The issues facing global aviation finance in 2019
Date for your diary ... The Aviation Finance 2019 Conference, Dublin Castle, Ireland - 15th & 16th October 2019.
The commercial aviation financing outlook in 2019 and beyond was at the heart of the deliberations at AFC,2018
AFC,2018 Aviation Finance's 2018 Conference, heard over 25 of the world's leading figures and analysts from all segments of the commercial aircraft financing universe, including regular contributors to the columns of Aviation Finance. The CEOs and top decisionmakers representing more than half the world's leased fleet of commercial aircraft fleet were there as speakers, including Aengus Kelly, CEO Aercap, Peter Chang, CEO CDB Aviation, and Peter Barrett CEO SMBC Aviation Capital, as well as Ryanair's chief financial officer Neil Sorohan, and a host of other leading world names such as AFIC's Bob Morin, Cowen's Helane Becker, and Betsy Snyder of S&P. The overarching theme was the long-term future for air finance and a set of on-stage interviews and panel discussions revealed a wealth of insights about what to expect in 2019 in a programme covering aircraft leasing business, aircraft trading, OEM issues, as well as an on-stage interview with Embraer's John Slattery.
The Conference had Six Sessions:
- Analysts & Strategists Forum;
- Aviation Finance Lessor Business Models;
- Commercial Aircraft Trading Forum;
- Deploying Capital in aircraft and aviation;
- Supply Side Forum - technicals, technology and finance and the future;
- Airline Fleet Financing Strategies.
See the AFC, 2018 full speaker lineup here:
Peter Chang
President and CEO, CDB Aviation
Peter Chang, the President and CEO of CDB Aviation, the aviation leasing arm of China Development Bank, one of the three 'policy banks' of the Peoples' Republic of China, has been an active member of the aviation community for the past four decades, starting his career in Boeing, and entering the leasing industry with Guinness Peat Aviation. He was the pioneer of aircraft leasing in China, having leased the first aircraft there as MD at GPA. He started work at Boeing immediately after graduating in 1979 and his vast experience includes manufacturing, sales and leasing. Having long been at the forefront of aviation leasing, aside from serving in China as MD at GPA, he has served as Executive Vice President of Aircastle Advisers and International Leasing Finance Corporation. Prior to joining CDB Aviation he was the Principal for the China Aviation Advisors Group.
Aengus Kelly
Chief Executive Officer and Executive Director, AerCap
Mr Kelly was appointed Executive Director and Chief Executive Officer of AerCap on May 18, 2011. Previously he served as Chief Executive Officer of AerCap's U.S. operations from January 2008 to May 2011. Mr. Kelly served as AerCap's Group Treasurer from 2005 through December 31, 2007. He started his career in the aviation leasing and financing business with Guinness Peat Aviation (GPA) in 1998 and continued working with its successors AerFi in Ireland and debis AirFinance and AerCap in Amsterdam. Prior to joining GPA in 1998, he spent three years with KPMG in Dublin. Mr. Kelly is a Chartered Accountant and holds a Bachelor's degree in Commerce and a Master's degree in Accounting from University College, Dublin.
Neil Sorahan
Chief Financial Officer, Ryanair
Neil Sorahan was appointed Chief Financial Officer of Ryanair in October 2014, having previously served as its Finance Director from June 2006. Prior to that, he was Ryanair's Group Treasurer from January 2003. Before joining Ryanair, Neil held various finance and treasury roles at CRH plc, the international building materials group (June 1992 to December 2002).
