special REPORt
aircraft finance
2014
leasing & market outlook • aircraft finance deals & second-hand transactions in 2013
Dynamic values data
from the industry’s
foremost appraiser
Ascend Online Values is relied upon by the most
influential ban...
Flightglobal Insight | 3
Aircraft finance 2014
foreword
Welcome to Flightglobal Insight’s Aircraft Finance Special Report ...
Aircraft finance 2014
4 | Flightglobal Insight
LEASING OUTLOOK
Top 10 lessors by fleet value & order share value	 5
Top 50...
Flightglobal Insight | 5
Aircraft finance 2014
Leasing outlook
Top 10 lessors by fleet value & order share value
Extracts ...
Aircraft finance 2014
6 | Flightglobal Insight
Top 50 lessors by fleet value
Rank Total fleet value Total Average value Ma...
Flightglobal Insight | 7
Aircraft finance 2014
top 50 lessors by fleet size
Rank Total fleet Fleet by category Value
2013 ...
Aircraft finance 2014
8 | Flightglobal Insight
mainline aircraft: Leased fleet
Manufacturer/category Type Value
($m)
Fleet...
Flightglobal Insight | 9
Aircraft finance 2014
As production rates continue to rise, airlines are adjusting how they finan...
Aircraft finance 2014
10 | Flightglobal Insight
He anticipates that hedge funds, private equity firms and
insurance compan...
Flightglobal Insight | 11
Aircraft finance 2014
too often hampered by restrictive regulatory and fiscal
constraints on cap...
Aircraft finance 2014
12 | Flightglobal Insight
THE APPRAISER
George Dimitroff
Vice president advisory Americas
Will there...
Flightglobal Insight | 13
Aircraft finance 2014
rates should also be good news for the A320’s lease rates.
On the values s...
Aircraft finance 2014
14 | Flightglobal Insight
Will we see more European banks, which have retreated
since the 2008 finan...
Flightglobal Insight | 15
Aircraft finance 2014
Which aircraft will be the targeted best performers in
terms of lease rate...
Aircraft finance newsletter
To receive FREE fortnightly news and
analysis from the aircraft finance
sector with content fr...
Flightglobal Insight | 17
Aircraft finance 2014
Airliner finance deals announced in 2008 with analysis by operator/lessor
...
Aircraft finance 2014
18 | Flightglobal Insight
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Flightglobal Insight | 19
Aircraft finance 2014
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Aircraft finance 2014
20 | Flightglobal Insight
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Flightglobal Insight | 21
Aircraft finance 2014
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Aircraft finance 2014
22 | Flightglobal Insight
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Flightglobal Insight | 23
Aircraft finance 2014
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Aircraft finance 2014
24 | Flightglobal Insight
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Flightglobal Insight | 25
Aircraft finance 2014
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Aircraft finance 2014
26 | Flightglobal Insight
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Flightglobal Insight | 27
Aircraft finance 2014
Aircraft finance deals announced in 2013 - by bank
Bank Operator/customer ...
Aircraft finance 2014
28 | Flightglobal Insight
ANZ Bank	 Australia & New Zealand Bank
ACME	 Airline Contract Maintenance ...
Flightglobal Insight | 29
Aircraft finance 2014
Airliner finance deals announced in 2008 with analysis by operator/lessor
...
