The Aviation Finance Conference, (AFCDublin 2019)
15th October 2019
The Aircraft Trading Agenda for 2020:
Aircraft Trading, the financial and legal aspects of dealmaking, and the aviation finance function and trading desk of the future were in focus at this landmark conference for cutting edge leasing, aviation finance and advisory firms.
It featured cutting edge discussions between the leaders of the aircraft leasing industry - at a critical moment in the financial cycle. This is to quote AFC2019's opening keynote speaker, the incoming (2 year term) president of ISTAT, the world's largest representative body of professional aircraft traders and valuers: aircraft trading is 'still only in its infancy', Gerry Butler, CMO of Merx Aviation.
The high level focus continued with on stage interviews with Aercap CEO Aengus Kelly, whose aircraft trading revenues are approaching $3bn for 2019, and China Policy Bank, CDB aircraft leasing arm, President and CCO Patrick Hannigan of CDB Aviation, with Aviation Finance contributing editor Joe Gill.
At the heart of the conference, AFCDublin 2019 was our first ever CFO Forum, entitled the 'Finance Function of the Future' with The Chief Financial Officers of Avolon, SMBC, Standard Chartered Aviation Finance, and DAE Capital, chaired by EY's Danny Buckley. Their session was preceded by an address by Virginia Fox, Head of Risk of GECAS.
The future focus, as well as the present course of the trading cycle were at the heart of trading and investment sessions with the heads of trading of major leasing companies, such as Michael Weiss, Head of Aircraft Trading, SMBC Aviation Capital, GECAS's Alan Buckley, Bart Ligthart, Head of Trading and Portfolio Management, AerCap, John Leenane, Head of Trading, CDB Aviation, Paraic Quinn, Senior Vice President Aircraft Trading, Avolon, and Peter Blakeney, Vice President, Aircraft Trading, Carlyle Aviation Management Limited.
The Trading Desk of the future was a topic on the agenda, as were the latest developments in the Aviation Working Group's GATS initiative, which were discussed along with other innovations in trading, including the potentials of blockchain, and other experiments on digitalising leases, from a trading and accounting perspective.
The final session of AFCDublin examined the changing tax environment in the major jurisdictions, including Ireland and Hong Kong, as well as assessment of legal issues form an aircraft domicilation, leasing contracts, and jurisdictional questions across the lead aviation jurisdictions globally, as an introduction to the issues on the agenda for Financial Centres Summit, Dublin, 2019, FCSDublin, 2019, which was held in Dublin Castle on October 16th. FCSDublin 2019's star studded cast of speakers included Ken Clarke, MP, QC, father of the House of Commons, the Chair of the USA Securities & Exchange Commission, Jay Clayton, and the Irish Chief Justice, Frank Clarke, speaking on the role of Irish courts in international financial dispute resolution - important from a Cape Town Convention point of view.
AFCDublin 2019 featured panels, and keynote addresses and interviews with aviation financing leaders, with analysts and traders from firms that represent over half of the global commercial aircraft trading market. AFCDublin 2019 built on the insights of AFCDublin 2018, which also featured, as speakers, the CEOs of 40% of the world's leased aircraft fleet. AFCDublin 2019 provided an important input into the agenda for state of the art aircraft financing in 2020.
AFCDublin 2019 also featured many of the insights from Aviation Finance's analysis in 2019 to date, and consistent with where we are at in the cycle, as volatility rises and downward pressures persist on interest rates, Aircraft Trading was a key theme of this year's conference agenda.
President ISTAT & Chief Marketing Officer, Merx, President ISTAT, & Merx Aviation Finance Assets Ireland Ltd
The newly elected president for a 2 year term, of ISTAT, Gerry Butler is CMO of Merx Aviation Finance Assets Ireland Ltd. Founded in 1983, the International Society of Transport Aircraft Trading (ISTAT) currently represents over 5,000 members worldwide who are involved in operating, manufacturing, maintaining, selling, purchasing, financing, leasing, appraising, insuring and other activities related to commercial aviation. Mr. Butler joined Merx in 2015 to head the Dublin office and operations and serves as global head of marketing.
Minister of State at the Department of Finance, Department of Finance, Ireland
Michael D'Arcy TD is Minister of State at the Department of Finance and the Department of Public Expenditure and Reform with special responsibility for Financial Services and Insurance. He previously served as a Senator from 2011 to 2016 during which time he served as Government Spokesperson on Finance in the Seanad and served on the Oireachtas Banking Enquiry. He also served on the Oireachtas Committees on Finance and Agriculture, Food and the Marine. He has said that he believes that 'the most important traits in a public representative are honesty, accountability and integrity'.
