Aircraft Finance 2013

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Top 10 Lessors by Fleet Value
Top 50 Lessors and Management Companies by Fleet Value
Top 50 Lessors and Management Companies by Fleet Size
Finding the funds

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Aircraft Finance 2013

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  3. 3. Aircraft Finance 2013 | Flightglobal Insight | 3 Aircraft finance 2013 foreword Welcome to Flightglobal Insight’s Aircraft Finance Special Report 2013 brought to you in association with CFM International and prepared using information from the extensive Flight Premium portfolio. The report provides an analytical overview of the year 2012 looking at order and transaction activities, the finance and leasing markets, as well as opinions from the appraiser community regarding the year ahead. The year 2012 ended with an Airbus and Boeing order backlog of 9,055 aircraft, up 847 units on the previous year. This is a new record for the year-end commercial aircraft backlog. The previous record was 2010 with 8,502 units. Net orders for Airbus and Boeing totalled 2,036 aircraft in 2012, compared with 2,224 in 2011. AlthoughAirbus’s output rose by 10% in 2012 to a record 588 deliveries, its US rival surpassed the European airframer’s tally by 13 aircraft. Boeing’s total of 601 deliveries represents the manufacturer’s second-highest airliner output ever, and is just 14 units shy of its record 620 shipments in 1999. The European manufacturer handed over 455 aircraft single- aisle aircraft last year, representing 88% of total deliveries. In comparison, the 737 represented 69% of Boeing’s deliveries in 2012. Year-on-year backlog at Airbus increased by 245 aircraft to 4,682 units, while Boeing recorded 4,373 units at year-end, 602 more than in 2011 as the US manufacturer sold 914 Max aircraft. Although Boeing traditionally has been more conservative with single-aisle production rates, it is catching up with Airbus now. During the past two years, 737 production has risen by more than 20% to 38 aircraft. Rates will increase again to 42 a month in the first-half of 2014 and, at that time, 737 production rates will match those of the A320 family. On the longhaul side, the A330/A340 production rate was 9.6 aircraft a month last year, up from 7.25 in 2011. Airbus handed over 30 A380s in 2012, up from 26 in 2011. Boeing delivered 26 767s last year compared with 20 in 2011. The 787 model production rate was 3.8 aircraft a month on average, with the 777 production line almost reached seven aircraft a month, up from 6.1 aircraft in 2011. With the full implementation of the new Aircraft Sector Understanding (ASU) this year, the cost of aircraft financing will become more expensive. The new ASU raises the export credit premium for all borrowers, but the rise is steeper for those with a better credit rating. Higher-risk airlines will still pay more than they do now but not as much proportionally, making export credit less attractive to stronger airlines. Higher pricing under the new ASU will push airlines towards commercial debt financing and operating leases, says Kostya Zolotusky, Boeing Capital’s managing director capital markets, leasing. He believes aircraft leasing will continue to be a “very strong market”, growing at a faster rate than seen in the past decade. “Airlines will rent rather than buy aircraft and so we see the number of aircraft in the global fleet that are on operating leases going towards 50% this decade.” Leasing companies increased their market share to 40% of new deliveries atAirbus in 2012. The European manufacturer handed over 122 new aircraft directly to operating lessors last year out of a total of 588 aircraft, representing a 21% market share. Another 114 units were acquired by lessors under purchase and leaseback agreements during the year. Operating lessors are expected to represent 23% of Airbus direct deliveries this year. Increased appetite from the capital markets for commercial aircraft will likely see more US Export-Import Bank (Ex-Im) guaranteed bonds and pre-funded bond transactions. According to data compiled by Boeing Capital and Flightglobal, Ex-Im bond issuances totalled $5.6 billion in 2012. This compares with $587 million worth of transactions in 2011 and $2.48 billion in 2010. The final quarter of 2012 was particularly active with 12 transactions worth $2.3 billion. Last year, Latam Airlines Group emerged as the largest Ex- Im bond issuer with an estimated $1.8 billion in financing. This report ludes a breakdown of aircraft finance transactions which took place in 2012. This information has
  4. 4. Aircraft finance 2013 4 | Flightglobal Insight | Aircraft Finance 2013 flightglobal Finance olivier bonnassies: editor flightglobal insight Antoine Fafard: manager flightglobal data research steven Phipps: flightglobal ascend Cover photo: WestEnd61/Rex Features been extracted from the Flightglobal reports and Ascend’s database. It has been displayed in various ways, enabling you to browse through the deals by operator, aircraft model, month, value and participant. Finally, the report offers opinions from appraisers at Ascend, Collateral Verifications, IBA Group, ICF SH&E and Tailwind Capital, who reflect on 2012 and provide insight into what we might expect this year. We hope that you find this information useful and that the Aircraft Finance Special Report 2013 will be a helpful reference source of closing all your aircraft transactions this year. FINANCE INTERACTIVE Airline Business and aviation finance specialist DVB Bank have teamed up for the third annual interactive special to scrutinise this market. Published in parallel with the annual financing and leasing survey found in the Airline Business February issue, the special report tackles the key issues facing the sector through an interactive format. Topics explored this year lude how the leasing sector is reasing its proportion of the world fleet, and the issue of airliner economic lives. The airlines’ 2013 financing requirements and the likely changes in funding sources are also examined. Leading experts and analysts in the sector were asked for their views on these major issues. These lude Nigel Taylor of EADS and Boeing’s Kostya Zolotusky; Bertrand Grabowski and Bert van Leeuwen of DVB Bank and analysts Rob Morris and Paul Sheridan from Flightglobal’s consultancy arm Ascend. The online special also orporates a range of data presented in interactive format, giving snapshots of the largest lessors, funding sources and financing forecasts by region. Download the Airline Business finance interactive at: flightglobal.com/ifinance13
  5. 5. Aircraft Finance 2013 | Flightglobal Insight | 5 Aircraft finance 2013 Fleet Watch: 2012 Commercial aviation continues to grow 6 LEASING OUTLOOK Top 10 lessors by fleet value 9 Top 50 lessors and management companies by fleet value 10 Top 50 lessors and management companies by fleet size 11 Top 50 leasing survey 12 Finding the funds 13 Market outlook What appraisers expect in 2013 15 Deals database 2012 By customer 19 content To find out more about flightglobal insight and report sponsorship opportunities, contact: Flightglobal Insight Quadrant House, The Quadrant Sutton, Surrey, SM2 5AS, UK Tel: + 44 208 652 8724 Email: insight@flightglobal.com Website: www.flightglobal.com/insight Download an extended electronic version of this report at www.flightglobal.com/insight Insight
  6. 6. Aircraft finance 2013 6 | Flightglobal Insight | Aircraft Finance 2013 The year 2012 was another strong year for commercial aviation as a record number of aircraft were delivered and order backlog reached an all-time high at the end of the year. Net orders in 2012 The 2,582 net orders for 2012 represent a decrease of 11% on the previous year. Apart from the regional jet market, each market group received fewer orders. Boeing emerged as the leader in the 2012 commercial order battle with 1,191 net orders, their strongest year se the all- time high of 2007. Airbus totalled 833 net orders, a decrease of 43% on the previous year. Bombardier received 35 orders for the CSeries and 120 for their range of regional aircraft, while Comac took in 115 orders for the C919. Mitsubishi Regional Jet recorded an order of 100 MRJ90s, which are scheduled to be delivered from 2017. Embraer and Irkut received 56 and 35 net orders respectively in 2012. Narrowbody net orders decreased by 11% on the previous year with a total of 2,034 in 2012. Boeing lead with 1,112 narrowobody orders, including 914 for the re-engined 737 Max. Airbus received 739 orders of which 478 were for the A320neo. Widebody net orders came in at 173, a decrease of 48% on the previous year. Airbus took in 94 widebody orders while Boeing received 79. Regional jets benefited with a year-on-year increase of more than 100% in 2012. Indonesia’s Lion Air was responsible for the largest number of orders during the year as the operator ordered a total of 235 aircraft including 201 737 Max aircraft, 29 737 Next Generation (NG) aircraft and five 787s. Budget carrier Norwegian ordered the A320neo and 737 Max aircraft with 100 of each, as well as 22 737s. United Airlines ordered 100 737 Max and 50 737 aircraft while AirAsia ordered 100 A320s including 64 Neo aircraft. The 100 MRJ90 order came from US operator SkyWest Airlines in a deal valued at $8.4 billion at list price. Lessor Air Lease ordered a total of 119 aircraft (75 737 Max, 36A320neo, fourATR 72s, threeA330s and a single Embraer 175) while GECAS ordered 91 aircraft (75 737 Max, 14 737s and two E-195s). Other large orders came in during the year from Pegasus Airlines with 75 A320neo and BOC Aviation with 53 A320s (including 25 Neo) and 20 C919s. Commercial aircraft deliveries in 2012 A total of 1,402 commercial aircraft deliveries took place in 2012 including 850 narrowbody and 305 widebody aircraft, an all-time high for both market groups. Regional jet and turboprop deliveries totalled 128 and 117, respectively. It was an aircraft delivery record year for both Airbus and Boeing. Airbus delivered 577 commercial aircraft, 60 more than the year before. The manufacturer delivered 448 A320s, 97 A330s, 30 A380s and two A340s. Boeing delivered a total of 580 commercial aircraft, a significant 26% increase on the previous year. The company delivered 402 737s, 83 777s, 46 787s, 26 767s and 23 747s. In the regional market, Bombardier and Embraer delivered 50 and 106 commercial aircraft, respectively.ATR also delivered 60commercialturboprops,anall-timehighforthemanufacturer. fleet watch: 2012 Commercial aviation continues to grow Numberofaircraft Year ending Source:Ascend Online Fleets (February 2013) 0 500 1,000 1,500 2,000 2,500 Narrowbody Jet Widebody Jet 2012201120102009200820072006200520042003 Narrowbody Jet Widebody Jet Regional Jet Turboprop AIRLINER MARKET 10-YEAR VIEW - NET ORDERSAirliner market 10-year view - net orders
  7. 7. Aircraft Finance 2013 | Flightglobal Insight | 7 Aircraft finance 2013 represents an increase of more than 1,000 aircraft on the previous year. At the end of 2012, Malaysian carrier AirAsia topped the backlog by operator listing with 339 A320 family aircraft, 264 of which are for the Neo variant. AirAsia was also the fleet manager leader with 389 aircraft on order. Lion Air followed the listing by operator with 329 737s on order, including 150 Max. Southwest Airlines and United Airlines show an order backlog of 321 and 299 aircraft respectively which they both own and manage. In the leasing market, GECAS, ILFC, Air Lease and Aviation Capital Group showed backlog figures of 286, 225, 244 and 185 respectively. From an operator region perspective, 44% of the commercial aircraft delivered in 2012 were for operators based in Asia- Pacific followed by Europe with 23%. Order backlog at 31 December 2012 Airliner backlog ended the year at 10,833, including 4,660 for Airbus and 4,380 for Boeing. The total backlog figure Numberofaircraft Year ending 0 300 600 900 1,200 1,500 Narrowbody Jet Widebody Jet Regional Jet Turboprop 2012201120102009200820072006200520042003 Source:Ascend Online Fleets (February 2013) Narrowbody Jet Widebody Jet Regional Jet Turboprop AIRLINER MARKET 10-YEAR VIEW - DELIVERIESAirliner market 10-year view - deliveries Numberofaircraft Year ending 0 2,000 4,000 6,000 8,000 10,000 12,000 Narrowbody Jet Widebody Jet Regional Jet 2012201120102009200820072006200520042003 Source:Ascend Online Fleets (February 2013) Narrowbody Jet Widebody Jet Regional Jet Turboprop AIRLINER MARKET 10-YEAR VIEW - BACKLOGAirliner market 10-year view - backlog Download an extended electronic version of this report including the deals by aircraft type at www.flightglobal.com/insight
  8. 8. Aircraft finance 2013 8 | Flightglobal Insight | Aircraft Finance 2013 NOTES: Figures extracted from Ascend Online Fleets from Flightglobal (February 2013). Regional split based on operator location (when available). Read the monthly FleetWatch summaries at: www.flightglobal.com/fleetwatch Regional overview for commercial aircraft in 2012 NORTH AMERICA europe souTH AMERICA asia-pacific africa middle east 2012 net orders: 670 2012 deliveries: 167 Backlog (31 Dec): 2,678 2012 net orders: 270 2012 deliveries: 147 Backlog (31 Dec): 846 2012 net orders: 471 2012 deliveries: 319 Backlog (31 Dec): 1,918 2012 net orders: 4 2012 deliveries: 102 Backlog (31 Dec): 873 2012 net orders: 959 2012 deliveries: 617 Backlog (31 Dec): 3,955 2012 net orders: 18 2012 deliveries: 48 Backlog (31 Dec): 188