Aircraft Finance and Aircraft Leasing Market Outlook
Aircraft Finance and Aircraft Leasing Market Outlook
Aircraft Finance and Aircraft Leasing Market Outlook
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Aircraft Finance and Aircraft Leasing Market Outlook

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Aircraft Finance Report 2014 by Flightglobal

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Aircraft Finance and Aircraft Leasing Market Outlook

  1. 1. special REPORt aircraft finance 2014 leasing & market outlook • aircraft finance deals & second-hand transactions in 2013
  2. 2. Dynamic values data from the industry’s foremost appraiser Ascend Online Values is relied upon by the most influential banks, lessors and manufacturers to provide instant values data in support of multi-million dollar aviation investments. Over 45 years of asset valuation experience feeds our values projections, helping inform aircraft trading, benchmarking and management decisions worldwide. NOW FEATURING: Generic and specification adjusted helicopter values based on actual trading points* . *Based on observed transaction and data. or contact us at values@ascendworldwide.com For more information go to Ascendworldwide.com
  3. 3. Flightglobal Insight | 3 Aircraft finance 2014 foreword Welcome to Flightglobal Insight’s Aircraft Finance Special Report 2014. The report provides a breakdown of aircraft finance transactions that took place in 2013, based on information from Flightglobal’s Ascend Online database and media reports. It also includes an analytical overview about the financing outlook for this year’s new aircraft deliveries. Airbus and Boeing delivered 1,274 aircraft, worth $174 billion at list prices, in 2013. Boeing set a new industry record with 648 deliveries, ahead of Airbus’s new record of 626 units. Although this is a difference of only 22 units, the deficit in value terms between the rivals was over $18.5 billion at list price; Airbus’s 2013 deliveries were worth $77.8 billion against Boeing’s $96.4 billion. The driver behind Boeing’s earning advantage was its widebody output. It delivered 208 widebody aircraft, worth an estimated $58 billion at list prices, or 40% more than Airbus’s 133 widebody deliveries worth $34 billion. Although Toulouse benefits from the high value of A380 shipments, deliveries of the double-decker remain relatively low at just 25 aircraft in 2013. Boeing, on the other hand, had the advantage of shipping almost 100 777s last year, as well as a further 110 747s, 767s and 787s. Airbus’s big-jet production is powered primarily by the A330 (108 deliveries) following the cessation of the A340 programme. The European manufacturer should start to feel some benefit from the A350 in 2015, if deliveries begin later this year as scheduled. Airbus redressed some of the deficit in the narrowbody arena, delivering a record 493 A320-family aircraft worth $43.4 billion. Boeing’s lower production rates for the 737 put its full-year single-aisle tally at 440 deliveries worth $38.7 billion. Airbus’s single-aisle production accounted for 79% by unit and 56% by value of its entire 2013 output. Comparative numbers for Boeing are 68% and 40%, respectively. Last year, the two rivals secured net orders for 2,858 aircraft worth more than $400 billion. Airbus took the honours, with its 1,503 net orders worth almost $215 billion being 