John Slattery
President & Chief Executive Officer of Embraer Commercial Aviation and EVP, Embraer
John is President & Chief Executive Officer of Embraer Commercial Aviation and EVP at Embraer S.A. John joined Embraer in 2011 as Vice President, responsible for Customer Finance, Asset & Risk Management. The following year John was appointed SVP and Chief Commercial Officer, taking on broader executive responsibilities incorporating worldwide sales of commercial aircraft and services. In 2016 John was appointed President & CEO of Embraer Commercial Aviation and, as an EVP, joined the management board of Embraer S.A. Prior to joining Embraer, John spent fifteen years in executive roles at various leading commercial aerospace advisory, leasing, and banking organizations. Of note, in 2001, John was a co-founder of RBS Aviation Capital (now SMBC Aviation Capital; at the time the world's third largest lessor) and the firm's Managing Director in New York, responsible for leading the bank's commercial aircraft leasing and asset-backed lending to airline customers across the Americas. John is a Fellow at The Royal Aeronautical Society, President Emeritus of The Wings Club and Director Emeritus of ORBIS International. An AMP graduate of Harvard Business School, John was awarded an MBA from the University of Limerick and remains active at UL as an adjunct professor. John is a published author in the International Journal of Aviation Management with a 2017 paper entitled Strategy and Competitive Rivalry in the OEM Single Aisle Market.
Robert Morin
Managing Director, AFIC, Marsh
Since June 2017, Robert Morin has been the Managing Director, Transaction and Business Development Leader of the Aircraft Finance Insurance Consortium (AFIC), a groundbreaking collaboration between Marsh and a panel of highly-rated global insurance companies to offer a new way to protect the financing of purchases of Boeing commercial aircraft. Prior to the launch of AFIC, Mr. Morin was the SVP of Business and Product Development at the Export-Import Bank of the United States (EXIM Bank), and, prior to that, the Vice President of EXIM Bank's Transportation Division for more than 15 years. During his time leading the Transportation Division, Mr. Morin oversaw the successful expansion of EXIM Bank's aircraft financing program, as it grew from a portfolio of approximately 300 aircraft to more than 1,100 commercial aircraft leased to airlines and aircraft leasing companies around the world and securing more than $50 billion in EXIM Bank loan guarantees. Mr. Morin was also responsible for pioneering new products and initiatives including EXIM Bank's hugely successful capital markets product.
Joe Gill
Contributing Editor, Aviation Finance
Joe is Contributing Editor, Aviation Finance, at: aviationfinance.aero the world-leading fortnightly publication on the financing and economics of air transport, and Director of Corporate Broking in Goodbody Stockbrokers.
Peter Barrett
CEO, SMBC Aviation Capital
Peter is Chief Executive Officer of SMBC Aviation Capital, a position he has held since 2004. Barrett has been active in aircraft leasing and finance for over 25 years, initially working for Guinness Peat Aviation (GPA) where he specialised in aircraft cross border tax leasing and securitisations. Peter holds a B.Eng from University College Cork (UCC).
Ruth Kelly
Chief Executive Officer, Goshawk
In the space of just five years CEO Ruth Kelly has taken Goshawk Aviation from startup to a 'top 10' best-in-class, full-service aircraft leasing platform. Demonstrating innovation in its approach to both sides of the balance sheet, under Kelly's leadership Goshawk has emerged as one of the most creative and dynamic platforms in the aircraft leasing business today.
Bart Ligthart
Head of Trading and Portfolio Management, AerCap
Mr. Ligthart joined the AerCap Trading team in 2007. He was appointed to the position of Head of Trading and Portfolio Management in 2018. Mr. Ligthart has 11 years of experience in aircraft trading and portfolio management in both wide and narrow body aircraft. Prior to joining AerCap he worked at Deloitte and Touche in Amsterdam where he served as Manager Transactions Services. Mr. Ligthart received his B.A in Commercial Economics from Inholland University, and his MSc in Finance Management from from Nyenrode Business University.
Mal Cowley
Business Development Director, IBA Group
Mal manages IBA's Dublin office, and is responsible for group sales and the regional commercial operations. Mal has over 30 years experience gained in various roles within the aviation sector working with Aer Lingus, Airmotive Ireland, Lufthansa Technik and Aerothrust. He has an extensive background in engineering, customer service, supply chain, production management and leasing. Mal is a Chartered Engineer and holds B.E. and MBA degrees from University College Dublin.