  9. 9. Aircraft Finance 2013 | Flightglobal Insight | 9 Aircraft finance 2013 Leasing outlook Top 10 lessors by fleet value Extracts from: GECAS $34.1bn -1.4% Aviation Capital Group $5.6bn 16.7% Air Lease $5.6bn 59.7% SMBC Aviation Capital $5.9bn -11.6% AWAS $6.1bn 18.6% CIT Aerospace $7.2bn -4.2% BOC Aviation $7.3bn 7.9% AerCap $7.7bn -8.8% BBAM $8.7bn 9.8% ILFC $26.1bn -6.0% TOP FLIGHT GECAS has kept its impressive lead in the leasing stakes. While its portfolio by fleet value dropped slightly in 2012 to $34.1 billion, there was a sharper decline at its nearest rival International Lease Finance (ILFC). Continued growth during the past 12 months has moved BBAM up to make it the third-largest lessor. HIGH RISERS Air Lease (ALC) marches on and less than three years after launch, a fleet portfolio of 151 valued at $5.6 billion puts it among the top 10 largest lessors in the world. Other rapid risers in 2012 lude Avolon, which grew its fleet value by 61% to $3.4 billion, and AWAS which grew by 19% to $6.1 billion. REGIONAL SHIFT Aircraft lessors hold a 20% share of the narrowbody aircraft backlog, and 12% of widebody orders. The latter is down on the 18% share lessors held five years ago. However, the biggest movement during that period is in regional jets. Lessors account for more than a fifth of the fleet backlog today, compared with only 3% in 2008. EASTERN PROMISE China Aircraft Leasing (CALC), which acquired 36 Airbus A320s last year, aims to build its portfolio to 100 aircraft by 2015, another sign of the growing development of the leasing sector in China. BIG DEALS Abusy year for acquisitions in the sector was capped in December when Chinese investors agreed to buy a 90% stake in ILFC from AIG. It marks a further shift to the east in the finance sector after Japanese acquisitions earlier in the year. In October, Mitsubishi UFJ Lease & Finance acquired fast-growing Jackson Square Aviation after Sumitomo Mitsui completed its purchase of RBS Aviation Capital at the start of last year. 1,635Lessors’ firm backlog as at the end of 2012, led by GECAS with 285 aircraft, followed by Air Lease with 244, and ILFC with 225 32%Aircraft lessors’ shares represent almost a third of the total global fleet and 42% of the Airbus and Boeing narrowbody market $181bnThe total fleet value of the top 50 aircraft lessors’ fleet portfolios in 2012, marking an increase of 6% over the previous year
  10. 10. Aircraft finance 2013 10 | Flightglobal Insight | Aircraft Finance 2013 Top 50 lessors and management companies by fleet value Rank Total fleet value Total Average value Managed only 2012 (2011) Company $m Change fleet $m Change $m Share 1 (1) GECAS 34,096 -1.4% 1,742 19.6 -0.7% 1,162 3.4% 2 (2) ILFC 26,123 -6.0% 1,033 25.3 -6.2% 946 3.6% 3 (4) BBAM 8,622 9.8% 332 26.0 8.2% 7,602 88.2% 4 (3) AerCap 7,707 -8.8% 297 25.9 0.2% 1,937 25.1% 5 (6) BOC Aviation 7,276 7.9% 198 36.7 -2.4% 702 9.6% 6 (5) CIT Aerospace 7,179 -4.2% 268 26.8 -6.0% 68 0.9% 7 (8) AWAS 6,131 18.6% 244 25.1 8.9% 116 1.9% 8 (7) SMBC Aviation Capital 5,913 -11.6% 232 25.5 -6.3% 0 0.0% 9 (12) Air Lease Corporation 5,618 59.7% 151 37.2 2.6% 0 0.0% 10 (9) Aviation Capital Group 5,582 16.7% 270 20.7 5.9% 170 3.0% 11 (13) Doric 4,046 35.6% 35 115.6 4.6% 4,046 100.0% 12 (14) CDB Leasing 3,795 32.1% 91 41.7 1.6% 0 0.0% 13 (10) Aircastle Advisor 3,769 1.1% 158 23.9 -10.4% 55 1.4% 14 (16) MC Aviation Partners 3,529 25.0% 110 32.1 -1.1% 788 22.3% 15 (23) Avolon Aerospace Lsg 3,414 61.3% 89 38.4 -5.8% 0 0.0% 16 (18) Pembroke Group 3,395 33.8% 97 35.0 3.4% 145 4.3% 17 (11) Macquarie AirFinance 3,179 -12.2% 149 21.3 -8.1% 350 11.0% 18 (17) ICBC Leasing Co 3,174 21.5% 82 38.7 -6.7% 124 3.9% 19 (21) Jackson Square Aviation 2,762 25.2% 65 42.5 -11.4% 0 0.0% 20 (15) Sumisho Acft Asset Mgt 2,621 -8.5% 86 30.5 -5.3% 989 37.8% 21 (25) DAE Capital 2,528 23.1% 51 49.6 13.5% 0 0.0% 22 (22) Hong Kong Avn Capital 2,301 4.6% 73 31.5 -2.6% 1,688 73.4% 23 (27) Guggenheim Avn Partners 2,278 29.4% 66 34.5 0.0% 0 0.0% 24 (28) ORIX Aviation 2,232 56.4% 120 18.6 14.7% 323 14.5% 25 (19) Boeing Capital Corp 2,135 -11.0% 236 9.0 -8.7% 185 8.6% 26 (24) Amentum Capital 2,067 -1.6% 45 45.9 -3.8% 2,067 100.0% 27 (20) FLY Leasing 2,024 -8.4% 110 18.4 -9.2% 0 0.0% 28 (26) ALAFCO 1,566 -18.8% 51 30.7 -4.4% 0 0.0% 29 (31) Nordic Aviation Capital 1,478 46.4% 174 8.5 26.2% 0 0.0% 30 (82) Changjiang Lsg Co 1,156 668.6% 50 23.1 -23.1% 0 0.0% 31 (30) Lease Corporation Int'l 970 -7.8% 12 80.9 -0.1% 970 100.0% 32 (29) SkyWorks Leasing 962 -21.8% 84 11.5 -8.8% 962 100.0% 33 (43) Santos Dumont Acft Mgmt 961 87.7% 25 38.5 20.1% 0 0.0% 34 (46) VEB-Leasing JSC 867 82.2% 41 21.1 -2.2% 0 0.0% 35 (34) Jetscape 853 8.7% 43 19.8 6.2% 325 38.1% 36 (58) Novus Aviation 786 157.8% 17 46.2 127.5% 515 65.6% 37 (33) Aircraft Leasing & Mgmt 738 -7.4% 35 21.1 11.1% 738 100.0% 38 (35) Investec Global Acft Fund 676 2.0% 19 35.6 -8.8% 172 25.5% 39 (32) Penerbangan Malaysia 666 -24.0% 37 18.0 -13.7% 0 0.0% 40 (37) Cargo Aircraft Mgmt 645 3.2% 75 8.6 6.0% 13 2.0% 41 (56) China Aircraft Lsg 607 94.6% 16 37.9 21.7% 0 0.0% 42 (48) AVIC International Lsg 587 35.6% 33 17.8 2.7% 6 0.9% 43 (38) Banc of America Lsg 540 -12.1% 36 15.0 0.1% 17 3.1% 44 (40) Dragon Aviation Lsg Co 537 -8.8% 17 31.6 -8.8% 0 0.0% 45 (36) Volito Avn Services 509 -18.7% 36 14.1 8.3% 0 0.0% 46 (39) GOAL 502 -15.9% 33 15.2 4.5% 0 0.0% 47 (116) BoCom Leasing 499 1248.4% 15 33.3 79.8% 0 0.0% 48 (41) VTB-Leasing 494 -14.5% 39 12.7 -16.7% 297 60.3% 49 (45) Aircraft Purchase Fleet 463 -4.0% 16 28.9 -10.0% 0 0.0% 50 (54) Aldus Aviation 457 41.8% 21 21.7 8.0% 0 0.0% TOTAL 181,015 6.1% 7,355 24.6 1.0% 27,477 15.2% Notes: Fleet value based on Ascend estimates 2012. FLY Leasing aircraft managed by BBAM, but not luded in BBAM figures to avoid double counting. 2011 rankings reworked due to new historical data for two lessors. RBS Aviation Capital acquired by SMBC. DEFINITIONS: Ranking: The survey is based on the Top 50 companies with a substantial operating lease business ranked by the value of their owned and/or managed fleets at the end of December 2012. Change: The change figures are based on fleets/values supplied by Flightglobal’s Ascend Online Fleets and Values databases for December 2012 and 2011. Operating lessors: Lessors are defined as those with an active operating lease business and a substantial investment in fleet. Companies that are solely or predominantly financiers have been excluded. Fleets & values: The survey represents a snapshot of fleets, including stored aircraft, with fair market generic values supplied by Ascend. Note the composition of fleets is constantly changing.
  11. 11. Aircraft Finance 2013 | Flightglobal Insight | 11 Aircraft finance 2013 top 50 lessors and management companies by fleet size Rank Total fleet Fleet by category Value 2012 (2011) Company number change units +/- Wide Narrow RJ/Prop Fleet ($m) Rank Average ($m) 1 (1) GECAS 1,742 -0.7% -13 194 1,102 446 34,096 1 19.6 2 (2) ILFC 1,033 0.2% +2 277 756 26,123 2 25.3 3 (3) BBAM 332 1.5% +5 33 297 2 8,622 3 26.0 4 (4) AerCap 297 -8.9% -29 44 246 7 7,707 4 25.9 5 (7) Aviation Capital Group 270 10.2% +25 11 259 5,582 10 20.7 6 (5) CIT Aerospace 268 1.9% +5 39 217 12 7,179 6 26.8 7 (9) AWAS 244 8.9% +20 50 192 2 6,131 7 25.1 8 (8) Boeing Capital Corp 236 -2.5% -6 18 209 9 2,135 25 9.0 9 (6) SMBC Aviation Capital 232 -5.7% -14 2 218 12 5,913 8 25.5 10 (10) BOC Aviation 198 10.6% +19 27 166 5 7,276 5 36.7 11 (12) Nordic Aviation Capital 174 16.0% +24 12 162 1,478 29 8.5 12 (13) Aircastle Advisor 158 12.9% +18 60 96 2 3,769 13 23.9 13 (17) Air Lease Corporation 151 55.7% +54 28 85 38 5,618 9 37.2 14 (11) Macquarie AirFinance 149 -4.5% -7 12 133 4 3,179 17 21.3 15 (15) ORIX Aviation 120 36.4% +32 17 100 3 2,232 24 18.6 16 (20) MC Aviation Partners 110 26.4% +23 28 82 3,529 14 32.1 17 (16) FLY Leasing 110 0.9% +1 6 104 2,024 27 18.4 18 (14) Falko 105 -16.7% -21 105 280 64 2.7 19 (22) Avmax Aircraft Leasing 99 19.3% +16 99 327 61 3.3 20 (24) Pembroke Group 97 29.3% +22 15 82 3,395 16 35.0 21 (28) CDB Leasing 91 30.0% +21 23 49 19 3,795 12 41.7 22 (29) Avolon Aerospace Lsg 89 71.2% +37 7 76 6 3,414 15 38.4 23 (21) Sumisho Acft Asset Mgt 86 -3.4% -3 6 77 3 2,621 20 30.5 24 (18) SkyWorks Leasing 84 -14.3% -14 17 46 21 962 32 11.5 25 (26) ICBC Leasing Co 82 30.2% +19 22 53 7 3,174 18 38.7 26 (23) Cargo Aircraft Mgmt 75 -2.6% -2 44 31 645 40 8.6 27 (27) Hong Kong Avn Capital 73 7.4% +5 17 50 6 2,301 22 31.5 28 (33) Guggenheim Avn Partners 66 29.4% +15 33 33 2,278 23 34.5 29 (25) Sky Holding 66 -8.3% -6 12 54 408 56 6.2 30 (34) Jackson Square Aviation 65 41.3% +19 6 59 2,762 19 42.5 30 (19) Saab Aircraft Lsg 59 -46.8% -52 59 98 85 1.7 32 (40) AerSale 54 42.1% +16 18 36 430 52 8.0 33 (48) ECC Leasing Co 54 50.0% +18 54 368 58 6.8 34 (32) Apollo Aviation Group 52 10.6% +5 16 33 3 427 53 8.2 34 (36) DAE Capital 51 8.5% +4 20 31 2,528 21 49.6 34 (30) ALAFCO 51 -15.0% -9 4 47 1,566 28 30.7 37 (38) Changjiang Lsg Co 50 8.7% +4 32 18 1,156 30 23.1 37 (63) GA Telesis 48 92.0% +23 15 21 12 387 57 8.1 39 (31) Aergo Capital 47 4.4% +2 44 3 97 86 2.1 39 (37) Amentum Capital 45 2.3% +1 14 26 5 2,067 26 45.9 41 (42) Jetscape 43 2.4% +1 6 37 853 35 19.8 42 (71) VEB-Leasing JSC 41 86.4% +19 19 12 10 867 34 21.1 43 (45) JetFleet Mgmt Corp 40 5.3% +2 40 107 84 2.7 44 (39) World Star Aviation 40 -11.1% -5 2 38 92 89 2.3 45 (47) VTB-Leasing 39 2.6% +1 14 23 2 494 49 12.7 45 (43) Penerbangan Malaysia 37 -11.9% -5 20 17 666 39 18.0 47 (44) Banc of America Lsg 36 -12.2% -5 8 20 8 540 43 15.0 48 (35) Volito Avn Services 36 -25.0% -12 36 509 45 14.1 49 (50) Ilyushin Finance Co 36 9.1% +3 7 20 9 62 101 1.7 50 (57) Doric 35 29.6% +8 27 8 4,046 11 115.6 TOTAL 7,796 3.8% +286 1,232 5,334 1,230 176,316 22.6 NOTES: Figures based on fleet data from Flightglobal’s Ascend Online database for December 2012. Total fleet is owned and managed. 2011 data recalculated on basis of top 50 lessors by fleet size, and not top 50 lessors by fleet value ranked by their fleet size, as published previously. SMBC Aviation Capital was formerly RBS Aviation Capital
  12. 12. Aircraft finance 2013 12 | Flightglobal Insight | Aircraft Finance 2013 top 50 leasing survey Our annual review of the lessors provides a snapshot of the global fleet that they own and manage, compiled from Flightglobal’s Ascend Online database as of December 2012 mainline aircraft: Leased fleet Manufacturer/category Type Value ($m) Fleet Av. value ($m) Airbus narrowbody A318 331 23 14.4 A319 9,903 637 15.5 A320 38,285 1,632 23.5 A321 7,872 300 26.2 airbus Narrowbody total 56,390 2,592 21.8 Airbus widebody A300 356 32 11.1 A310 115 21 5.5 A330 23,279 395 58.9 A340 2,568 100 25.7 A380 3,047 18 169.3 Airbus Widebody total 29,365 566 51.9 Airbus total 85,756 3,158 27.2 Boeing narrowbody 717 1,049 128 8.2 727 16 24 0.7 737 CFMI 2,549 756 3.4 737 JT8D 13 59 0.2 737 NG 49,809 1,841 27.1 757 2,994 293 10.2 DC-8 43 28 1.5 DC-9 1 6 0.1 MD-80 293 177 1.7 MD-90 60 12 5.0 boeing Narrowbody total 56,827 3,324 17.1 Boeing widebody 747 5,592 167 33.5 767 5,407 334 16.2 777 24,193 271 89.3 787 105 1 105.0 DC-10 5 7 0.7 MD-11 681 41 16.6 boeing Widebody total 35,983 821 43.8 Boeing Total 92,809 4,145 22.4 mainline aircraft grand total 178,565 7,303 24.5 regional jets: leased fleet Manufacturer Type Value ($m) Fleet Av. value ($m) Bombardier CRJ 1,030 285 3.6 CRJ700/900/1000 956 75 12.7 Bombardier total 1,986 360 5.5 Embraer E-170/175 1,440 80 18.0 E-190/195 5,128 205 25.0 ERJ-145 family 1,199 189 6.3 Embraer total 7,766 474 16.4 BAe Systems BAe 146/Avro RJ 234 76 3.1 Fokker Fokker F.28/70/100 189 60 3.2 Others 279 34 8.2 regional jet Grand total 10,454 1,004 10.4 Notes: Embraer data ludes Harbin Chinese production; Others ludes Antonov An-148; Fairchild/Dornier 328Jet; Sukhoi Superjet 100; Mainline total covers Airbus and Boeing only. * BBAM excludes FLY Leasing, whose portfolio is managed by BBM. Source: Returns to annual leasing survey and Flightglobal’s Ascend Online database. Survey data covers all firms with an active operating lease business and a substantial investment in fleet and is not restricted to top 50 aircraft lessors as previously published. Narrowbody lessors by fleet value Rank Company Value ($m) Fleet Change 1 GECAS 20,716 1,102 -21 2 ILFC 13,902 756 +6 3 BBAM 6,450 297 -1 4 SMBC Aviation Capital 5,647 218 -12 5 Aviation Capital Group 5,362 259 +25 6 AerCap 5,161 246 -31 7 CIT Aerospace 4,994 217 -1 8 BOC Aviation 4,660 166 +14 9 AWAS 4,106 192 +24 10 Avolon Aerospace Leasing 2,690 76 +28 Widebody lessors by fleet value Rank Company Value ($m) Fleet Change 1 ILFC 12,222 277 -4 2 GECAS 9,504 194 +7 3 Doric 3,867 27 +6 4 BOC Aviation 2,461 27 +2 5 AerCap 2,442 44 +2 6 Aircastle Advisor 2,380 60 +6 7 Air Lease Corporation 2,203 28 +11 8 BBAM 2,126 33 +4 9 AWAS 2,018 50 -3 10 CIT Aerospace 1,938 39 +0 Regional aircraft lessors by fleet size Rank Company Value $m Fleet Jets Tprops Change 1 GECAS 3,876 446 418 28 -3 2 Nordic Aviation Capital 1,442 162 5 157 +25 3 Falko 280 105 69 36 -28 4 Avmax Aircraft Lsg 327 99 32 67 +14 5 Saab Aircraft Leasing 98 59 0 59 -34 6 ECC Leasing Co 368 54 53 1 +17 7 JetFleet Management Corp 107 40 7 33 -1 8 Air Lease Corporation 1,008 38 30 8 +24 9 Jetscape 806 37 35 2 +4 10 Erik Thun AB 163 33 1 32 +1 turboprops: leased fleet Manufacturer Type Value ($m) Fleet Av. value ($m) ATR ATR 42 254 64 4.0 ATR 72 1,704 152 11.2 ATR total 1,958 216 9.1 BAe Systems ATP/Jetstream 31/41 79 54 1.5 Bombardier Twin Otter/Dash 8 1,778 219 8.1 Embraer EMB-120 17 13 1.3 Fokker 50 84 48 1.7 Saab 340/2000 275 133 2.1 Others 173 68 2.5 TOTAL 4,364 751 5.8 mainline/regional grand total 193,383 9,058 21.3