148 units ahead of its rival. Boeing’s 1,355 net orders were valued at $186 billion. The two manufacturers’ strong order performance has boosted their combined backlog during the last 12 months by almost a fifth to 10,639 aircraft, worth more than $1.5 trillion. Airbus holds a slight market share advantage (52%), but again it is the strength of its position in the single- aisle sector that puts it ahead of its US rival. The two manufacturers’ 2014 production outlooks differ significantly. Airbus has indicated it expects its output to be flat while Boeing is forecasting an almost 12% rise to between 715 and 725 deliveries. This double-digit increase will take the overall 2014 mainline airliner production tally to around 1,360 aircraft. As expected the year 2013 saw increased appetite from the capital markets with more enhanced equipment trust certificates financings, US Export-Import Bank (Ex-Im) guaranteed bond as well as pre-funded bond transactions. According to data compiled by Flightglobal, bond-guaranteed issuances totalled $6.4 billion. This compares with $5.6 billion worth of deals in 2012 and $587 million worth of transactions in 2011. The year 2013, marked the return of European export credit agencies guaranteed deals. Although just five issuances were completed, they totalled $705 million, or 11% of the total bond-guaranteed issuances. This year’s Aircraft Finance Special Report offers opinions from Flightglobal’s Ascend, operating lessor Avolon Aerospace and financial institution DVB Bank, providing insight into what the market might expect in 2014. Finally, the report provides information on the number of second-hand transactions that occurred in the widebody, narrowbody, regional jet and turboprop sectors in 2013. A breakdown by type, but also by transaction type (operating lease, wet- lease and purchase) is provided. We hope that you find this information useful and that the Aircraft Finance Special Report 2014 will be a helpful reference source of closing all your aircraft transactions this year. flightglobal Finance olivier bonnassies flightglobal insight Antoine Fafard flightglobal data research steven Phipps
  4. 4. Aircraft finance 2014 4 | Flightglobal Insight LEASING OUTLOOK Top 10 lessors by fleet value & order share value 5 Top 50 lessors by fleet value 6 Top 50 lessors by fleet size 7 Top 50 leasing survey 8 Funds for thought 9 Market outlook Views from Ascend, Avolon and DVB Bank 12 Aircraft finance deals in 2013 By bank 17 aircraft transactions Second-hand deals that occurred in 2013 29 contentS To find out more about flightglobal insight and report sponsorship opportunities, contact: Flightglobal Insight Email: insight@flightglobal.com Website: www.flightglobal.com/insight
  5. 5. Flightglobal Insight | 5 Aircraft finance 2014 Leasing outlook Top 10 lessors by fleet value & order share value Extracts from: 1,400Firm backlog of top 10 lessors (by fleet value) at the end of 2013, led by ILFC with 326 aircraft, followed by Air lease with 318 and GECAS with 251 10.9%Rise in value of the top 50 lessors’ fleet portfolios during 2013 $196bnTotal value of top 50 lessors’ fleet portfolios at the end of 2013, an increase of 11% The usual suspects lead the lessor rankings, with GECAS still the dominant player, while the sector’s managed fleet has seen a double digit rise in value to over $196 billion. Data from Flightglobal’s Ascend Online database