Edel O'Connor
Business Development Manager, Irish Maritime Development Office (IMDO)
Dr. Edel O'Connor is the business development manager for the Irish Maritime Development Office at the Marine Institute. In recent years, Edel has led the strategic development of the national marine technology programme and SmartOcean initiative to 'marinise' Ireland's strengths across ICT and engineering into new areas of the blue economy. In this role, Edel has led the development of international partnerships across research and industry, supporting the growth of Ireland's reputation as a compelling place to do business in this sector. Edel has also been closely involved with the strategic development of actions associated with Ireland's Integrated Marine Plan -Harnessing Our Ocean Wealth, and in particular led a number of highly successful events promoting Ireland's digital ocean opportunity.
Helane Becker
Managing Director, Industrials/Consumer - Airlines, Cowen
Over a Wall Street career spanning 30 years Cowen MD Helane Becker has become renowned as a stand-out analyst in the airline and aircraft leasing sectors, with an unparalleled understanding of the dynamics of the business. Frequently ranked as top aviation analyst across the sector Becker's depth of experience shows through in her thought leadership and analysis of how the often complex variables of the aviation sector will play out.
Betsy R. Snyder
Director Corporate & Government Rating, S&P Global Ratings
Betsy R. Snyder is a Director in S&P Global Ratings Corporate Ratings group. She joined the company in 1990 and specializes in coverage of transportation companies, including aircraft lessors and the airline industry. She also works extensively on Structured Finance transactions related to her areas of specialization. Prior to joining S&P, Betsy was an equity research analyst for Merrill Lynch and L.F. Rothschild.
Mark O'Kelly
Group CFO, ASL Aviation Group
Mark is Group Chief Financial Officer at ASL Aviation. During his time at ASL the business has tripled in size from a turnover base of €300m to almost €1bn in 2017. Mark has led global financings totaling over $200m over the last 12 months, global systems implementations including Hyperion and SAP as well as leading Due Diligence teams on ASL Group acquisitions. The most recent of these acquisitions was the acquisition of TNT Airways acquired from the TNT Group in 2016.
Petrina Smyth
Associate Partner, Business Tax Advisory, EY
Petrina Smyth is an Associate Partner in EY's Financial Services Organisation, with more than 15 years' experience advising international financial institutions, investment funds and leasing companies on taxation. Her focus is on structured finance transactions and asset leasing, in particular aircraft leasing. Petrina's recent experience includes advising on the establishment and financing of aircraft leasing structures and aircraft investment platforms and on the disposal and acquisition of aircraft portfolios. Petrina has also advised on numerous securitisation transactions, including the securitisation of hire-purchase contracts, pan-European and Irish distressed debt and ABS transactions. Petrina is a graduate of Trinity College Dublin and the University of Oxford, and is qualified as a solicitor in Ireland and in England and Wales. She is also an Associate of the the Institute of Taxation in Ireland (AITI).
Kieran Corr
Head of Aviation Finance, Standard Chartered
Kieran Corr is the Head of Aviation Finance at Standard Chartered and Chief Executive Officer of Pembroke Group Limited, a wholly owned subsidiary of Standard Chartered PLC. Prior to joining Pembroke, Kieran trained as a Chartered Accountant with KPMG and subsequently held various leasing and risk management positions in GPA Group plc and GE Capital Aviation Services. In addition, Kieran worked for GPA Technologies, the division of GPA Group which focussed on investments in aircraft related companies including entities involved in airframe maintenance, engine component repair, engine leasing and aircraft refurbishment. Joining the aerospace sector in 1990, Kieran has over twenty six years aviation industry experience.
John Leenane
Head of Trading, CDB Aviation
John Leenane is Head of Trading at CDB Aviation. Mr. Leenane has extensive experience in the aircraft operating leasing industry and brings deep expertise to CDB Aviation's leadership team in areas such as lending, financing, trading, pricing, portfolio management, aircraft acquisition, and development of strategic relationships. Prior to CDB Aviation, Mr. Leenane was Regional Director, Europe & Asia - Financial Institutions Group at CIT Aerospace.