  13. 13. Aircraft Finance 2013 | Flightglobal Insight | 13 Aircraft finance 2013 finding the funds Record production means that airlines’ delivery finance requirements will increase by 15% this year to $100 billion, with banking activity likely to grow significantly The major airframers are set to deliver almost $100 billion worth of aircraft in 2013 as production rates in Airbus and Boeing’s plants surpass the record output of 1,190 units set last year. According to projections based on data from the Flightglobal’s Ascend Online database, almost $96 billion worth of aircraft will be delivered by Airbus and Boeing this year (applying 2013 full-life base values). A further $3 billion worth of metal will be shipped by Bombardier and Embraer. “We estimate that demand for finance is up by 15% this year over 2012,” says Flightglobal Ascend senior aviation analyst Rob Morris. Airbus will again be shaded by its US rival, shipping $42 billion of assets, compared with $53 billion from Seattle. Airbus will earn more from single-aisles, delivering $24.7 billion worth of A320 family aircraft against $22.6 billion worth of 737s. But Toulouse looks set to be beaten fair and square in the more lucrative widebody market, delivering $17.7 billion worth of A330s and A380s against an impressive tally of $30.8 billion in 747s, 767s 777s and 787s by Boeing. Well over two-fifths of the 2013 financing requirements will be from Asia-Pacific airlines, which will take $45 billion worth of airliners. “That’s 18% greater than last year,” Morris points out. Europe accounts for around a fifth ($20 billion) of the delivery financing needs, while North American carriers will need to find almost $15 billion in financing this year. Morris says that the North American figure is around 40% greater than 2012. Deliveries to Middle Eastern carriers will account for around $10 billion this year. Morris expects that export credit agency (ECA) activity will be broadly the same as 2012: “We estimate around $24.5 billion worth of ECA financings, despite the potential increase in cost,” he says. Bank activity is expected to grow significantly, with Asia Pacific driving much of that growth due to its greater funding requirements. Capital market activity is set to increase by as much as 50%. This will be driven by the increased value of deliveries to North American airlines, Morris says. “As for the assets, around 80% of deliveries will be types Ascend classes as ‘liquid’, and thus relatively easy to finance. That’s around the same ratio as last year and on this basis we expect finance will be found for the other 20%, as it was in 2012.” 2013 delivery values by category and region 2013 delivery values by airframer
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  15. 15. Aircraft Finance 2013 | Flightglobal Insight | 15 Aircraft finance 2013 Five appraisers review the market in 2012 and take a look ahead in 2013 Will there be a lot of order reshuffling this year? Collateral Verifications VP Commercial Aviation Services Gueric Dechavanne: “This will depend greatly on the state of the industry throughout the year. Should things keep moving at the same pace, we could see some deferrals from operators that were expecting 2013 to show more significant improvements that might be seen. This may be region specific though as some of the regions, such as North America, will most likely continue to take delivery of new aircraft, which are predominantly used as replacement aircraft versus growth aircraft.” ICF SH&E VP Ken de Jaeger: “ICF SH&E does not anticipate a material amount of order reshuffling in 2013 above and beyond what is typical in most years.” IBA Group’s head of valuations and modelling Stuart Hatcher: “As the market continues to evolve then understandably airlines and operating lessors will want the freedom to shuffle some of their orders around, where possible. The backlog of Airbus A319s and Boeing 737- 700s is quite smaller now, but there is plenty of room to move A320/737-800s up to the A321/737-900ER models. Likewise, we might expect to see the same for the A350 as well as the programme gathers momentum.” Ascend director of valuations Les Weal: “Probably some. We expect some airlines will push deliveries to the right and airlines with major fleet replacement needs (US airlines?) step in.” Do you expect a pullback in orders for the 787 due to recent concerns? Will values be impacted? Dechavanne: “I don’t believe we will see much pullback unless the current issues create a very significant delay. Values should also not get greatly impacted unless the issues found become more permanent, which is not expected. Boeing has too much invested in this aircraft to not do what is necessary to get the aircraft back up and flying. I am confident that once the full issues have been identified, they will be fixed and the programme will continue as planned. I believe that in today’s environment, there is a lot of pressure from operators to have the original equipment manufacturers (OEM) produce more technologically advanced aircraft and due to this, there will always be issues that need to be worked out in the initial deliveries of these aircraft. This is what we are currently experiencing with the 787.” De Jaeger: “ICF SH&E would not anticipate any significant new orders being signed until the root cause of the 787 battery issues have been identified. The investigation is still early and any commentary on the valuation impact would be pure speculation at this point.” Hatcher: “Providing Boeing can sort this problem out, get the current fleet flying and prevent any long-term delays then a value crisis should be averted. But can it be done quickly and effectively to prevent further delays? The early line numbers already have big question marks above them as analysts try to assess their true capability versus those built further down the line – this could just be another reason why the majority of these early builds will not attract the lessors in the same way as the later builds. Once you couple the issues of weight, engine mod level and now battery issues, these early-build aircraft will have a different value treatment anyway – but that is no different to any other new programme in history either! Once the issues are sorted (still early days on when that will be) and the latest engines are in full production then it will be time for Boeing to prove just how good the design is. If this is part of a more serious issue, then we would expect to see some value impact. Given the bad press, I would expect to see more A350 orders this year – particularly for those who have been sitting on the fence. Some 787 orders will fall away but we may possibly see more reshuffling towards the larger variant(s?).” Tailwind Capital Bryson Monteleone: “Pullbacks only if there is a significant re-design to the aircraft similar to the A380 programme, and operators cannot wait for additional lift should the program be paused.” Weal: “Too early to say and probably not.” market outlook What appraisers expect in 2013
  16. 16. Aircraft finance 2013 16 | Flightglobal Insight | Aircraft Finance 2013 Do you anticipate more aircraft to be parked in 2013? Why? Dechavanne: “Yes. Unless traffic picks up significantly this year, operators will continue to replace older less efficient aircraft with newer aircraft, which means that more aircraft will be parked, perhaps indefinitely.” De Jaeger: “ICF SH&E does not anticipate an increase in the fleet of parked aircraft in 2013; as always, bankruptcies and unpredictable exogenous events can and do cause spikes.” Hatcher: “It is still tough out there and despite the expectation that fuel prices will stabilise, certain aircraft types will be parked up. Certainly the A340s and 747s will continue to feel the pain, likewise the smaller members of large families will continue to move to the desert. As passenger demand continues to rise, we may actually see more aircraft returning to service. Many airlines have become savvier to managing their available seat kilometres and operating lessors will be pushing hard to return many of their parked aircraft back into service. The overall number parked will remain the same, but the inmates will change. Undoubtedly some young aircraft will make their way into the desert as funding remains tight but new investors will continue to emerge and return a little confidence back to the market.” Monteleone: “As long as OEMs continue to pump out new aircraft “en masse” at aggressive production rates, and financing/leasing for new aircraft remains more compelling, many used aircraft will have no place to go but be parked.” Weal: “More important question are the permanent retirements and Ascend is interested to see if the youthfulness of the retirements we have seen last year continues in 2013.” Do you believe the new ASU will see airlines rethink the amount of new aircraft they order? Dechavanne: “This will not have much of an impact.Although the cost of financing new aircraft has and will go up, it is still less expensive than trying to finance used aircraft.” De Jaeger: “Export credit financing has certainly provided a significant amount for new deliveries, and one consequence has been a migration of demand toward new aircraft, at the expense of used equipment. As the new ASU comes into effect, the relative attractiveness of used equipment will likely increase again, but we will still continue to see significant new orders as the industry grows.” Hatcher: “Nothing seems to affect how airlines think about new orders. Judging by recent activity, the game is centred on flooding the market with capacity, which is inevitable given that OEMs will raise production in order to reduce its backlog quicker or simply at the same rate that it is filling up! Having said that, airlines cannot continue in this way infinitum and we may see some reduction in orders from some of the main culprits of recent years – but there are still countless operators out there who have yet to place their order. Providing the airline has a reasonable business case then funding will appear from new avenues in the Middle East and Asia.” Monteleone: “Not as long there remains an abundance of easy financing, especially by lessors willing to less than stellar credits.” Which aircraft saw the greatest recovery in 2012? Dechavanne: “I wouldn’t say that any aircraft saw a recovery. There were several new aircraft that remained stable, such as the 777-300ER and the A330-300 but the market still remained soft for most aircraft. On the used out- of-production side, the 757 remained the most stable aircraft compared to others.” De Jaeger: “We really did not see much recovery in any of the aircraft types, but if we have to choose one aircraft, it would be the 737-900ER.” Hatcher: “This is probably too strong a statement for any aircraft in 2012 as the market continues to remain flat and depressed. Specific types continue to move around in relatively large numbers that does provide some encouragement, although a single operator or specific regions are usually behind it – i.e. MD-90s, 757s and Fokker 70/100s – although the latter two have been holding their own for a number of years now.” Monteleone: “Large turboprops.” Weal: “Not sure anything really recovered in the jet sector.” Which aircraft performed the worst in 2012? Dechavanne: “Whilst most markets remained soft in 2012, the values of the 767-300ERs, older 737-800s, and A340s were hit the most.”
  17. 17. Aircraft Finance 2013 | Flightglobal Insight | 17 Aircraft finance 2013 De Jaeger: “The ERJ-135/140/145 family.” Hatcher: “Any A340!” Monteleone: “737 Next Generation aircraft and intermediate widebodies.” Weal: “Not a sensible question, different yobs have vastly different result, I would suspect late build 747-400Fs were pretty weak and the A340-300 is in a tailspin.” Do you see the second-hand market for narrowbodies improving this year? Dechavanne: “Unfortunately no. There might be some stability if traffic numbers are better than expected but due to the fact that the OEMs have continued to ramp up production and financing of used aircraft remains difficult, this will continue to negatively impact second-hand aircraft.” De Jaeger: “ICF SH&E expects the market for used but young (5-15 years old) narrowbody aircraft to improve this year, as more airlines and investors see the relative value in the aircraft at current trading levels.” Hatcher: “Difficult to imagine. Too many new aircraft are due for delivery to spark any sudden surge and they will take all the financing up too! We expect to see more ‘lessor- lessor’ sales as new investors emerge to play the game. We will expect to see a slight return of lease rates first (despite low interest rates) before any pricing will return.” Monteleone: “Narrowbodies will remain in-flux as there remains both a technological sunset for the Next Generation aircraft and perhaps a built-in obsolescence for the Neo and Max variants. Airlines seem to be happy with operating lessors taking on the residual risk as lessors continue to fill up their order books with large orders.” Weal: “We need to see improved volumes of trades before we can call this.” Do you see the second-hand market for widebodies improving this year? Dechavanne: “No. My answer is similar to the one for narrowbody aircraft. There might be some level of stability with some aircraft should the cargo market improve thereby reasing the demand for converted freighters. Otherwise, 2013 will not be too dissimilar from 2012.” De Jaeger: “ICF SH&E’s baseline expectation is that the second-hand widebody market would not improve in 2013 given the planned production levels; however, if the 787 battery issues are not resolved quickly, we would anticipate some increased demand from airlines to extend existing leases of medium widebody aircraft, providing support for elevated lease rates. Such support would not necessarily translate to improvements in values.” Hatcher: “Some types will move about but they will be older variants as the new types don’t trade outside of the sale and leaseback market or post-repossession. If fuel prices does remain intact for 2013, then we could see a rise in freight traffic but I still believe there are too many big freighters parked up to spur any sudden conversion frenzy this year – although it would be good to see the low-cost freighter programme come to fruition. Feel stock are looking good but they may not be let go at market pricing if their book values remain too high. A340s will continue to trade this year but appraisers will struggle to keep up with the dropping values. Part-outs will probably drop away as well as that market reaches saturation. The year 2013 will also see an reasing number of A330s on the market. Off-lease, the pricing may appear scary, but providing they can find new homes or conversion prospects, the amount of desert time will hopefully remain short.” Monteleone: “Yes, only if the 787 continues to have problems and operators require immediate lift. Otherwise intermediate widebodies might soften.” Weal: “The 787 grounding could give the lease rates a fillip. Book value depreciation would be a good outcome for any aircraft.”