  6. 6. Aircraft finance 2014 6 | Flightglobal Insight Top 50 lessors by fleet value Rank Total fleet value Total Average value Managed only 2013 (2012) Company $m Change fleet $m Change $m Share 1 (1) GECAS 33,851 -0.7% 1,692 20.0 2.2% 896 2.6% 2 (2) ILFC 24,951 -4.5% 1,009 24.7 -2.2% 845 3.4% 3 (3) BBAM 10,142 17.6% 330 30.7 18.3% 7,897 77.9% 4 (8) SMBC Aviation Capital 9,411 59.2% 344 27.4 7.3% 0 0.0% 5 (5) BOC Aviation 8,940 22.9% 221 40.5 10.1% 496 5.5% 6 (4) AerCap 8,621 11.9% 311 27.7 6.8% 1,752 20.3% 7 (7) AWAS 7,379 20.4% 270 27.3 8.8% 99 1.3% 8 (6) CIT Aerospace 7,277 1.4% 272 26.8 -0.1% 59 0.8% 9 (9) Air Lease Corporation 6,850 21.9% 194 35.3 -5.1% 58 0.8% 10 (10) Aviation Capital Group 5,904 5.8% 256 23.1 11.6% 143 2.4% 11 (15) Avolon Aerospace Lsg 4,783 40.1% 113 42.3 10.3% 749 15.7% 12 (11) Doric 4,601 13.7% 39 118.0 2.0% 3,499 76.0% 13 (18) ICBC Leasing Co 4,573 44.1% 115 39.8 2.7% 118 2.6% 14 (12) CDB Leasing Company 4,503 18.7% 110 40.9 -1.8% 0 0.0% 15 (13) Aircastle Advisor 4,008 6.3% 157 25.5 7.0% 30 0.7% 16 (16) Standard Chartered Avn Finance 3,373 -0.6% 95 35.5 1.4% 0 0.0% 17 (14) MC Aviation Partners 3,353 -5.0% 95 35.3 10.0% 0 0.0% 18 (19) Jackson Square Aviation 3,252 17.7% 79 41.2 -3.1% 0 0.0% 19 (17) Macquarie AirFinance 2,988 -6.0% 141 21.2 -0.7% 263 8.8% 20 (21) DAE Capital 2,702 6.9% 53 51.0 2.9% 0 0.0% 21 (24) ORIX Aviation 2,645 18.5% 132 20.0 7.7% 273 10.3% 22 (22) Hong Kong Avn Capital 2,496 8.5% 79 31.6 0.3% 1,516 60.7% 23 (23) Guggenheim Avn Partners 2,394 5.1% 58 41.3 19.6% 0 0.0% 24 (27) FLY Leasing Limited 2,163 6.9% 105 20.6 12.0% 7,897 365.1% 25 (25) Boeing Capital Corp 1,872 -12.3% 220 8.5 -5.9% 107 5.7% 26 (26) Amentum Capital 1,857 -10.1% 45 41.3 -10.1% 1,782 95.9% 27 (29) Nordic Aviation Capital 1,820 23.1% 174 10.5 23.1% 0 0.0% 28 (28) ALAFCO 1,670 6.6% 50 33.4 8.8% 0 0.0% 29 (34) VEB-Leasing JSC 1,583 82.6% 55 28.8 36.1% 0 0.0% 30 (48) BoCom Leasing 1,559 212.5% 43 36.3 9.0% 0 0.0% 31 (30) Changjiang Lsg Co 1,218 5.4% 55 22.2 -4.2% 0 0.0% 32 (41) China Aircraft Lsg 958 57.9% 24 39.9 5.2% 0 0.0% 33 (83) Intrepid Avn Group 930 583.7% 10 93.0 36.7% 0 0.0% 34 (42) AVIC International Lsg 852 45.3% 50 17.0 -4.1% 2 0.2% 35 (32) SkyWorks Leasing 851 -11.5% 81 10.5 -8.2% 851 100.0% 36 (35) Jetscape 808 -5.4% 40 20.2 1.7% 303 37.5% 37 (36) Novus Aviation 803 2.2% 16 50.2 8.6% 469 58.4% 38 (37) Aircraft Leasing & Mgmt 775 5.0% 29 26.7 26.7% 0 0.0% 39 (110) Titan Aviation Lsg 723 1602.0% 7 103.2 386.3% 0 0.0% 40 (65) Jackson Square Avn Ireland 678 146.9% 17 39.9 30.7% 0 0.0% 41 (40) Cargo Aircraft Mgmt 652 1.2% 71 9.2 6.9% 12 1.8% 42 (38) Investec Global Acft Fund 639 -5.5% 19 33.6 -5.5% 164 25.6% 43 (44) Dragon Aviation Lsg Co 631 17.6% 20 31.6 0.0% 0 0.0% 44 (31) Lease Corporation Int'l 630 -35.1% 9 70.0 -13.5% 630 100.0% 45 (47) GOAL 626 24.6% 42 14.9 -2.1% 0 0.0% 46 (55) Showa Leasing 607 44.3% 27 22.5 22.9% 0 0.0% 47 (53) Apollo Aviation Grp 593 39.0% 55 10.8 31.4% 148 24.9% 48 (69) Airbus Asset Mgmt 563 148.3% 34 16.6 16.8% 0 0.0% 49 (60) Vietnam Aircraft Lsg Co 509 46.9% 15 33.9 7.7% 0 0.0% 50 (39) Penerbangan Malaysia 494 -25.8% 32 15.4 -14.2% 0 0.0% TOTAL 196,061 10.9% 7,510 26.1 6.5% 31,056 15.8% NOTES: Fleet value based on Ascend estimates 2013. FLY Leasing aircraft managed by BBAM, but not included in BBAM figures to avoid double counting. 2012 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 2013 and 2012. 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.