Michael Mainelli
Director, FCCA FCSI FBCS, Z/Yen Group Limited
Professor Michael Mainelli FCCA FCSI FBCS Co-founded Z/Yen, the City of London's leading commercial think-tank and venture firm, in 1994 to promote societal advance through better finance and technology. A qualified accountant, securities professional, computer specialist and management consultant, educated at Harvard University and Trinity College Dublin, Michael gained his PhD at London School of Economics. He is an Alderman of the City of London and Master of the Worshipful Company of World Traders.
Pieter Burger
Partner, Financial Services Taxation, Deloitte
Pieter is a Partner in the Financial Services Tax department of Deloitte Ireland and currently leads the Irish firm's Aircraft Leasing & Finance Tax Group. Pieter has more than 15 years' experience advising on international corporation tax and Irish domestic tax matters, including aviation finance, banking, corporate treasury and structured finance. During his professional career, Pieter has acted as tax adviser to a number of multinationals, public bodies, large indigenous corporates, and other clients in the Aviation, Financial Services, Shipping, Energy & Resources, and Food & Beverage industries. He is a qualified lawyer and Associate of the Irish Taxation Institute. He also currently serves on the committee of the Irish Association of Corporate Treasurers and represents Deloitte Ireland at the Irish Debt Securities Association. Throughout his career, Pieter has contributed widely to a number of publications and has presented extensively on corporation tax matters both in Ireland and abroad. Pieter was also a lecturer on the Irish Taxation Institute's Certificate in Leasing Taxation programme.
Kieran O'Keefe
Managing Director, Aviation Financial Consultancy, DVB Bank
Kieran O'Keefe is a Managing Director and Head of the Aviation Financial Consultancy division of DVB Bank based in London. His current responsibilities include advising airlines and lessors on raising finance and developing new investor markets for aircraft financing. From 2011 to 2013 he was based in DVB's Singapore office covering Asia. Kieran has worked in the aviation and investment banking sectors for the past 29 years, involved primarily in the areas of structured finance, advisory and aircraft operating leasing. During that time he has completed financings for aircraft worth over 7.0 billion.
Simon Finn
Senior Vice President, DVB Bank
Simon Finn is a Senior Vice President at DVB Bank. He is an analyst working in DVB's Aviation Research group. The group is responsible for the bank's aviation asset and aircraft market analysis activities. He has been with DVB since 2006. Simon has previously worked (i) at Airbus in marketing; (ii) at IBA Group Ltd as Head of Valuations and; (iii) at Virgin Atlantic Airways. He is an ISTAT-certified aircraft appraiser and his views are expressed regularly in articles published about the aviation industry.
David Kerr
Deputy CEO, Eirtech Aviation Services
David Kerr is Deputy CEO of Eirtech Aviation Services and CEO of Eirtech Composites. A graduate of UCD with a degree in Commerce David went on to train as a Chartered Accountant with KPMG. David went on to lead various manufacturing businesses from plc's to private entities and joined Eirtech in 2017. With a wealth of business development and international experience Eirtech has continued to grow in a structured and managed way into one of the largest Engineering Services providers in Europe.
Alan Buckley
SVP Aircraft Trading, GECAS
Alan Buckley is SVP Aircraft Trading at GECAS. He is responsible for aircraft trading outside of the US and mature aircraft sales worldwide for the the world's largest lessor fleet.
Peter Moylan
Managing Director - Aviation Finance, Standard Chartered Bank
Peter is Managing Director - Aviation Finance at Standard Chartered Bank where he is responsible for aircraft trading. Peter has 23 experience in the sector with Standard Chartered, and the aircraft leasing business it acquired, Pembroke Capital in a variety of senior management roles including CFO. He trained as an accountant with KPMG and holds degrees from University College Dublin and the Marketing Institute.