  18. 18. Aircraft Finance 2013 | Flightglobal Insight | 19 Aircraft finance 2013 Airliner finance deals announced in 2008 with analysis by operator/lessor deals database 2012 By customer Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure 1time Airline South Africa Feb 1 MD-87 JT8D Loan/Finance/Refinanced AerCap Netherlands Jun 1 A320-200 CFM56 Loan/Finance/Refinanced AerCap Netherlands Aug 2 737-800 CFM56 Loan/Finance/Refinanced AerCap Netherlands Oct 1 A330-300 Trent ECA / EXIM AerCap Netherlands Oct 5 737-800 CFM56 Loan/Finance/Refinanced AerCap Netherlands Dec 10 737-800 CFM56 Pre Delivery Payment Aero Capital Solutions USA Jan 1 737-500 CFM56 Loan/Finance/Refinanced Aero Capital Solutions USA Mar 1 737-500 CFM56 Loan/Finance/Refinanced Aeroflot Russian Airlines Russia Jul 2 A330-300 Trent ECA / EXIM Aeroflot Russian Airlines Russia Aug 3 A330-300 Trent ECA / EXIM Aeromexico Mexico May 3 737-800 CFM56 ECA / EXIM Aerovision Aircraft Services USA Aug 10 ERJ-145 AE 3007 Loan/Finance/Refinanced AerSale USA Jan 2 737-300 CFM56 Loan/Finance/Refinanced AerSale USA Jan 6 747-400 CF6 Loan/Finance/Refinanced AerSale USA Mar 9 MD-90 V2500 Loan/Finance/Refinanced AerSale USA May 1 737-400 CFM56 Loan/Finance/Refinanced AerSale USA Oct 1 747-400 PW4000 Loan/Finance/Refinanced AerSale USA Nov 1 747-400 Combi CF6 Loan/Finance/Refinanced AerSale USA Dec 2 737-400 CFM56 Loan/Finance/Refinanced AerSale USA Dec 1 737-400 CFM56 Loan/Finance/Refinanced AerSale USA Dec 1 747-400 PW4000 Loan/Finance/Refinanced AerSale USA Dec 1 767-300ER RB211 Loan/Finance/Refinanced AerSale USA Dec 1 MD-90 V2500 Loan/Finance/Refinanced African Holding Co of America USA Dec 1 A320-200 CFM56 Loan/Finance/Refinanced Air Arabia UAE Apr 2 A320-200 CFM56 Loan/Finance/Refinanced Air Arabia UAE May 2 A320-200 CFM56 ECA / EXIM Air Arabia UAE Jun 4 A320-200 CFM56 ECA / EXIM Air Arabia UAE Jun 2 A320-200 CFM56 Finance Lease Air Astana Kazakhstan Oct 2 190 CF34 ECA / EXIM Air Astana Kazakhstan Nov 2 A321-200 V2500 ECA / EXIM Air Capital Group USA Sep 1 MD-82 JT8D Loan/Finance/Refinanced Air China China Jan 1 A320-200 CFM56 Tax Lease| Loan/Finance/Refinanced Air China China Jan 1 A330-200 Trent Loan/Finance/Refinanced| Tax Lease Air China China Feb 6 A321-200 V2500 Tax Lease| ECA / EXIM Air China China Mar 4 A320-200 CFM56 ECA / EXIM Air China China Mar 1 737-800 CFM56 Loan/Finance/Refinanced Air China China Mar 1 777-300ER GE90 Loan/Finance/Refinanced Air China China May 1 A320-200 CFM56 Tax Lease Air China China May 1 A320-200 V2500 Tax Lease Air China China May 1 777-300ER GE90 Capital Markets Air China China Jul 2 777-300ER GE90 Capital Markets Air China China Aug 2 777-300ER GE90 Capital Markets Air China China Sep 1 737-800 CFM56 Loan/Finance/Refinanced Air France France Jan 1 A318-100 CFM56 Tax Lease Air France France Jan 1 A380-800 GP7200 Loan/Finance/Refinanced Air France France Mar 1 777-300ER GE90 Tax Lease
  19. 19. Aircraft finance 2013 20 | Flightglobal Insight | Aircraft Finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure Air France France Apr 1 A380-800 GP7200 ECA / EXIM| Tax Lease Air France France Apr 1 A380-800 GP7200 ECA / EXIM| Tax Lease Air France France Nov 1 A318-100 CFM56 Tax Lease Air France France Nov 1 A319-100 CFM56 Tax Lease Air France France Nov 1 777-300ER GE90 Tax Lease Air India India Apr 2 787-8 GEnx Loan/Finance/Refinanced Air India India Oct 1 787-8 GEnx Loan/Finance/Refinanced Air New Zealand New Zealand Jul 4 ATR 72-600 PW100 Tax Lease Air New Zealand New Zealand Dec 3 A320-200 V2500 Tax Lease Air Tahiti French Polynesia Jun 2 ATR 42-600 PW100 Tax Lease AirAsia Malaysia Jun 1 A320-200 CFM56 Loan/Finance/Refinanced AirAsia Malaysia Jul 2 A320-200 CFM56 Finance Lease AirAsia Malaysia Sep 1 A320-200 CFM56 Loan/Finance/Refinanced AirBridgeCargo Russia Jan 5 747-8F GEnx Finance Lease Aircastle Advisor USA Apr 1 A330-200 Trent ECA / EXIM Airlinair France Apr 1 ATR 72-500 PW100 Finance Lease Airlink - SA Airlink South Africa Aug 3 ERJ-135 AE 3007 Loan/Finance/Refinanced Alaska Airlines USA Sep 2 737-400 CFM56 Loan/Finance/Refinanced All Nippon Airways Japan Feb 1 767-300ER CF6 Finance Lease All Nippon Airways Japan Jul 1 777-200ER PW4000 Tax Lease All Nippon Airways Japan Oct 1 777-200ER PW4000 Finance Lease Allegiant Air USA Jan 1 MD-87 JT8D Loan/Finance/Refinanced Allegiant Air USA Jan 2 MD-88 JT8D Loan/Finance/Refinanced Allegiant Air USA Jun 2 757-200 RB211 Loan/Finance/Refinanced Allegiant Air USA Jun 2 MD-87 JT8D Loan/Finance/Refinanced Allegiant Air USA Jul 2 MD-87 JT8D Loan/Finance/Refinanced Allegiant Air USA Oct 2 MD-87 JT8D Loan/Finance/Refinanced American Airlines USA Oct 8 737-800 CFM56 Loan/Finance/Refinanced American Airlines USA Oct 2 777-200 Trent Loan/Finance/Refinanced AMRA Leasing Ireland Sep 1 Q400 PW100 Loan/Finance/Refinanced Apollo Aviation Group USA Sep 1 757-200 PW2000 Loan/Finance/Refinanced Archway Aviation UK Dec 2 A319-100 V2500 Loan/Finance/Refinanced Archway Aviation UK Dec 2 A321-200 V2500 Loan/Finance/Refinanced Asiana Airlines South Korea Jun 1 777-200ER PW4000 ECA / EXIM ASL Aviation Group Ireland Aug 3 737-800 CFM56 Loan/Finance/Refinanced Atlas Air USA Jan 6 747-8F GEnx ECA / EXIM Atlas Air USA Mar 2 747-400ER CF6 Loan/Finance/Refinanced Atlas Air USA Mar 3 767-300ER CF6 Loan/Finance/Refinanced Atlas Air USA Jun 1 747-8F GEnx Capital Markets Atlas Air USA Jul 1 747-8F GEnx Capital Markets Atlas Air USA Oct 1 747-8F GEnx Capital Markets Atlas Air USA Dec 1 747-8F GEnx Capital Markets Avianca Colombia Apr 1 A319-100 CFM56 ECA / EXIM Avianca Colombia Nov 2 A320-200 CFM56 ECA / EXIM Avianca Colombia Nov 1 A330-200F Trent ECA / EXIM Avianca| TACA International Airlines Aug 4 A320-200 TBC Pre Delivery Payment Aviation Capital Group USA May 3 737-800 CFM56 Capital Markets Aviation Capital Group USA May 6 737-800 CFM56 ECA / EXIM Aviation Capital Group USA Jun 1 A320-200 V2500 Loan/Finance/Refinanced Aviation Technologies USA Mar 1 737-400 CFM56 Loan/Finance/Refinanced AVIC International Leasing China Jul 2 CRJ900 CF34 ECA / EXIM Avmax Aircraft Leasing Canada Feb 2 Dash 8-100 PW100 Loan/Finance/Refinanced Avmax Aircraft Leasing Canada May 2 Dash 8-200 PW100 Loan/Finance/Refinanced
  20. 20. Aircraft Finance 2013 | Flightglobal Insight | 21 Aircraft finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure Avolon Aerospace Leasing Ireland Jan 1 A320-200 CFM56 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Jan 1 A320-200 V2500 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Feb 1 A320-200 CFM56 ECA / EXIM Avolon Aerospace Leasing Ireland Feb 3 A320-200 V2500 ECA / EXIM Avolon Aerospace Leasing Ireland Feb 1 A330-200 Trent ECA / EXIM Avolon Aerospace Leasing Ireland Feb 4 737-800 CFM56 ECA / EXIM Avolon Aerospace Leasing Ireland Mar 2 190 CF34 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Apr 1 A320-200 CFM56 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Apr 1 A320-200 V2500 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland May 2 737-800 CFM56 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Jun 2 A320-200 V2500 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Jul 1 A321-200 V2500 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Sep 1 A321-200 V2500 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Oct 1 777-300ER GE90 Loan/Finance/Refinanced Avolon Aerospace Leasing Ireland Dec 3 737-800 CFM56 Loan/Finance/Refinanced AWAS Ireland Jan 1 737-800 CFM56 Loan/Finance/Refinanced AWAS Ireland Feb 2 A319-100 V2500 Loan/Finance/Refinanced AWAS Ireland Feb 2 A320-200 CFM56 ECA / EXIM| Tax Lease AWAS Ireland Feb 1 A320-200 CFM56 Loan/Finance/Refinanced AWAS Ireland Feb 5 A320-200 TBC Loan/Finance/Refinanced AWAS Ireland Feb 3 A320-200 V2500 ECA / EXIM| Tax Lease AWAS Ireland Feb 1 A321-200 V2500 ECA / EXIM| Tax Lease AWAS Ireland Feb 5 737-800 CFM56 Loan/Finance/Refinanced AWAS Ireland Mar 7 A320-200 TBC Pre Delivery Payment AWAS Ireland Apr 1 A320-200 CFM56 Loan/Finance/Refinanced AWAS Ireland Apr 1 737-700 CFM56 Loan/Finance/Refinanced AWAS Ireland Jun 1 A320-200 CFM56 Capital Markets AWAS Ireland Jun 1 A320-200 CFM56 Loan/Finance/Refinanced AWAS Ireland Jun 8 A320-200 TBC ECA / EXIM AWAS Ireland Jun 20 A320-200 TBC Pre Delivery Payment AWAS Ireland Jun 1 A320-200 V2500 Capital Markets AWAS Ireland Jun 1 737-800 CFM56 Capital Markets AWAS Ireland Jun 3 737-800 CFM56 ECA / EXIM AWAS Ireland Sep 1 A320-200 CFM56 Loan/Finance/Refinanced AWAS Ireland Sep 1 737-800 CFM56 ECA / EXIM AWAS Ireland Sep 2 737-800 CFM56 Loan/Finance/Refinanced AWAS Ireland Oct 1 A330-200 CF6 Loan/Finance/Refinanced AWAS Ireland Oct 1 737-800 CFM56 Loan/Finance/Refinanced AWAS Ireland Nov 2 A320-200 TBC ECA / EXIM AWAS Ireland Nov 1 A320-200 V2500 ECA / EXIM AWAS Ireland Nov 2 737-800 CFM56 Loan/Finance/Refinanced AWAS Ireland Dec 3 737-800 CFM56 Loan/Finance/Refinanced AWAS Ireland Dec 5 737-800 CFM56 Pre Delivery Payment BOC Aviation Singapore Jan 1 737-700 CFM56 Loan/Finance/Refinanced BOC Aviation Singapore Mar 1 A320-200 V2500 Loan/Finance/Refinanced BOC Aviation Singapore Mar 2 737-700 CFM56 Loan/Finance/Refinanced BOC Aviation Singapore Apr 2 A320-200 CFM56 Loan/Finance/Refinanced BOC Aviation Singapore Apr 3 A320-200 V2500 Loan/Finance/Refinanced BOC Aviation Singapore Apr 1 A321-200 CFM56 Loan/Finance/Refinanced BOC Aviation Singapore Apr 1 737-700 CFM56 Loan/Finance/Refinanced BOC Aviation Singapore Apr 2 195 CF34 Loan/Finance/Refinanced BOC Aviation Singapore Jun 1 A330-200F Trent ECA / EXIM BOC Aviation Singapore Jun 2 777-300ER GE90 ECA / EXIM