  7. 7. Flightglobal Insight | 7 Aircraft finance 2014 top 50 lessors by fleet size Rank Total fleet Fleet by category Value 2013 (2012) Company number change units +/- Wide Narrow RJ/Prop Fleet ($m) Rank Average ($m) 1 (1) GECAS 1,692 -2.9% -50 182 1,072 438 33,851 1 20.0 2 (2) ILFC 1,009 -2.3% -24 271 738 0 24,951 2 24.7 3 (9) SMBC Aviation Capital 344 48.3% +112 8 321 15 9,411 4 27.4 4 (3) BBAM 330 -0.6% -2 44 284 2 10,142 3 30.7 5 (4) AerCap 311 4.7% +14 48 257 6 8,621 6 27.7 6 (6) CIT Aerospace 272 1.5% +4 40 217 15 7,277 8 26.8 7 (7) AWAS 270 10.7% +26 49 221 0 7,379 7 27.3 8 (5) Aviation Capital Group 256 -5.2% -14 9 247 0 5,904 10 23.1 9 (10) BOC Aviation 221 11.6% +23 38 173 10 8,940 5 40.5 10 (8) Boeing Capital Corp 220 -6.8% -16 18 195 7 1,872 25 8.5 11 (13) Air Lease Corporation 194 28.5% +43 32 115 47 6,850 9 35.3 12 (13) Nordic Aviation Capital 174 0.0% +0 0 12 162 1,820 27 10.5 13 (17) Aircastle Advisor 157 -0.6% -1 58 94 5 4,008 15 25.5 14 (11) Macquarie AirFinance 141 -5.4% -8 12 125 4 2,988 19 21.2 15 (15) ORIX Aviation 132 10.0% +12 18 112 2 2,645 21 20.0 16 (20) Avmax Aircraft Leasing 120 21.2% +21 0 0 120 406 55 3.4 16 (16) ICBC Leasing Co 115 40.2% +33 20 85 10 4,573 13 39.8 18 (14) Avolon Aerospace Lsg 113 27.0% +24 13 94 6 4,783 11 42.3 19 (22) CDB Leasing Company 110 20.9% +19 28 62 20 4,503 14 40.9 20 (24) FLY Leasing Limited 105 -4.5% -5 8 97 0 2,163 24 20.6 21 (28) MC Aviation Partners 95 -13.6% -15 18 77 0 3,353 17 35.3 21 (29) Standard Chartered Avn Fin 95 -2.1% -2 15 80 0 3,373 16 35.5 23 (21) SkyWorks Leasing 81 -3.6% -3 15 46 20 851 35 10.5 24 (18) Hong Kong Avn Capital 79 8.2% +6 18 55 6 2,496 22 31.6 24 (26) Jackson Square Avn 79 21.5% +14 7 72 0 3,252 18 41.2 26 (23) ECC Leasing Co 75 38.9% +21 0 0 75 423 54 5.6 27 (27) Falko 72 -31.4% -33 0 8 64 231 73 3.2 28 (33) Cargo Aircraft Mgmt 71 -5.3% -4 44 27 0 652 41 9.2 28 (25) Guggenheim Avn Partners 58 -12.1% -8 37 21 0 2,394 23 41.3 30 (34) AerSale 56 3.7% +2 11 45 0 349 63 6.2 30 (19) Sky Holding 56 -15.2% -10 10 46 0 338 64 6.0 32 (40) Apollo Aviation Group 55 5.8% +3 8 44 3 593 47 10.8 32 (48) Changjiang Lsg Co 55 10.0% +5 0 37 18 1,218 31 22.2 32 (32) VEB-Leasing JSC 55 34.1% +14 21 19 15 1,583 29 28.8 35 (36) DAE Capital 53 3.9% +2 22 31 0 2,702 20 51.0 35 (30) ALAFCO 50 -2.0% -1 3 47 0 1,670 28 33.4 35 (38) AVIC Intl Lsg 50 51.5% +17 2 7 41 852 34 17.0 38 (63) GA Telesis LLC 49 2.1% +1 12 26 11 298 66 6.1 39 (31) Amentum Capital 45 0.0% +0 14 26 5 1,857 26 41.3 40 (37) BoCom Leasing 43 186.7% +28 6 35 2 1,559 30 36.3 41 (42) GOAL 42 27.3% +9 1 12 29 626 45 14.9 41 (71) JetFleet Mgmt Corp 42 5.0% +2 0 0 42 143 86 3.4 41 (45) Saab Aircraft Lsg 42 -28.8% -17 0 0 42 70 102 1.7 44 (39) ACIA Aero 40 471.4% +33 0 0 40 129 88 3.2 44 (47) Jetscape 40 -7.0% -3 0 3 37 808 36 20.2 46 (43) Doric 39 11.4% +4 31 8 0 4,601 12 118.0 46 (44) VTB-Leasing 39 0.0% +0 14 23 2 429 53 11.0 48 (35) Aergo Capital 38 -19.1% -9 0 37 1 76 98 2.0 48 (50) Ilyushin Finance Co 38 5.6% +2 8 18 12 281 69 7.4 50 (57) Jetran Intl 37 8.8% +3 1 27 9 73 100 2.0 TOTAL 7,955 3.5% +272 1,214 5,398 1,343 190,367 23.9 NOTES: Figures based on fleet data from Flightglobal’s Ascend Online database for December 2013. Total fleet is owned and managed. Standard Chartered Aviation Finance was formely Pembroke Group.
