts to LLC structure; How bad could Brexit get for Europe's aviation industry?; Avolon closes CIT deal, now the world's third largest lessor.


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Aviation Finance Special Features

Aviation Finance special features

Avolon closes CIT deal
Avolon has closed its $10.38 billion acquisition of the aircraft leasing business of CIT Group, encompassing approximately 320 aircraft, of which some 72 per cent are in-production narrowbodies. The price represents represents a 6.7% premium on the net assets of $9.4 billion. Avolon said the transaction gives it an owned fleet of 551 aircraft at end December last year, with an average aircraft age of 4.7 years. The combined business serves 149 customers in 62 countries with approximately one third of in-service aircraft leased 
into each of the Americas, EMEA and Asia-Pacific regions.

The latest edition of Aviation Finance is published
March 23rd 2017: In the latest issue of Aviation Finance: Adam Pilarski on the order and delivery mismatch and the short and medium term impact of changes to US economic policy; Johnny Lau on Chinese demand for aircraft assets in light; Update on regional jet programmes; Ryanair milestone underlines the merits of organic growth; IAG jumps into the long haul, low cost arena with LEVEL; CALC subsidiary acquires US part out business; Avianca's private EETC closes.

Avianca opts again for EAIV to finance three aircraft
March 21st 2017 Investment bank Burnham Sterling has closed its third privately placed EETC for Colombian airline Avianca, this time financing three aircraft - two Airbus A320s and one Boeing 787 – as it did with its first in December 2014. The transaction, again made using the bank's proprietary EAIV (Enhanced Aviation Investment Vehicle) structure, is its first multi-currency EAIV, providing both US dollar and Euro funding for Latin America’s second largest airline.



The latest edition of Aviation Finance is published
March 9th 2017: In the latest issue of Aviation Finance: China's domestic aviation market examined; The threat that Basel IV may present to aircraft financing; Rise of the drones - will technological leaps being made in automated flight lead to large cost savings for airlines?; President Trump and US EXIM Bank - uncertainty could play into the hands of Boeing's rivals. Lessor stocks start the year strongly, Norwegian steps up a gear; CALC shares eligible for Shenzhen-Hong Kong Stock Connect.

CDB Aviation Lease Finance delivers one Airbus A320-200neo to SAS
2nd March 2017 CDB Aviation Lease Finance, which is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited, announced today the delivery of one Airbus A320-200neo aircraft to flag carrier SAS. The Airbus A320-200neo represents CDB Aviation’s first delivery of a six aircraft sale and leaseback transaction with SAS, the largest airline in Scandinavia. Patrick Hannigan, CDB Aviation Chief Commercial Officer commented, "It's our first deal with SAS. CDB Aviation has ambitious growth plans and we look forward to doing more business with them'.

The latest edition of Aviation Finance is published
February 23rd 2017: In the latest issue of Aviation Finance: Interview: Stellwagen Finance CEO Mark Bourgade - winning lessors 'will be the ones with shareholders who have the lowest expectations in terms of return on funds'; Interview: Moodys on the Aviation ABS outlook for 2017; Timelapse video - the making of the B787-10, rolled out this week; Iran - the aviation market potential; IAG to bring A321LRs into service on North Atlantic; Aercap's 2016 figures.

Juneyao makes its first widebody order as it plots global reach
February 22nd: China's Juneyao Airlines has finalised an order for five Boeing 787-9 Dreamliners. The order is valued at $1.3 billion at list prices and comes as Boeing rolls out the first 787-10, the largest variant of the 787 which is due to enter into service in 2018. Juneyao's new order includes options for five more 787-9s. It is the airlines first Boeing order and first widebody airplane order as the privately-owned airline looks to spread its network beyond China.

Avolon prices $3 billion senior note offering as part of CIT acquisition
January 20th 2017: Avolon Holdings is issuing $3.0 billion through its Park Aerospace wholly-owned subsidiary. Both $1.75 billion 5.25 per cent senior notes, due 2022, and $1.25 million of 5.5 per cent senior notes due 2024 are being offered at par. Avolon will fully and unconditionally guarantee the notes and the offer will close 'on or about' February 3rd.

CDB Aviation Lease Finance appoints top management team, with Rob Murphy as COO, and Pat Hannigan as CCO
January 16th 2017: China Development Bank-owned CDB Aviation Lease Finance (CDBALF) today announced the appointment of former Freshfield's global aviation and asset finance team leader Rob Murphy as COO and its General Counsel and Avolon's former head of EMEA Pat Hannigan as Chief Commercial Officer. Former GECAS executive John Cunningham has been appointed SVP Asia Pacific. CEO Peter Chang said the team will be charged with expanding CDBALF's "market reach beyond China and shifting the company's current approach to a more western, customer-centric focus serving all global markets".