  21. 21. Aircraft finance 2013 22 | Flightglobal Insight | Aircraft Finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure BOC Aviation Singapore Nov 4 A320-200 V2500 Loan/Finance/Refinanced BoCom Leasing China May 1 A320-200 V2500 Loan/Finance/Refinanced BoCom Leasing China Sep 2 A320-200 CFM56 Loan/Finance/Refinanced BoCom Leasing China Sep 2 737-800 CFM56 Loan/Finance/Refinanced BoCom Leasing China Sep 1 777-200LRF GE90 Loan/Finance/Refinanced British Airways UK Mar 1 777-300ER GE90 Tax Lease British Airways UK Nov 1 A320-200 V2500 Loan/Finance/Refinanced British Airways UK Nov 1 A320-200 V2500 Tax Lease Buddha Air Nepal Jul 1 ATR 72-500 PW100 Loan/Finance/Refinanced Cargolux Luxembourg Nov 1 747-8F GEnx ECA / EXIM Cargolux Luxembourg Dec 1 747-8F GEnx Loan/Finance/Refinanced Cathay Pacific Hong Kong Feb 2 A330-300 Trent Tax Lease Cathay Pacific Hong Kong Apr 2 777-300ER GE90 Tax Lease Cathay Pacific Hong Kong Sep 2 A330-300 Trent ECA / EXIM Cathay Pacific Hong Kong Nov 1 A330-300 Trent Loan/Finance/Refinanced CDB Leasing Company China May 2 737-800 CFM56 Loan/Finance/Refinanced CDB Leasing Company China Jul 3 A320-200 V2500 Loan/Finance/Refinanced CDB Leasing Company China Sep 4 A319-100 TBC Loan/Finance/Refinanced CDB Leasing Company China Sep 1 A320-200 TBC Loan/Finance/Refinanced CDB Leasing Company China Sep 1 A330-200 TBC Loan/Finance/Refinanced CDB Leasing Company China Sep 3 737-800 CFM56 Tax Lease CDI Cargo Airlines China Aug 1 737-300 CFM56 Loan/Finance/Refinanced Cebu Pacific Air Philippines Jan 7 A320-200 CFM56 Pre Delivery Payment Cebu Pacific Air Philippines Jul 3 A320-200 CFM56 ECA / EXIM Cemair South Africa Mar 1 CRJ100 CF34 Loan/Finance/Refinanced Changjiang Leasing Company China Oct 1 A320-200 CFM56 ECA / EXIM China Aircraft Leasing Hong Kong Jan 1 A320-200 CFM56 ECA / EXIM China Aircraft Leasing Hong Kong Jan 2 737-800 CFM56 ECA / EXIM China Aircraft Leasing Hong Kong Jun 1 737-800 CFM56 ECA / EXIM China Cargo Airlines China Sep 1 777-200LRF GE90 Loan/Finance/Refinanced China Eastern Airlines China Mar 4 A320-200 CFM56 Tax Lease China Eastern Airlines China May 1 A320-200 CFM56 Loan/Finance/Refinanced China Eastern Airlines China May 1 A330-300 Trent Finance Lease China Eastern Airlines China Jun 1 A319-100 CFM56 Finance Lease China Eastern Airlines China Jun 1 A319-100 V2500 Finance Lease China Eastern Airlines China Oct 2 737-700 CFM56 Loan/Finance/Refinanced China Eastern Airlines China Oct 1 737-800 CFM56 Loan/Finance/Refinanced China Eastern Airlines China Dec 1 A320-200 CFM56 Loan/Finance/Refinanced China Eastern Airlines China Dec 3 A321-200 V2500 Loan/Finance/Refinanced China Eastern Airlines China Dec 2 A330-200 Trent Loan/Finance/Refinanced China Southern Airlines China Feb 1 A319-100 CFM56 Loan/Finance/Refinanced China Southern Airlines China Feb 2 A330-200 PW4000 ECA / EXIM| Tax Lease China Southern Airlines China Feb 3 737-800 CFM56 Loan/Finance/Refinanced China Southern Airlines China Mar 1 737-700 CFM56 Loan/Finance/Refinanced China Southern Airlines China Mar 1 737-800 CFM56 Loan/Finance/Refinanced China Southern Airlines China May 3 737-800 CFM56 Tax Lease China Southern Airlines China Jun 1 A320-200 V2500 ECA / EXIM| Tax Lease China Southern Airlines China Jun 2 737-800 CFM56 Tax Lease China Southern Airlines China Jul 2 A320-200 V2500 Tax Lease China Southern Airlines China Nov 1 A321-200 V2500 Tax Lease China World Aviation Leasing Ireland Jun 2 A320-200 CFM56 Loan/Finance/Refinanced CIAF-Leasing Egypt Mar 1 737-800 CFM56 Loan/Finance/Refinanced CIT Aerospace USA May 1 737-800 CFM56 ECA / EXIM
  22. 22. Aircraft Finance 2013 | Flightglobal Insight | 23 Aircraft finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure CIT Aerospace USA Jun 3 A320-200 CFM56 ECA / EXIM CIT Aerospace USA Jun 1 A321-200 V2500 ECA / EXIM CIT Aerospace USA Jun 1 A330-200 CF6 ECA / EXIM Comair (South Africa) South Africa Feb 2 737-400 CFM56 Loan/Finance/Refinanced Comair (South Africa) South Africa Jun 2 737-800 PW100 ECA / EXIM Comair (South Africa) South Africa Sep 1 737-300 CFM56 Loan/Finance/Refinanced Comair (South Africa) South Africa Oct 1 737-300 CFM56 Loan/Finance/Refinanced Comtran International USA Feb 1 A320-200 V2500 Loan/Finance/Refinanced Continental Airlines USA Mar 17 737-900 CFM56 Capital Markets Continental Airlines USA Mar 4 787-8 GEnx Capital Markets Continental Airlines USA Sep 18 737-900 CFM56 Capital Markets Continental Airlines USA Sep 3 787-8 GEnx Capital Markets Conviasa Venezuela Sep 2 190 CF34 ECA / EXIM Czech Airlines Czech Republic Apr 4 A320-200 CFM56 Tax Lease| ECA / EXIM DAE Capital UAE Nov 1 777-200LRF GE90 Loan/Finance/Refinanced DAE Capital UAE Dec 5 A319-100 CFM56 Loan/Finance/Refinanced DAE Capital UAE Dec 2 A320-200 CFM56 Loan/Finance/Refinanced DAE Capital UAE Dec 5 A320-200 V2500 Loan/Finance/Refinanced DAE Capital UAE Dec 2 737-700 CFM56 Loan/Finance/Refinanced DAE Capital UAE Dec 2 737-800 CFM56 Loan/Finance/Refinanced DAE Capital UAE Dec 2 777-300ER GE90 Loan/Finance/Refinanced Delta Air Lines USA Mar 4 A320-200 CFM56 Loan/Finance/Refinanced Delta Air Lines USA Mar 6 757-200 PW2000 Loan/Finance/Refinanced Delta Air Lines USA Mar 3 767-300ER CF6 Loan/Finance/Refinanced Delta Air Lines USA Mar 2 767-300ER PW4000 Loan/Finance/Refinanced Delta Air Lines USA Mar 17 MD-88 JT8D Loan/Finance/Refinanced Delta Air Lines USA Mar 8 MD-90 V2500 Loan/Finance/Refinanced Delta Air Lines USA Apr 1 757-200 PW2000 Loan/Finance/Refinanced Delta Air Lines USA Jun 9 A319-100 CFM56 Capital Markets Delta Air Lines USA Jun 7 A320-200 CFM56 Capital Markets Delta Air Lines USA Jun 1 757-200 PW2000 Capital Markets Delta Air Lines USA Jun 8 767-300ER PW4000 Capital Markets Delta Air Lines USA Jun 6 767-400ER CF6 Capital Markets Delta Air Lines USA Jul 10 MD-88 JT8D Loan/Finance/Refinanced Delta Air Lines USA Sep 6 MD-90 V2500 Loan/Finance/Refinanced Delta Air Lines USA Oct 4 CRJ200 CF34 Loan/Finance/Refinanced Delta Air Lines USA Oct 13 CRJ900 CF34 Loan/Finance/Refinanced Deucalion Aviation Funds Germany May 4 747-400 CF6 Loan/Finance/Refinanced Easyjet UK Mar 6 A320-200 CFM56 Tax Lease El Al Israel Jan 2 737-900 CFM56 Pre Delivery Payment Emirates Airline UAE Jan 1 A380-800 GP7200 Loan/Finance/Refinanced Emirates Airline UAE Jan 1 A380-800 GP7200 Tax Lease Emirates Airline UAE Jan 2 777-300ER GE90 Tax Lease Emirates Airline UAE Feb 1 A380-800 GP7200 Finance Lease Emirates Airline UAE May 1 777-300ER GE90 ECA / EXIM Emirates Airline UAE Jun 4 A380-800 GP7200 Capital Markets Emirates Airline UAE Jul 4 777-300ER GE90 Capital Markets Emirates Airline UAE Jul 1 777-300ER GE90 ECA / EXIM Emirates Airline UAE Sep 1 777-300ER GE90 Capital Markets Emirates Airline UAE Dec 1 A380-800 GP7200 Finance Lease Emirates Airline UAE Dec 1 A380-800 GP7200 ECA / EXIM Ethiopian Airlines Ethiopia Jul 1 787-8 GEnx Loan/Finance/Refinanced Ethiopian Airlines Ethiopia Nov 4 787-8 GEnx Capital Markets
  23. 23. Aircraft finance 2013 24 | Flightglobal Insight | Aircraft Finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure Etihad Airways UAE Jan 1 777-300ER GE90 Capital Markets Etihad Airways UAE Feb 1 777-300ER GE90 Capital Markets Etihad Airways UAE Apr 1 777-300ER GE90 ECA / EXIM Etihad Airways UAE Jun 1 777-300ER GE90 Capital Markets Etihad Airways UAE Dec 1 777-300ER GE90 Capital Markets European Aviation UK Jan 1 737-300 CFM56 Loan/Finance/Refinanced ExpressJet Airlines USA Jul 5 CRJ200 CF34 Loan/Finance/Refinanced ExpressJet Airlines USA Jul 2 CRJ700 CF34 Loan/Finance/Refinanced Fayard Enterprises USA Sep 1 Dash 8-100 PW100 Loan/Finance/Refinanced FedEx USA Jan 4 MD-11F CF6 Capital Markets Flybe UK Nov 1 175 CF34 Finance Lease Flydubai UAE Sep 3 737-800 CFM56 ECA / EXIM Frontier Alaska Aviation Trust USA Jul 1 Dash 8-100 PW100 Loan/Finance/Refinanced Frontier Alaska Aviation Trust USA Oct 1 Dash 8-100 PW100 Loan/Finance/Refinanced GECAS USA Jul 2 737-800 CFM56 Loan/Finance/Refinanced GECAS USA Nov 1 767-200ERF CF6 Loan/Finance/Refinanced GECAS USA Dec 3 A320-200 CFM56 Capital Markets GECAS USA Dec 7 A320-200 V2500 Capital Markets GECAS USA Dec 20 737-700 CFM56 Capital Markets GECAS USA Dec 10 737-800 CFM56 Capital Markets GECAS USA Dec 3 747-400F CF6 Capital Markets GECAS USA Dec 3 777-200ER PW4000 Capital Markets GECAS USA Dec 57 CRJ200 CF34 Capital Markets GECAS USA Dec 7 CRJ700 CF34 Capital Markets GECAS USA Dec 27 190 CF34 Capital Markets Germania Germany Mar 1 A319-100 CFM56 Loan/Finance/Refinanced Global Knafaim Leasing Israel Jul 1 757-200 RB211 Loan/Finance/Refinanced GoAir India Aug 72 A320-200neo PW1000G Pre Delivery Payment Guggenheim Aviation Partners USA May 11 757-300 RB211 Loan/Finance/Refinanced Guggenheim Aviation Partners USA Sep 2 A330-200 Trent Loan/Finance/Refinanced Guggenheim Aviation Partners USA Nov 1 A330-300HGW PW4000 Loan/Finance/Refinanced Guggenheim Aviation Partners USA Dec 1 A330-200 Trent Loan/Finance/Refinanced Guggenheim Aviation Partners USA Dec 2 777-300ER GE90 Loan/Finance/Refinanced Gulf Air Bahrain Jul 2 A321-200 V2500 Finance Lease Hainan Airlines China Jan 1 A320-200 V2500 Finance Lease Hainan Airlines China Jan 3 737-800 CFM56 Loan/Finance/Refinanced Hainan Airlines China Apr 1 A320-200 V2500 Finance Lease Hainan Airlines China Apr 2 737-800 CFM56 ECA / EXIM Hainan Airlines China Jun 2 190 CF34 Loan/Finance/Refinanced Hainan Airlines China Jul 1 737-800 CFM56 Loan/Finance/Refinanced Hainan Airlines China Aug 1 A319-100 V2500 ECA / EXIM Hainan Airlines China Aug 2 737-800 CFM56 ECA / EXIM Hainan Airlines China Aug 1 737-800 CFM56 Loan/Finance/Refinanced Hainan Airlines China Sep 2 737-400 CFM56 Finance Lease Hainan Airlines China Nov 2 190 CF34 Loan/Finance/Refinanced Hainan Airlines China Dec 2 A319-100 V2500 Finance Lease Hainan Airlines China Dec 1 A320-200 CFM56 Finance Lease Hainan Airlines China Dec 3 737-800 CFM56 Pre Delivery Payment Hawaiian Airlines USA Oct 1 A330-200 Trent Loan/Finance/Refinanced Hawaiian Airlines USA Dec 1 A330-200 Trent Loan/Finance/Refinanced Hong Kong Aviation Capital Hong Kong May 1 A330-200 Trent Loan/Finance/Refinanced Hong Kong Aviation Capital Hong Kong Dec 1 A320-200 V2500 Loan/Finance/Refinanced ICBC Leasing China Jan 1 A320-200 CFM56 Loan/Finance/Refinanced
  24. 24. Aircraft Finance 2013 | Flightglobal Insight | 25 Aircraft finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure ILFC USA Jan 2 A319-100 CFM56 Capital Markets ILFC USA Jan 6 A320-200 CFM56 Capital Markets ILFC USA Jan 2 A320-200 V2500 Capital Markets ILFC USA Jan 2 A321-200 CFM56 Capital Markets ILFC USA Jan 1 A321-200 V2500 Capital Markets ILFC USA Jan 1 A330-200 Trent Capital Markets ILFC USA Jan 2 A330-300 PW4000 Capital Markets ILFC USA Jan 4 A330-300 Trent Capital Markets ILFC USA Jan 5 A340-300 CFM56 Capital Markets ILFC USA Jan 1 A340-600 Trent Capital Markets ILFC USA Jan 1 737-700 CFM56 Capital Markets ILFC USA Jan 1 747-400 CF6 Capital Markets ILFC USA Jan 1 747-400ERF CF6 Capital Markets ILFC USA Jan 14 757-200 PW2000 Capital Markets ILFC USA Jan 6 757-200 RB211 Capital Markets ILFC USA Jan 7 767-300ER CF6 Capital Markets ILFC USA Jan 2 767-300ER PW4000 Capital Markets ILFC USA Jan 3 777-200ER GE90 Capital Markets ILFC USA Jan 1 777-200ER PW4000 Capital Markets ILFC USA Apr 2 A319-100 V2500 Capital Markets ILFC USA Apr 2 A320-200 CFM56 Capital Markets ILFC USA Apr 2 A320-200 V2500 Capital Markets ILFC USA Apr 2 A321-100 V2500 Capital Markets ILFC USA Apr 2 A321-200 CFM56 Capital Markets ILFC USA Apr 1 A321-200 V2500 Capital Markets ILFC USA Apr 1 A330-200 CF6 Capital Markets ILFC USA Apr 1 A330-200 PW4000 Capital Markets ILFC USA Apr 2 A330-200 Trent Capital Markets ILFC USA Apr 2 737-300 CFM56 Capital Markets ILFC USA Apr 4 737-400 CFM56 Capital Markets ILFC USA Apr 1 737-500 CFM56 Capital Markets ILFC USA Apr 1 737-700 CFM56 Capital Markets ILFC USA Apr 3 737-800 CFM56 Capital Markets ILFC USA Apr 7 737-800 CFM56 Loan/Finance/Refinanced ILFC USA Apr 2 757-200 PW2000 Capital Markets ILFC USA Apr 1 757-200 RB211 Capital Markets ILFC USA Apr 2 767-300ER CF6 Capital Markets ILFC USA Apr 3 767-300ER PW4000 Capital Markets ILFC USA Apr 1 777-200ER GE90 Capital Markets ILFC USA Apr 1 777-300ER GE90 Capital Markets ILFC USA Dec 2 777-300ER GE90 Capital Markets Interjet Mexico May 2 A320-200 CFM56 ECA / EXIM Interjet Mexico Jun 20 Superjet 100 SaM146 ECA / EXIM Interjet Mexico Nov 2 A320-200 CFM56 Loan/Finance/Refinanced Intrepid Aviation Group USA Sep 1 A330-200 Trent Pre Delivery Payment Intrepid Aviation Group USA Sep 2 A330-300 Trent Pre Delivery Payment Investec Aircraft Syndicate Nov 1 777-200LRF GE90 Loan/Finance/Refinanced Investec Aircraft Syndicate Dec 2 737-800 CFM56 Loan/Finance/Refinanced Investec Global Aircraft Fund Australia Jun 2 737-800 CFM56 Loan/Finance/Refinanced Island Air USA Oct 1 Dash 8-100 PW100 Loan/Finance/Refinanced Jackson Square Aviation USA Jan 2 A321-200 V2500 Loan/Finance/Refinanced Jackson Square Aviation USA Mar 2 A320-200 V2500 Loan/Finance/Refinanced Jackson Square Aviation USA May 1 737-800 CFM56 Loan/Finance/Refinanced