  8. 8. Aircraft finance 2014 8 | Flightglobal Insight mainline aircraft: Leased fleet Manufacturer/category Type Value ($m) Fleet Av. value ($m) Airbus narrowbody A318 380 28 13.6 A319 10,029 666 15.1 A320 42,495 1,732 24.5 A321 8,884 328 27.1 airbus Narrowbody total 61,788 2,754 22.4 Airbus widebody A300 241 21 11.5 A310 41 10 4.1 A330 24,977 437 57.2 A340 2,015 100 20.1 A380 3,866 23 168.1 Airbus Widebody total 31,139 591 52.7 Airbus total 92,927 3,345 27.8 Boeing narrowbody 717 944 124 7.6 727 6 14 0.5 737 CFMI 1,844 613 3.0 737 JT8D 6 41 0.1 737 NG 56,020 2,028 27.6 757 2,594 251 10.3 DC-8 34 21 1.6 DC-9 1 6 0.1 MD-80 184 140 1.3 MD-90 105 21 5.0 boeing Narrowbody total 61,739 3,259 18.9 Boeing widebody 747 4,897 148 33.1 767 4,705 309 15.2 777 27,219 297 91.6 787 1,422 13 109.3 DC-10 4 7 0.6 MD-11 497 35 14.2 boeing Widebody total 38,744 809 47.9 Boeing Total 100,482 4,068 24.7 mainline aircraft grand total 193,409 7,413 26.1 regional jets: leased fleet Manufacturer Type Value ($m) Fleet Av. value ($m) Bombardier CRJ 933 283 3.3 CRJ700/900/1000 1,035 80 12.9 Bombardier total 1,968 363 5.4 Embraer E-170/175 1,399 81 17.3 E-190/195 5,724 232 24.7 ERJ-145 family 1,036 197 5.3 Embraer total 8,159 510 16.0 BAe Systems BAe 146/Avro RJ 199 83 2.4 Fokker Fokker F28/70/100 104 33 3.1 Others 442 38 11.6 regional jet Grand total 10,872 1,027 10.6 NOTES: Embraer data includes Harbin Chinese production; Others includes Antonov An-148; Fairchild/Dornier 328Jet; Sukhoi Superjet 100; Mainline total covers Airbus and Boeing only. * BBAM excludes FLY Leasing, whose portfolio is managed by BBM. SOURCE: Returns to annual leasing survey and Flightglobal’s Ascend Online database. Survey data covers all firms with an active operating lease business and a substantial investment in fleet and is not restricted to top 50 aircraft lessors. Narrowbody lessors by fleet value Rank Company Value ($m) Fleet Change 1 GECAS 21,454 1,072 -30 2 ILFC 13,681 738 -18 3 SMBC Aviation Capital 8,575 321 +103 4 BBAM 6,642 284 -13 5 AerCap 5,957 257 +11 6 Aviation Capital Group 5,720 247 -12 7 AWAS 5,402 221 +29 8 BOC Aviation 5,054 173 +7 9 CIT Aerospace 5,050 217 +0 10 Air Lease Corporation 3,398 115 +30 Widebody lessors by fleet value Rank Company Value ($m) Fleet Change 1 ILFC 11,270 271 -6 2 GECAS 8,485 182 -12 3 Doric 4,434 31 +4 4 BOC Aviation 3,588 38 +11 5 BBAM 3,456 44 +11 6 AerCap 2,581 48 +4 7 Aircastle Advisor 2,529 58 -2 8 Air Lease Corporation 2,343 32 +4 9 Guggenheim Avn Partners 2,130 37 +4 10 CDB Leasing Company 2,017 28 +5 Regional aircraft lessors by fleet size Rank Company Value $m Fleet Jets Tprops Change 1 GECAS 3,912 438 405 33 -8 2 Nordic Avn Capital 1,787 162 7 155 +162 3 Avmax Aircraft Lsg 406 120 46 74 +21 4 ECC Leasing Co 423 75 74 1 +21 5 Falko 174 64 63 1 -41 6 Air Lease Corp 1,109 47 31 16 +9 7= JetFleet Mgmt Corp 143 42 8 34 +2 7= Saab Aircraft Lsg 70 42 0 42 -17 9 AVIC Intl Lsg 468 41 12 29 +13 10 ACIA Aero 129 40 3 37 +33 turboprops: leased fleet Manufacturer Type Value ($m) Fleet Av. value ($m) ATR ATR 42/72 2,483 242 10.3 BAe Systems ATP/Jetstream 31/41 14 16 0.9 Bombardier Twin Otter/Dash 8 2,053 243 8.5 Embraer EMB-120 5 4 1.2 Fokker 50 74 39 1.9 Saab 340/2000 241 115 2.1 Others 399 100 4.0 TOTAL 5,270 759 6.9 mainline/regional grand total 209,551 9,199 22.8 NOTES: Other types include Aircraft industries (Let) 410, Antonov An-12/An-26/An-140, AVIC XAV MA60,Fairchild/ Dornier 228/328, Harbin Y-12, Hawker Beechcraft 1900 and Lockheed Hercules Top 50 leasing survey
