Afreximbank creates $20bn fund to support Africa's airlines
A sizeable new loan fund to help revive Africa's currency-exposed airlines has been established by the African Export-Import Bank, which is also exploring the possibility of creating a new regionally focused leasing platform. Aviation Finance reports on an address last week by Afreximbank Senior Manager, Samuel Mugoya in which he highlights some of the challenges faced by airlines on the continent and also some of the opportunities for growth, particularly in intra-regional services.
The May 5th edition of Aviation Finance is published
May 5th 2016: Aviation Finance latest issue: we speak with Citi's Tom Hollahan, Munawar Noorani and Louise O'Mara on the aircraft financing environment; New technology creating new routes - how Norwegian's plan to leverage new technology narrowbodies could shake up the transatlantic market; Analysis: the air freight market in 2016; Aircastle set up to acquire more mid life aircraft; FLY reports net income increase following accounting change; American and Norwegian set to issue EETCs; GOL's exchange offer; Avolon fleet size jumps, delivers first NEO to Indigo; Analysis: Blade downgraded.
FLY reports net income increase of more than $20 million as a result of SEC-mandated accounting policy changes
May 2nd 2016: SEC mandated changes to FLY Leasing's accounting policy for maintenance rights has seen the aircraft lessor restate its financial statements for fiscal years 2014 and 2013, and include it in its 2015 results. The changes see FLY report increased net income of $21.8 million per cent for the three years with no material impact on the company's reported cash flow for the periods covered.
Avolon's fleet increases as HKAC comes under its wing
April 29th 2016: Avolon's owned, managed and committed fleet has grown to 402 aircraft following the acquisition of the lessor by China's Bohai Capital. Avolon's fleet includes the fleet of Hong Kong Aviation Capital, a leasing business of Bohai Capital, that is now managed under the Avolon brand, as well as other aviation assets. The lessor has also reported a $3 billion war chest as it look to accelerate growth in 2016 and beyond..
Delta order a major boost for Bombardier's C Series
April 28th 2016: Delta have become the first of the major US carriers to commit to Bombardier's all new technology narrowbody C Series aircraft. In addition to securing their first major carrier order in the world's largest aviation market, the order, for at least 70 aircraft (and up to 125 aircraft), sees the Canadian OEM reach its target of 300 firm orders prior to the C Series entry into service later this year. The order is also the largest in Bombardier's corporate history.
FLY Leasing net income up in Q4 2015
March 8th 2016: FLY Leasing has reported net income for Q4 2015 of $27.7 million, or $0.68 per diluted share, against a net income of $15.5 million, or $0.37 per diluted share, in the same period 2014. 'FLY has completed a major transformation and enters 2016 with a leaner, younger and more profitable fleet, and poised for intelligent growth,' said FLY's CEO Colm Barrington. During the quarter the lessor completed its $100 million share repurchase programme and approved an additional $30 million programme.
Waypoint Leasing signs Purchase and Leaseback Agreement with Bristow Group
March 1st 2016: Waypoint Leasing (Ireland) Limited, the independent global helicopter leasing company with a fleet of 120 aircraft valued at over $1.5 bn, announced that it has closed a multi-aircraft agreement with Bristow Group Inc. (“Bristow”) for the purchase and leaseback of three AgustaWestland AW139 helicopters. All three helicopters will operate offshore in crew change and limited Search and Rescue roles, on long-term contract in Guyana.
FLY Leasing closes $385 million aircraft acquisition facility
February 29th 2016: FLY Leasing has closed a $385 million blind pool aircraft acquisition facility. The facility has a three-year revolving period followed by a three-year term and will bear interest at LIBOR plus 2.00 p.c. during the revolving period. The lenders include Commonwealth Bank of Australia New York Branch, MUFG’s banking arm Bank of Tokyo-Mitsubishi UFJ Ltd., New York Life Insurance Company and National Australia Bank. Commonwealth Bank of Australia New York Branch will serve as the Administrative Agent for the facility.
Embraer rolls out the E190-E2, the first member of the second-generation E-Jet family
February 25th 2016: Embraer rolled out the E190-E2, the first member of the second-generation regional E-Jet family today. Embraer's Chief Commercial Officer John Slattery writes on Embraer's market strategy, focussing on Asian markets in the latest issue of Aviation Finance.