  25. 25. Aircraft finance 2013 26 | Flightglobal Insight | Aircraft Finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure Jackson Square Aviation USA Jun 2 A320-200 V2500 ECA / EXIM Jackson Square Aviation USA Jun 1 737-800 CFM56 Loan/Finance/Refinanced Jackson Square Aviation USA Jul 2 737-900 CFM56 ECA / EXIM Jazeera Airways Kuwait Jun 1 A320-200 CFM56 ECA / EXIM Jazz Canada Aug 6 Q400 PW100 ECA / EXIM Jet Midwest USA Nov 1 767-300ER PW4000 Loan/Finance/Refinanced Jet Midwest USA Nov 3 MD-82 JT8D Loan/Finance/Refinanced Jet Midwest USA Nov 1 MD-83 JT8D Loan/Finance/Refinanced Jet Midwest USA Nov 7 Fokker 100 RB.183 Tay Loan/Finance/Refinanced JetBlue Airways USA Jan 1 190 CF34 Loan/Finance/Refinanced JetBlue Airways USA Jun 2 A320-200 V2500 Capital Markets JetBlue Airways USA Jun 1 A320-200 V2500 Loan/Finance/Refinanced JetBlue Airways USA Jun 2 190 CF34 Capital Markets JetBlue Airways USA Jun 3 190 CF34 Loan/Finance/Refinanced JetBlue Airways USA Oct 1 190 CF34 Loan/Finance/Refinanced JetBlue Airways USA Nov 1 A320-200 V2500 Loan/Finance/Refinanced JetBlue Airways USA Dec 1 A320-200 V2500 Loan/Finance/Refinanced Jetran International USA Jan 2 737-400 CFM56 Loan/Finance/Refinanced Jetran International USA Jun 1 737-400 CFM56 Loan/Finance/Refinanced Jetran International USA Jul 1 MD-83 JT8D Loan/Finance/Refinanced Jetran International USA Oct 2 737-500 CFM56 Loan/Finance/Refinanced Jetran International USA Dec 2 737-500 CFM56 Loan/Finance/Refinanced Jetstar Japan Japan Nov 1 A320-200 V2500 Finance Lease Juliet Romeo Aviation USA Apr 1 737-400 CFM56 Loan/Finance/Refinanced Juneyao Airlines China Aug 1 A320-200 CFM56 Loan/Finance/Refinanced Kenya Airways Kenya Jun 1 777-300ER GE90 Pre Delivery Payment| Loan/Finance/Refinanced Kenya Airways Kenya Jun 9 787-8 GEnx Pre Delivery Payment| Loan/Finance/Refinanced Kenya Airways Kenya Jun 10 190 CF34 Pre Delivery Payment| Loan/Finance/Refinanced KLM Royal Dutch Airlines Netherlands Feb 2 737-700 CFM56 Tax Lease KLM Royal Dutch Airlines Netherlands Jul 1 777-300ER GE90 ECA / EXIM| Finance Lease KLM Royal Dutch Airlines Netherlands Oct 3 737-800 CFM56 Tax Lease Korean Air South Korea Jan 3 737-800 CFM56 Finance Lease Korean Air South Korea Jan 1 747-400ERF PW4000 Finance Lease Korean Air South Korea Jan 2 777-300 PW4000 Finance Lease Korean Air South Korea Dec 1 A380-800 GP7200 ECA / EXIM Korean Air South Korea Dec 1 747-8F GEnx ECA / EXIM Korean Air South Korea Dec 2 777-300ER GE90 ECA / EXIM KV Aviation Australia Jan 1 747-400SF CF6 Loan/Finance/Refinanced LAN Airlines Chile Mar 1 A319-100 CFM56 ECA / EXIM LAN Airlines Chile Mar 2 767-300ER CF6 Finance Lease LAN Airlines Chile Jun 9 767-300ER CF6 ECA / EXIM LAN Airlines Chile Aug 6 A320-200 CFM56 ECA / EXIM LAN Airlines Chile Aug 1 787-8 Trent Finance Lease LAN Airlines Chile Oct 2 787-8 Trent Finance Lease Lion Air Indonesia Jan 1 737-800 CFM56 ECA / EXIM Lion Air Indonesia Feb 4 737-900 CFM56 Capital Markets Lion Air Indonesia Dec 2 ATR 72-500 PW100 Loan/Finance/Refinanced Lion Air Indonesia Dec 2 ATR 72-600 PW100 Loan/Finance/Refinanced LOT Polish Airlines Poland Nov 5 787-8 Trent ECA / EXIM Lufthansa Germany Mar 1 A380-800 Trent Tax Lease Lufthansa Germany Apr 1 747-8I GEnx Finance Lease Lufthansa Germany May 2 A380-800 Trent ECA / EXIM Lufthansa Germany Jun 1 747-8I GEnx Tax Lease
  26. 26. Aircraft Finance 2013 | Flightglobal Insight | 27 Aircraft finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure Luxair Luxembourg Aug 2 Q400 PW100 Finance Lease Luxair Luxembourg Nov 1 Q400 PW100 Finance Lease Luxair Luxembourg Dec 1 737-800 CFM56 Finance Lease Malaysia Airlines Malaysia Jan 1 A330-200F PW4000 Finance Lease Malaysia Airlines Malaysia May 4 A330-300HGW PW4000 ECA / EXIM Middle East Airlines Lebanon Jan 1 A320-200 V2500 Loan/Finance/Refinanced Nippon Cargo Airlines Japan Dec 1 747-8F GEnx Loan/Finance/Refinanced Nordic Aviation Capital Denmark Apr 5 ATR 72-600 PW100 ECA / EXIM| Tax Lease Nordic Aviation Capital Denmark Jul 3 Dash 8-300 PW100 Loan/Finance/Refinanced Norwegian Norway Dec 2 787-8 Trent Pre Delivery Payment Novus Aviation Lebanon Jan 1 A330-300HGW PW4000 Loan/Finance/Refinanced Novus Aviation Lebanon May 1 777-300ER GE90 Loan/Finance/Refinanced Novus Aviation Lebanon Jun 1 777-300ER GE90 Loan/Finance/Refinanced Novus Aviation Lebanon Nov 1 777-300ER GE90 Loan/Finance/Refinanced Orix Aviation Ireland Sep 1 A330-200 Trent Loan/Finance/Refinanced Pegasus Airlines Turkey Jan 2 737-800 CFM56 ECA / EXIM Philippine Airlines Philippines Jun 1 777-300ER GE90 ECA / EXIM Precision Air Tanzania Dec 1 ATR 42-600 PW100 Finance Lease Qantas Australia Mar 1 A320-200 V2500 Tax Lease Qantas Australia Mar 1 737-800 CFM56 Tax Lease Regional Equipment Trust USA Aug 2 Q400 PW100 Loan/Finance/Refinanced Regourd Aviation France Oct 1 ERJ-145 AE 3007 Finance Lease Republic Airlines USA Aug 2 Q400 PW100 Loan/Finance/Refinanced Rostechnologii Group Russia Jan 15 737-700 CFM56 Pre Delivery Payment Rostechnologii Group Russia Jan 25 737-800 CFM56 Pre Delivery Payment Rostechnologii Group Russia Jan 10 737-900 CFM56 Pre Delivery Payment Royal Air Maroc Morocco Mar 2 737-800 CFM56 ECA / EXIM RwandAir Rwanda Nov 2 CRJ900 CF34 ECA / EXIM Ryanair Ireland Mar 2 737-800 CFM56 Tax Lease Ryanair Ireland Jul 7 737-800 CFM56 Capital Markets Safair Lease Finance South Africa Oct 1 737-400 CFM56 Loan/Finance/Refinanced SAS Multi-National (Europe) Dec 3 A330-300 Trent Loan/Finance/Refinanced Saudi Arabian Airlines Saudi Arabia Jan 1 A321-200 CFM56 Loan/Finance/Refinanced SF Airlines China Mar 2 737-300 CFM56 Finance Lease SF Airlines China Mar 2 757-200F RB211 Finance Lease Shandong Airlines China May 1 737-800 CFM56 Loan/Finance/Refinanced Shandong Airlines China Nov 4 737-800 CFM56 Loan/Finance/Refinanced Shenzhen Airlines China Jan 1 737-800 CFM56 Loan/Finance/Refinanced Shenzhen Airlines China Mar 4 737-800 CFM56 Loan/Finance/Refinanced Shenzhen Airlines China Jun 2 A320-200 V2500 Loan/Finance/Refinanced Shenzhen Airlines China Aug 3 737-800 CFM56 Loan/Finance/Refinanced Shenzhen Airlines China Dec 2 A320-200 V2500 Loan/Finance/Refinanced Shenzhen Airlines China Dec 4 737-800 CFM56 Loan/Finance/Refinanced Sichuan Airlines China May 1 A320-200 V2500 ECA / EXIM Sichuan Airlines China Aug 1 A319-100 V2500 Loan/Finance/Refinanced Sichuan Airlines China Aug 1 A320-200 V2500 Loan/Finance/Refinanced Sichuan Airlines China Aug 1 A321-200 V2500 ECA / EXIM Sichuan Airlines China Aug 3 A321-200 V2500 Loan/Finance/Refinanced Sky Airline Chile May 1 A319-100 CFM56 Tax Lease Sky Airline Chile Jul 1 A319-100 CFM56 Tax Lease SkyWest Airlines USA Jul 2 CRJ200 CF34 Loan/Finance/Refinanced SkyWest Airlines USA Dec 1 CRJ200 CF34 Loan/Finance/Refinanced Solenta Aviation South Africa Feb 1 ATR 42-300 PW100 Loan/Finance/Refinanced
  27. 27. Aviation data you can trust to navigate today’s challenging market Covering over 240,000 aircraft, Ascend Online Fleets’ unrivalled transactional and techincal data will guide you to make the right business decisions. Monitor your competitors Understand and manage exposure to the aviation cycle Scrutinise fleet and financial information Evaluate and quantify opportunities Ascend Online Fleets – A Flightglobal Data Product or contact us at fleets@ascendworldwide.com For more information go to Ascendworldwide.com
  28. 28. Aircraft Finance 2013 | Flightglobal Insight | 29 Aircraft finance 2013 Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure South African Airways South Africa Jan 3 A340-200 CFM56 Loan/Finance/Refinanced South African Airways South Africa Mar 2 A320-200 V2500 Loan/Finance/Refinanced South African Airways South Africa Jul 1 A330-200 Trent Loan/Finance/Refinanced Southwest Airlines USA Feb 1 737-700 CFM56 Loan/Finance/Refinanced Spring Airlines China Jan 1 A320-200 CFM56 ECA / EXIM Spring Airlines China Jan 2 A320-200 CFM56 Finance Lease Spring Airlines China Mar 3 A320-200 CFM56 Loan/Finance/Refinanced Synergy Aerospace Brazil Nov 6 A330-200 Trent Pre Delivery Payment Synergy Aerospace Brazil Nov 3 A330-200F Trent Pre Delivery Payment TACA International Airlines El Salvador Apr 1 A320-200 V2500 Loan/Finance/Refinanced TACA International Airlines El Salvador Sep 1 A319-100 V2500 ECA / EXIM TAM Linhas Aereas Brazil Mar 2 A320-200 CFM56 Tax Lease TAM Linhas Aereas Brazil Jun 2 A320-200 CFM56 ECA / EXIM TAM Linhas Aereas Brazil Jun 2 777-300ER GE90 ECA / EXIM TAM Linhas Aereas Brazil Jul 6 A320-200 V2500 ECA / EXIM TAM Linhas Aereas Brazil Jul 2 A320-200 V2500 Finance Lease TAM Linhas Aereas Brazil Jul 2 777-300ER GE90 Capital Markets TAM Linhas Aereas Brazil Sep 4 A319-100 V2500 Loan/Finance/Refinanced Thai Airways International Thailand Apr 3 A380-800 Trent ECA / EXIM Thai Airways International Thailand Sep 2 A330-300 Trent Loan/Finance/Refinanced| Tax Lease Thai Airways International Thailand Nov 2 A330-300 Trent Tax Lease| Loan/Finance/Refinanced Thai Airways International Thailand Nov 1 A380-800 Trent ECA / EXIM Thomas Cook Airlines UK Dec 2 A330-200 Trent Loan/Finance/Refinanced Titan Aviation Leasing USA May 1 737-800 CFM56 Loan/Finance/Refinanced TUI Aviation Germany Nov 1 A330-300 Trent Loan/Finance/Refinanced TUI Aviation Germany Nov 2 737-800 CFM56 Tax Lease TUI Aviation Germany Dec 10 737-800 CFM56 Pre Delivery Payment Turkish Airlines Turkey Jan 1 A330-200F Trent ECA / EXIM| Tax Lease Turkish Airlines Turkey Jan 3 A330-300 Trent ECA / EXIM| Tax Lease Turkish Airlines Turkey Jan 7 737-900 CFM56 ECA / EXIM Turkish Airlines Turkey Feb 2 A321-200 V2500 Tax Lease Turkish Airlines Turkey Feb 2 A321-200 V2500 Tax Lease| ECA / EXIM Turkish Airlines Turkey Mar 2 A321-200 V2500 Tax Lease Turkish Airlines Turkey May 2 737-800 CFM56 Tax Lease United Airlines USA Mar 1 737-800 CFM56 Loan/Finance/Refinanced United Airlines USA Mar 1 777-200ER GE90 Loan/Finance/Refinanced United Airlines USA Oct 1 737-800 CFM56 Loan/Finance/Refinanced United Airlines USA Dec 15 757-200 PW2000 Loan/Finance/Refinanced UPS Airlines USA Jan 1 767-300ERF CF6 Finance Lease UPS Airlines USA Feb 1 767-300ERF CF6 Finance Lease UPS Airlines USA Mar 1 767-300ERF CF6 Finance Lease UPS Airlines USA Apr 2 767-300ERF CF6 Finance Lease UPS Airlines USA May 1 767-300ERF CF6 Finance Lease UPS Airlines USA Dec 1 767-300ERF CF6 Finance Lease US Airways USA Apr 4 A321-200 CFM56 Capital Markets US Airways USA Apr 10 A321-200 V2500 Capital Markets US Airways USA Apr 2 A321-200 V2500 Finance Lease US Airways USA Aug 1 A321-200 V2500 Loan/Finance/Refinanced US Airways USA Oct 1 190 CF34 Loan/Finance/Refinanced US Airways USA Nov 7 A321-200 V2500 Capital Markets US Airways USA Nov 3 A330-200 Trent Capital Markets US Airways USA Nov 1 190 CF34 Loan/Finance/Refinanced