President & Chief Commercial Officer, CDB Aviation
Pat Hannigan is President and Chief Commercial Officer of China Development Bank-owned CDB Aviation, the wholly owned Irish subsidiary of China Development Bank, the world's largest development finance institution. He was a founding shareholder of Avolon in 2010 and served as CEO of Avolon's leasing joint venture with Wells Fargo. Previously, Hannigan served as Senior Vice President, Marketing, for RBS Aviation Capital (now SMBC). He also held the role of Vice President Marketing at GE Capital Aviation Services, where he managed the pricing and marketing support function, as well as led the development of the company's operations in the Middle East and Africa.
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.
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.
Chief Financial Officer, Standard Chartered Aviation Finance
Chris Helme is the CFO of Standard Chartered Aviation Finance. Based in based in Dublin, Ireland they have offices in Limerick, Hong Kong, London and Singapore. Their aviation business owns and manages a portfolio of over 100 aircraft on lease to over 30 of the world's leading airlines. Aviation Finance's product offering includes provision of aircraft financing and leasing solutions, lease management and remarketing services to targeted clients on a global basis.
Chief Risk Officer, GE Capital Aviation Services
Virginia Fox is Chief Risk Officer of GE Capital Aviation Services.
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.
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.
Vice President, Aircraft Trading, Carlyle Aviation Management Limited
Peter is Vice President Aircraft Trading at Apollo Aviation Group, now acquired by The Carlyle Group, and is a Member Board of Directors of The International Society of Transport Aircraft Trading (ISTAT).
Head of Aircraft Trading, SMBC Aviation Capital
Michael Weiss is responsible for the Aircraft Trading team in SMBC Aviation Capital. During his 25 year career, Michael has worked in a small number of financial institutions around the world, including Swiss Bank Corporation, Australia and New Zealand Banking Group (both in London and Singapore) and Investec Bank PLC, where he was Head of Aircraft Finance. Michael graduated from Manchester University with a BSc in Aeronautical Engineering.
Partner, Tax, Financial Services Group EMEIA, Head of Aviation Tax Practice, EY
John is Head of Aviation Tax Practice in Ireland for EY, and has over 20 years' experience in financial services. John has provided transaction and vendor support and advisory services to aircraft lessors around the globe. He has been involved in a number of large transactions and acquisitions in the sector, and has helped lessors with structuring of equity and debt financing.
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.
Non-executive director and aviation consultant., M.J. McMahon & Company Limited
John led the initial public offering and New York Stock Exchange listing of Genesis Lease Limited, a global aircraft leasing company, where he served as Chairman and CEO from 2006 until its merger with AerCap in 2010. Previously, he held senior management positions at Lloyds TSB Bank and debis AirFinance (now AerCap) and executive roles at GE Capital Aviation Services, GPA Group and Aer Lingus. His non-executive directorships include BNP Paribas Ireland (Chairman) and Genesis Aircraft Services
Chief Financial Officer, Avolon
Andy Cronin is the Chief Financial Officer at Avolon, and is responsible for leading the Finance and Capital Markets Teams. In this role he has successfully led Finance and Capital Market teams through numerous capital raises, debt issuances, successfully listing Avolon on the NYSE, privatizations and subsequent corporate acquisitions. Prior to joining Avolon, Andy served as SVP Investor Markets at RBS Aviation Capital with responsibility for disposal, financing and debt syndication of operating lease and structured debt products to a wide pool of investors and banking communities. Before working at RBS Aviation Capital, Andy worked in numerous commercial and operational roles at FLS Aerospace. Andy has a Bachelor of Engineering and a Masters of Industrial Engineering, both with First Class Honours from University College Dublin.
FS Financial Accounting Advisory Services Leader, EY
Danny Buckley leads EY's FS Financial Accounting Advisory Services (FAAS) team. The focus of FS FAAS is supporting CFOs in meeting the ever-changing demands on their agenda. Danny has more than 20 years' industry and practice experience spanning finance (consumer banking, corporate banking and markets/treasury), corporate finance (recapitalisation of the banks, mergers and acquisitions, restructuring of the Irish banking system), financial services audit and transaction advisory services. Danny has considerable experience in IFRS accounting, treasury accounting (XVAs, hedging, IBOR / benchmark reform), leading and delivering change, risk-adjusted return on capital / ROE, budgeting and planning, business partnering, cost change programmes and leading large teams (both project and business as usual).
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.
Member of Parliament, QC,
Kenneth Clarke has been the Member of Parliament for Rushcliffe since 1970. He held several Ministerial offices in the Governments of Margaret Thatcher and John Major - as Secretary of State for Health, Secretary of State for Education and Science, Home Secretary and Chancellor of the Exchequer. During a period in opposition he combined his duties as an MP with a variety of business appointments and chaired the Conservatives' Democracy Task Force and as Shadow Secretary of State for Business, Enterprise and Regulatory Reform. On the Conservatives' return to Government in 2010 he served as Lord Chancellor and Secretary of State for Justice.