  29. 29. Aircraft finance 2013 30 | Flightglobal Insight | Aircraft Finance 2013 NOTE: Aircraft finance deals announced during 2012 with analysis by customer, financier and aircraft type. The aircraft transaction information contained in this section includes new and second-hand deals. Deals with unknown customers have not been included. SOURCE: Aviation Exchange (www.ascendworldwide.com/aviationexchange) Aircraft finance deals announced in 2012 Customer Country Month Number of aircraft Aircraft model Engine type Deal structure UTair Russia Jun 4 737-800 CFM56 ECA / EXIM UTair Russia Oct 20 A321-200 CFM56 Pre Delivery Payment Uzbekistan Airways Uzbekistan Feb 2 767-300ER PW4000 Loan/Finance/Refinanced VEB-Leasing Russia Nov 4 777-300ER GE90 ECA / EXIM Vietnam Airlines Vietnam Jun 4 A321-200 V2500 Loan/Finance/Refinanced Vietnam Airlines Vietnam Aug 4 A321-200 V2500 Loan/Finance/Refinanced Vietnam Airlines Vietnam Nov 1 A321-200 V2500 Loan/Finance/Refinanced Vietnam Airlines Vietnam Dec 1 A321-200 V2500 ECA / EXIM Vietnam Airlines Vietnam Dec 1 A321-200 V2500 Loan/Finance/Refinanced Virgin Australia Australia Jun 2 737-800 CFM56 Loan/Finance/Refinanced Virgin Australia Australia Jun 2 190 CF34 Loan/Finance/Refinanced Virgo Oct 2 737-700 CFM56 Loan/Finance/Refinanced Volito Aviation Services Sweden Jun 5 A319-100 CFM56 Loan/Finance/Refinanced Volito Aviation Services Sweden Jun 2 A319-100 V2500 Loan/Finance/Refinanced Volito Aviation Services Sweden Jun 2 A320-200 V2500 Loan/Finance/Refinanced Volito Aviation Services Sweden Jun 1 A321-200 V2500 Loan/Finance/Refinanced Volito Aviation Services Sweden Jun 2 737-700 CFM56 Loan/Finance/Refinanced Volito Aviation Services Sweden Jun 2 737-800 CFM56 Loan/Finance/Refinanced Vx Capital Partners USA Jul 2 MD-88 JT8D Loan/Finance/Refinanced Vx Capital Partners USA Nov 3 MD-88 JT8D Loan/Finance/Refinanced WealthCap Germany Oct 1 A380-800 Trent Loan/Finance/Refinanced WestJet Canada Jan 2 737-800 CFM56 ECA / EXIM Xiamen Airlines China Dec 1 737-800 CFM56 Loan/Finance/Refinanced
  30. 30. Precision asset valuations Ascend’s valuations and appraisals services are the most highly rated and respected in the industry. Leverage our extensive knowledge and experience for commercial aircraft, business jet and helicopter appraisals. Our services support thousands of sales, leases and business decisions worldwide. *Airline Economics Aviation 100 Awards Appraiser of the Year 2013 Ascend – A Flightglobal Advisory Service or contact us at values@ascendworldwide.com For more information go to Ascendworldwide.com from the Aircraft Appraiser of the Year 2013*
  31. 31. Aircraft finance 2013 32 | Flightglobal Insight | Aircraft Finance 2013 deals database 2012 By aircraft model Aircraft finance deals announced in 2012 Aircraft model Engine type Month Number of aircraft Customer Deal structure Arrangers 175 CF34 Jun-12 1 Operating Lease - Sale and Lease Back 175 CF34 Jun-12 3 Operating Lease - Sale and Lease Back 175 CF34 Jul-12 4 Operating Lease - Sale and Lease Back 175 CF34 Sep-12 1 Operating Lease - Sale and Lease Back 175 CF34 Nov-12 1 Flybe Finance Lease (HEH) Hamburger EmissionsHaus & Cie 190 CF34 Jan-12 1 JetBlue Airways Loan/Finance/Refinanced BNDES - Brazilian Development Bank 190 CF34 Mar-12 2 Operating Lease - Sale and Lease Back 190 CF34 Mar-12 1 Purchase - Lease Attached 190 CF34 Mar-12 2 Avolon Aerospace Leasing Loan/Finance/Refinanced Helaba Landesbank Hessen Thuringen 190 CF34 Jun-12 2 Operating Lease - Sale and Lease Back 190 CF34 Jun-12 2 Purchase - Lease Attached 190 CF34 Jun-12 2 Hainan Airlines Loan/Finance/Refinanced 190 CF34 Jun-12 2 JetBlue Airways Capital Markets 190 CF34 Jun-12 3 JetBlue Airways Loan/Finance/Refinanced 190 CF34 Jun-12 10 Kenya Airways Pre Delivery Payment| Loan/Finance/Refinanced Afriexim Bank 190 CF34 Jun-12 2 Virgin Australia Loan/Finance/Refinanced CIC Bank| Deutsche Bank 190 CF34 Jul-12 5 Purchase - Lease Attached 190 CF34 Sep-12 2 Conviasa ECA / EXIM BNDES - Brazilian Development Bank 190 CF34 Oct-12 2 Air Astana ECA / EXIM 190 CF34 Oct-12 1 JetBlue Airways Loan/Finance/Refinanced 190 CF34 Oct-12 1 US Airways Loan/Finance/Refinanced 190 CF34 Nov-12 1 Operating Lease - Sale and Lease Back 190 CF34 Nov-12 1 Purchase 190 CF34 Nov-12 2 Hainan Airlines Loan/Finance/Refinanced 190 CF34 Nov-12 1 US Airways Loan/Finance/Refinanced 190 CF34 Dec-12 1 Purchase 190 CF34 Dec-12 27 GECAS Capital Markets 195 CF34 Apr-12 2 BOC Aviation Loan/Finance/Refinanced DVB Bank 195 CF34 May-12 1 Operating Lease - Sale and Lease Back 195 CF34 Oct-12 2 Purchase - Lease Attached 195 CF34 Nov-12 2 Operating Lease - Sale and Lease Back 195 CF34 Dec-12 2 Operating Lease - Sale and Lease Back 737-300 CFM56 Jan-12 1 Purchase 737-300 CFM56 Jan-12 1 Purchase 737-300 CFM56 Jan-12 1 Purchase 737-300 CFM56 Jan-12 1 Purchase 737-300 CFM56 Jan-12 1 Purchase 737-300 CFM56 Jan-12 1 Purchase 737-300 CFM56 Jan-12 1 Purchase 737-300 CFM56 Jan-12 1 Purchase - Lease Attached 737-300 CFM56 Jan-12 22 Purchase - Lease Attached 737-300 CFM56 Jan-12 2 AerSale Loan/Finance/Refinanced Wells Fargo Bank 737-300 CFM56 Jan-12 1 European Aviation Loan/Finance/Refinanced 737-300 CFM56 Feb-12 1 Purchase 737-300 CFM56 Feb-12 2 Purchase
  32. 32. Aircraft Finance 2013 |Flightglobal Insight | 33 Aircraft finance 2013 Debt provider Equity providers Buyer Seller Aldus Aviation Flybe Jetscape Alitalia CIT Aerospace Alitalia Aldus Aviation Flybe NordLB Air Lease Corporation KLM Royal Dutch Airlines Macquarie AirFinance Jetscape Avolon Aerospace Leasing Virgin Australia Avolon Aerospace Leasing JetBlue Airways Industrial and Commercial Bank of China (ICBC) Undisclosed Bank / Broker / Lessor US Airways Republic Airlines BNDES - Brazilian Development Bank Undisclosed Bank / Broker / Lessor Undisclosed Bank / Broker / Lessor Undisclosed Bank / Broker / Lessor Linhas Aereas de Mocambique US Airways Republic Airlines China Development Bank Undisclosed Bank / Broker / Lessor US Airways Republic Airlines ORIX Aviation Azul Aircastle Advisor CIT Aerospace CIT Aerospace Azul Aircastle Advisor Azul AerSale The Connecticut National Bank Cara Capital Corp AFT 1999-1 ABS Portfolio GRAF1 (Aviation) WSA Undisclosed Bank / Broker / Lessor Infinity Trading & Solutions N302AW/N303AW Holdings Jet Time ORIX Aviation Jet2 Boeing Capital Swiftair Jetscape AerCap AERCO 2000-1 ABS Portfolio ORIX Aviation GECAS Erste Bank GHS Trade FZE DGI II Source One Aircraft Repair Magnolia Investment NOTE: Pages 32 to 79 should be viewed by selecting View, Page Display, Two Page View and Show Cover Page in Two Page View in Acrobat Reader Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)
  33. 33. Aircraft finance 2013 34 | Flightglobal Insight | Aircraft Finance 2013 Aircraft finance deals announced in 2012 Aircraft model Engine type Month Number of aircraft Customer Deal structure Arrangers 737-300 CFM56 Feb-12 1 Purchase - Lease Attached 737-300 CFM56 Mar-12 1 Purchase 737-300 CFM56 Mar-12 2 Purchase 737-300 CFM56 Mar-12 3 Purchase 737-300 CFM56 Mar-12 1 Purchase 737-300 CFM56 Mar-12 1 Purchase 737-300 CFM56 Mar-12 2 Purchase - Lease Attached 737-300 CFM56 Mar-12 1 SF Airlines Finance Lease 737-300 CFM56 Mar-12 1 SF Airlines Finance Lease 737-300 CFM56 Apr-12 1 Purchase 737-300 CFM56 Apr-12 1 Purchase 737-300 CFM56 Apr-12 1 Purchase 737-300 CFM56 Apr-12 2 ILFC Capital Markets 737-300 CFM56 May-12 1 Purchase 737-300 CFM56 May-12 1 Purchase 737-300 CFM56 May-12 1 Purchase 737-300 CFM56 Jun-12 1 Purchase 737-300 CFM56 Jun-12 1 Purchase 737-300 CFM56 Jun-12 1 Purchase 737-300 CFM56 Jul-12 1 Purchase 737-300 CFM56 Jul-12 1 Purchase 737-300 CFM56 Jul-12 4 Purchase 737-300 CFM56 Jul-12 1 Purchase 737-300 CFM56 Jul-12 1 Purchase 737-300 CFM56 Aug-12 1 Purchase 737-300 CFM56 Aug-12 1 Purchase 737-300 CFM56 Aug-12 1 Purchase 737-300 CFM56 Aug-12 1 Purchase - Lease Attached 737-300 CFM56 Aug-12 1 CDI Cargo Airlines Loan/Finance/Refinanced 737-300 CFM56 Sep-12 1 Purchase 737-300 CFM56 Sep-12 1 Purchase 737-300 CFM56 Sep-12 2 Purchase 737-300 CFM56 Sep-12 1 Comair (South Africa) Loan/Finance/Refinanced 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 1 Purchase 737-300 CFM56 Oct-12 2 Purchase - Lease Attached 737-300 CFM56 Oct-12 1 Comair (South Africa) Loan/Finance/Refinanced 737-300 CFM56 Nov-12 1 Purchase 737-300 CFM56 Nov-12 1 Purchase 737-300 CFM56 Nov-12 1 Purchase 737-300 CFM56 Nov-12 1 Purchase 737-300 CFM56 Nov-12 1 Purchase 737-300 CFM56 Nov-12 2 Purchase 737-300 CFM56 Nov-12 1 Purchase 737-300 CFM56 Nov-12 1 Purchase 737-300 CFM56 Dec-12 1 Purchase 737-300 CFM56 Dec-12 1 Purchase 737-400 CFM56 Jan-12 1 Purchase 737-400 CFM56 Jan-12 1 Purchase 737-400 CFM56 Jan-12 2 Purchase 737-400 CFM56 Jan-12 1 Purchase
  34. 34. Aircraft Finance 2013 |Flightglobal Insight | 35 Aircraft finance 2013 Debt provider Equity providers Buyer Seller Kahala Aviation First Greenwich Kahala Cargo Air Boeing Capital CDI Cargo Airlines Air China Innova Investments China Beijing Gahsm Aviation Supplies Science-Tech Jet2 GECAS Jet2 Sojitz Aircraft Leasing Undisclosed Bank / Broker / Lessor AWAS Xunlian Investment Xunxiang Investment Aergo Capital LIFT 2001-1 ABS Portfolio Classic 500 Lufthansa G Rentals Varde Partners Automatic AirTrust Capital Nordavia - Regional Airlines Sojitz Aircraft Leasing Undisclosed Bank / Broker / Lessor European Aviation Jet2 Aergo Capital Northern Air Cargo AAG VII Trigana Air Aurora Aviation Group Contrails Capital Aircastle Advisor ILFC SWA Infinity Trading & Solutions Southwest Airlines Infinity Trading & Solutions Zephyrus Capital Zephyrus Capital ACAP 2000-1 ABS Portfolio Boeing Aircraft Holding Air Lease Corporation Global Pripal Finance Company Pacific Enterprises Leasing Jetran International BBAM Undisclosed Bank / Broker / Lessor AWAS Bank of Beijing AeroTurbine Aircraft Statutory Trust N532AU Jetran International BBAM MidAmerican Aerospace Jetran International Investec Bank Air Lease Corporation Air China Air New Zealand AFT 1999-1 ABS Portfolio Air New Zealand ORIX Aviation Aircraft N532AU AeroTurbine Astra Holdings Engage Aviation Engage Aviation Jet Trading And Leasing Undisclosed Bank / Broker / Lessor AirTrust Capital Vx Capital Partners Air Lease Corporation Aquiline International Corporation Source One Aircraft Repai Investec Bank Aergo Capital AIRPT 2001-1 ABS Portfolio Aergo Capital LIFT 2001-1 ABS Portfolio AeroTurbine Aircraft Statutory Trust N533AU Bulgaria Air CIT Aerospace FL Technics (Lithuania) AerCap Infinity Trading & Solutions Southwest Airlines MidAmerican Aerospace ACAP 2003-2 ABS Portfolio Small Planet Airlines (Lithuania) Volito Aviation Services Magna Tech Aviation AeroTurbine TAG Aviation (Stansted) AFT 1999-1 ABS Portfolio Airwork (NZ) Aurora Leasing CSDS Aircraft Sales & Leasing Aircastle Advisor Jetran International AIRPT 2001-1 ABS Portfolio TAG Aviation (Stansted) GECAS Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)
  35. 35. Aircraft finance 2013 36 | Flightglobal Insight | Aircraft Finance 2013 Aircraft finance deals announced in 2012 Aircraft model Engine type Month Number of aircraft Customer Deal structure Arrangers 737-400 CFM56 Jan-12 1 Purchase - Lease Attached 737-400 CFM56 Jan-12 5 Purchase - Lease Attached 737-400 CFM56 Jan-12 2 Jetran International Loan/Finance/Refinanced 737-400 CFM56 Feb-12 1 Purchase 737-400 CFM56 Feb-12 1 Purchase - Lease Attached 737-400 CFM56 Feb-12 2 Comair (South Africa) Loan/Finance/Refinanced 737-400 CFM56 Mar-12 4 Purchase 737-400 CFM56 Mar-12 1 Purchase 737-400 CFM56 Mar-12 1 Aviation Technologies Loan/Finance/Refinanced 737-400 CFM56 Apr-12 1 Purchase 737-400 CFM56 Apr-12 1 Purchase 737-400 CFM56 Apr-12 4 ILFC Capital Markets 737-400 CFM56 Apr-12 1 Juliet Romeo Aviation Loan/Finance/Refinanced 737-400 CFM56 May-12 1 Purchase - Lease Attached 737-400 CFM56 May-12 1 Purchase - Lease Attached 737-400 CFM56 May-12 1 Purchase 737-400 CFM56 May-12 1 AerSale Loan/Finance/Refinanced Wells Fargo Bank 737-400 CFM56 Jun-12 1 Purchase 737-400 CFM56 Jun-12 1 Purchase 737-400 CFM56 Jun-12 1 Purchase 737-400 CFM56 Jun-12 1 Jetran International Loan/Finance/Refinanced 737-400 CFM56 Jul-12 1 Purchase 737-400 CFM56 Aug-12 2 Purchase 737-400 CFM56 Aug-12 3 Purchase 737-400 CFM56 Aug-12 1 Purchase 737-400 CFM56 Aug-12 1 Purchase 737-400 CFM56 Aug-12 1 Purchase - Lease Attached 737-400 CFM56 Sep-12 1 Purchase 737-400 CFM56 Sep-12 1 Purchase 737-400 CFM56 Sep-12 2 Alaska Airlines Loan/Finance/Refinanced 737-400 CFM56 Sep-12 2 Hainan Airlines Finance Lease 737-400 CFM56 Oct-12 1 Purchase 737-400 CFM56 Oct-12 1 Purchase 737-400 CFM56 Oct-12 1 Purchase 737-400 CFM56 Oct-12 2 Purchase 737-400 CFM56 Oct-12 1 Safair Lease Finance Loan/Finance/Refinanced 737-400 CFM56 Nov-12 1 Purchase 737-400 CFM56 Nov-12 10 Purchase 737-400 CFM56 Nov-12 1 Purchase 737-400 CFM56 Dec-12 1 Purchase 737-400 CFM56 Dec-12 1 Purchase 737-400 CFM56 Dec-12 2 AerSale Loan/Finance/Refinanced Wells Fargo Bank 737-400 CFM56 Dec-12 1 AerSale Loan/Finance/Refinanced Wells Fargo Bank 737-500 CFM56 Jan-12 1 Purchase 737-500 CFM56 Jan-12 1 Purchase 737-500 CFM56 Jan-12 4 Purchase 737-500 CFM56 Jan-12 2 Purchase 737-500 CFM56 Jan-12 4 Purchase 737-500 CFM56 Jan-12 2 Purchase - Lease Attached 737-500 CFM56 Jan-12 1 Aero Capital Solutions Loan/Finance/Refinanced 737-500 CFM56 Feb-12 1 Purchase 737-500 CFM56 Mar-12 1 Purchase 737-500 CFM56 Mar-12 1 Purchase 737-500 CFM56 Mar-12 5 Purchase 737-500 CFM56 Mar-12 1 Purchase 737-500 CFM56 Mar-12 1 Aero Capital Solutions Loan/Finance/Refinanced 737-500 CFM56 Apr-12 2 Purchase
  36. 36. Aircraft Finance 2013 |Flightglobal Insight | 37 Aircraft finance 2013 Debt provider Equity providers Buyer Seller KAL Aviation AAR Aircraft Sales & Leasing ORIX Aviation GECAS Grand Bank of Texas Juliet Romeo Aviation CSDS Aircraft Sales & Leasing Kahala Aviation First Greenwich Kahala Investec Bank Japan TransOcean Air MC Aviation Partners/Mitsubishi Corporation Jet Aviation FZC Boeing Capital Jim Gallagher S.S ELTA Electronics AWAS KAL Aviation AAR Aircraft Sales & Leasing Plainscapital Bank VEB-Leasing AerCap VEB-Leasing Aergo Capital Undisclosed Bank / Broker / Lessor EAST 2000-1 ABS Portfolio Batavia Air AERCO 2000-1 ABS Portfolio Jetran International GECAS Undisclosed Bank / Broker / Lessor Qantas Trustmark National Bank (Texas) Aero Nusantara Indonesia TAG Aviation (Stansted) AAR Aircraft Sales & Leasing AERCO 2000-1 ABS Portfolio ASL Aviation Group Qantas Enter Air Volito Aviation Services SF Airlines Speed Star ( Hong Kong ) VEB-Leasing BBAM AAR Aircraft Sales & Leasing EAST 2000-1 ABS Portfolio Allied Air Prudential Retirement Insurance & Annuity Company Citibank China Construction Bank China Postal Airlines Cosmos Posts&Telecommunications Intl Lsg Cosmos Posts&Telecommunications Intl Lsg ILFC GainJet Aviation KLM Royal Dutch Airlines Grandmax Group Japan TransOcean Air Investec Bank Aergo Capital AIRPT 2001-1 ABS Portfolio Malaysian Airlines AAR Aircraft Sales & Leasing Reliance Aircraft International Penerbangan Malaysia Berhad SF Airlines Fast Spread Investment Undisclosed Bank / Broker / Lessor Aircraft Solutions Aero Capital Solutions Volito Aviation Services BLF GECAS BLF United Airlines MidAmerican Aerospace Apollo Aviation Group United Airlines Undisclosed Bank / Broker / Lessor ORIX Aviation GECAS The Frost National Bank Av-Air All Nippon Airways Aero Capital Solutions Volito Aviation Services GHS Trade FZE Aerovista Nordavia - Regional Airlines AIRPT 2001-1 ABS Portfolio United Airlines Undisclosed Bank / Broker / Lessor The Frost National Bank Universal Asset Management United Airlines Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)
  37. 37. Aircraft finance 2013 38 | Flightglobal Insight | Aircraft Finance 2013 Aircraft finance deals announced in 2012 Aircraft model Engine type Month Number of aircraft Customer Deal structure Arrangers 737-500 CFM56 Apr-12 1 ILFC Capital Markets 737-500 CFM56 May-12 1 Purchase 737-500 CFM56 May-12 1 Purchase 737-500 CFM56 May-12 2 Purchase 737-500 CFM56 Jun-12 5 Operating Lease - Sale and Lease Back 737-500 CFM56 Jul-12 1 Purchase 737-500 CFM56 Aug-12 1 Purchase 737-500 CFM56 Aug-12 1 Purchase 737-500 CFM56 Aug-12 1 Purchase 737-500 CFM56 Aug-12 1 Purchase 737-500 CFM56 Sep-12 1 Purchase 737-500 CFM56 Oct-12 1 Purchase 737-500 CFM56 Oct-12 4 Purchase 737-500 CFM56 Oct-12 2 Purchase 737-500 CFM56 Oct-12 2 Jetran International Loan/Finance/Refinanced 737-500 CFM56 Nov-12 1 Purchase 737-500 CFM56 Dec-12 2 Purchase 737-500 CFM56 Dec-12 2 Jetran International Loan/Finance/Refinanced 737-600 CFM56 May-12 1 Purchase 737-600 CFM56 Jun-12 1 Purchase - Lease Attached 737-600 CFM56 Aug-12 1 Purchase - Lease Attached 737-600 CFM56 Dec-12 1 Purchase - Lease Attached 737-700 CFM56 Jan-12 1 BOC Aviation Loan/Finance/Refinanced 737-700 CFM56 Jan-12 1 ILFC Capital Markets 737-700 CFM56 Jan-12 15 Rostechnologii Group Pre Delivery Payment 737-700 CFM56 Feb-12 1 KLM Royal Dutch Airlines Tax Lease BBAM 737-700 CFM56 Feb-12 1 KLM Royal Dutch Airlines Tax Lease BBAM | DVB Bank 737-700 CFM56 Feb-12 1 Southwest Airlines Loan/Finance/Refinanced CIC Bank| Credit Agricole Corporate and Investment Bank 737-700 CFM56 Mar-12 1 Purchase - Lease Attached 737-700 CFM56 Mar-12 2 BOC Aviation Loan/Finance/Refinanced 737-700 CFM56 Mar-12 1 China Southern Airlines Loan/Finance/Refinanced 737-700 CFM56 Apr-12 1 AWAS Loan/Finance/Refinanced Goldman Sachs & Co 737-700 CFM56 Apr-12 1 BOC Aviation Loan/Finance/Refinanced DVB Bank 737-700 CFM56 Apr-12 1 ILFC Capital Markets 737-700 CFM56 May-12 3 Operating Lease - Sale and Lease Back 737-700 CFM56 Jun-12 1 Purchase - Lease Attached 737-700 CFM56 Jun-12 1 Purchase - Lease Attached 737-700 CFM56 Jun-12 2 Volito Aviation Services Loan/Finance/Refinanced 737-700 CFM56 Sep-12 2 Purchase 737-700 CFM56 Oct-12 2 Purchase 737-700 CFM56 Oct-12 1 Purchase 737-700 CFM56 Oct-12 2 Purchase - Lease Attached 737-700 CFM56 Oct-12 2 China Eastern Airlines Loan/Finance/Refinanced 737-700 CFM56 Oct-12 2 Virgo Loan/Finance/Refinanced DVB Bank 737-700 CFM56 Nov-12 2 Purchase 737-700 CFM56 Nov-12 1 Purchase - Lease Attached 737-700 CFM56 Nov-12 1 Purchase - Lease Attached 737-700 CFM56 Nov-12 1 Purchase - Lease Attached 737-700 CFM56 Dec-12 2 DAE Capital Loan/Finance/Refinanced DVB Bank| PK AirFinance 737-700 CFM56 Dec-12 20 GECAS Capital Markets 737-800 CFM56 Jan-12 1 Operating Lease - Sale and Lease Back 737-800 CFM56 Jan-12 3 Operating Lease - Sale and Lease Back 737-800 CFM56 Jan-12 5 Operating Lease - Sale and Lease Back 737-800 CFM56 Jan-12 1 Purchase 737-800 CFM56 Jan-12 1 Purchase - Lease Attached 737-800 CFM56 Jan-12 1 Purchase - Lease Attached 737-800 CFM56 Jan-12 1 AWAS Loan/Finance/Refinanced Helaba Landesbank Hessen Thuringen
  38. 38. Aircraft Finance 2013 |Flightglobal Insight | 39 Aircraft finance 2013 Debt provider Equity providers Buyer Seller ARC Avionics Corp CIT Aerospace BLF United Airlines Universal Asset Management United Airlines Sberbank Leasing UTair Marsland Aerovista All Nippon Airways BBAM Buraq Air GECAS European Aviation Jeritt Marana Aerospace Solutions ARC Avionics Sibit.1 Sojitz Aircraft Leasing Aero Capital Solutions Volito Aviation Services airBaltic Marron Ventures Jetran International GECAS Grand Bank of Texas Air North AERCO 2000-1 ABS Portfolio BLF United Airlines Jione Financial AMES-CAMO Austrian Apollo Aviation Group First Greenwich Kahala Infinity Aviation Capital Lease Corporation International Apollo Aviation Group BBAM NordLB Bank of Moscow Nomura Babcock & Brown Nomura Babcock & Brown BBAM CIT Aerospace Development Bank of Japan Bank of China Citicorp North America Alaska Airlines Banc of America Leasing & Capital GECAS MD Aviation Capital FLY Leasing GE Japan Magellan Group Bavaria Intl Aircraft Leasing & Co Air Do All Nippon Airways Intertrade PALS 1999-1 ABS Portfolio Virgo Guggenheim Aviation Partners China Development Bank GA Innovation China Apollo Aviation Group Undisclosed Bank / Broker / Lessor Q Aviation BOC Aviation Continuity Air Finance VII BOC Aviation Continuity Air Finance VII Avolon Aerospace Leasing Ryanair China Aircraft Leasing Shandong Airlines MC Aviation Partners/Mitsubishi Corporation Jet Airways VEB-Leasing Aircraft Leasing & Management Grus Liability Sumisho Aircraft Asset Management Undisclosed Bank / Broker / Lessor Volito Aviation Services Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)

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