In 2014 he became Minister without Portfolio, working to develop key trade relationships on the Prime Minister's behalf. He had an advisory brief on the economy and also sat on the National Security Council. He returned to the back benches in July 2014.
Chairman, Securities and Exchange Commission (SEC)
Jay Clayton was nominated to Chair the U.S. Securities and Exchange Commission on January 20, 2017 by President Donald J. Trump and sworn in on May 4, 2017. Prior to joining the Commission, Chairman Clayton was a partner at Sullivan & Cromwell LLP, where he was a member of the firm's Management Committee and co-head of the firm's corporate practice. From 2009 to 2017, Chairman Clayton was a Lecturer in Law and Adjunct Professor at the University of Pennsylvania Law School.
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.
Chief Financial Officer, DAE Capital
Jennifer joined AWAS in June 2008 as Chief Accounting Officer and was promoted to the role of Chief Financial Officer in October 2017.
Prior to joining AWAS, Jennifer was Head of Investor Relations with Eircom the main telecommunication provider in Ireland, she also worked in Westpac Banking Corporation in Sydney, Australia and Bayer Diagnostic Group in Ireland.
Chief Financial Officer, SMBC Aviation Capital
Barry is Chief Financial Officer with responsibility for finance, treasury, corporate accounting, taxation and information technology. He joined the company in 1997 and was appointed to the Board of Directors in 2007. Barry holds a degree in Psychology and Economics from Trinity College Dublin and is a fellow of the Institute of Chartered Accountants in Ireland.
Managing Director, Head of European Transport Equity Research, Credit Suisse
Neil Glynn is the Head of the European Transport team at Credit Suisse, covering European Airlines and Logistics, and Global Transport Sector Coordinator. Before joining Credit Suisse in 2009, Neil covered the Airline sector for NCB Stockbrokers, held the role of Credit Officer at CIT Aerospace International and worked in Financial Control and Corporate Banking at AIB Group. Neil is a Fellow of the Institute of Chartered Accountants in Ireland, a CFA Charterholder and holds a BA in Accounting & Finance from Dublin City University.
Partner, Aviation Finance, EY
John McCormack is an audit partner in EY's Financial Services Organisation and has over 20 years' experience in the provision of audit, accounting and regulatory services to high-profile international financial services clients. He is also the Assurance Sector Leader for Leasing in Ireland. John has particular experience in IFRS, US GAAP and Irish GAAP and has been involved in both audit and advisory of a number of multinational companies implementing internal control systems for compliance with the requirements of SOX 404. He has also experience working with clients through a full IPO process to a listing on a US exchange. His clients are engaged in a broad range of industries, including Financial Services, Treasury and Leasing. John qualified as a Certified Accountant in 1995 and is a Fellow of the Institute of Certified Accountants.
Partner, Finance,, A&L Goodbody
Seamus O Croinin is a Partner in A&L Goodbody's Finance Department and specialises in asset, property and structured finance. Seamus has a particular focus on aviation finance and his clients include European and US credit institutions, private equity investors and aircraft lessors. Seamus also advises European and Irish credit institutions and large corporate borrowers in relation to Irish corporate lending transactions. He has acted for a number of private equity investors in connection with Irish loans/asset portfolio disposals.
Senior Vice President Aircraft Trading, Avolon
Paraic Quinn, Senior Vice President, Aircraft Trading. Paraic joined Avolon in 2012 and is responsible for the origination of aircraft trading and structured finance transactions with investors and lessors globally. Previously, Paraic had responsibility for managing transaction and portfolio credit risk within the airline environment.
Prior to joining Avolon, Paraic spent 5 years working in Institutional Equities. Paraic began his professional career with Deloitte where he trained and qualified as a Chartered Accountant.
Paraic holds a Bachelor in Electronic Engineering and a Masters in Applied Computing, both from National University of Ireland Galway, a Professional Diploma in Accounting from Dublin City University and is a Fellow of Chartered Accountants Ireland.
Senior Analyst, Goodbody Stockbrokers
Mark Simpson has over 30 years of experience in capital markets on three continents. In the early 1990s he was ranked the No.3 to No.1 European Airline analyst over a number of years when working at UBS and HSBC James Capel. He then moved to Hong Kong in 1993, where he maintained coverage of the airline sector on a more regional basis, including being involved with the restructuring of Cathay Pacific's shareholdings and the Qantas IPO. After moving to Australia in 2007, he maintained more of a watching brief on the sector but returned to cover the listed airlines full-time in 2014 when he joined Goodbody.
Contributing Editor, Aviation Finance
John Stanley is a Contributing Editor at Aviation Finance. An experienced financial journalist and communications consultant, he has worked with the BBC and Irish Press group of newspapers and was for many years a Business Editor at The Irish Times.
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