  9. 9. Flightglobal Insight | 9 Aircraft finance 2014 As production rates continue to rise, airlines are adjusting how they finance their aircraft deliveries Commercial aircraft financing surpassed the $100 billion mark for the first time ever in 2013 and the level of financing required to cover this year’s deliveries is set to be even higher. The commercial jet aircraft market required $104 billion worth of financing last year, while manufacturer forecasts estimate that $112 billion in funding will be required during the next 12 months. The increased funding requirement is being supported by higher production rates. Boeing’s 737 monthly production rate will reach 42 aircraft this year and the US manufacturer expects a rise to 47 units a month within four years as the re- engined and updated Max version is introduced into service. Airbus increased its A320 production rate to 42 in 2013 and has announced a 46-aircraft a month rate for the second quarter of 2016. The market will also absorb more widebody aircraft in 2014, but financing is expected to remain smooth with no “white elephants in the room”, says a financier. Flightglobal’s Ascend Online database lists 1,591 new Western jet deliveries in 2014. Of this year’s deliveries,Asia-Pacific is expected to represent 42% of the total output with 572 units being delivered to carriers in the region. Financing requirements for commercial jets are set to effectively double over a five-year period to 2015. In 2010, the market required about $62 billion worth of aircraft deliveries to be funded. For 2015, $125 billion is forecast by Boeing Capital (BCC). During this period, government-backed export credit agencies (ECAs) are forecast to provide the bulk of financing along with the commercial debt market. However, ECAs have also facilitated the evolution of new capital markets liquidity brought by new banks into the export credit space. This created new structures to address the commercial banks’ long-term funding cost concerns and opened new opportunities especially with operating lessors. BCC expects ECAs to contribute to 18% of new commercial jet aircraft deliveries in 2014, down from 23% in 2013. In 2010, ECAs accounted for 31% of the new deliveries or $19.2 billion. GROWTH OF CAPITAL MARKETS Last year brought full implementation of the 2011 Aircraft Sector Understanding agreement, which notably involves an increase in the minimum premiums payable and the requirement for additional risk mitigants for weaker credits borrowers. As expected, ECA-guaranteed financing became more expensive. However, in a low interest rate environment, overallcostremainscompetitive,especiallywhenconsidering European ECA and Ex-Im bond structures. The main “emerging” source of finance since 2010 has been the capital markets. Back then, the capital markets represented $1.5 billion worth of new aircraft deliveries. In 2014, the capital markets will absorb 22% of the total deliveries, up from 14% in 2013. This translates into $24.6 billion worth of deliveries for the upcoming year. Last year, non-US carriers raised $9.7 billion in enhanced equipment trust certificates (EETCs), with Air Canada, British Airways and Virgin Australia tapping the market along with Emirates Airline through the Doric issuances. US airlines raised $13 billion in EETCs, says BCC, while the lessor issued more than $6.9 billion in capital market debt financing as of 3 December 2013. Boeing’s leasing arm expects further aircraft financing activity to emerge from the private placement market in 2014. “We continue to see a rapid change in the capital markets with the new type of liquidity in the capital markets coming from the private placement market,” says Kostya Zolotusky, managing director of capital markets and leasing for BCC. 1,591 Number of new Western jet deliveries in 2014, according to the Ascend Online database Funds for thought
  10. 10. Aircraft finance 2014 10 | Flightglobal Insight He anticipates that hedge funds, private equity firms and insurance companies will expand their financing roles in 2014. “What we are seeing is lots of investors that are active in the EETC space are saying we are not getting enough of this product, we want more,” says Zolotusky. He adds: “When you have an EETC, the orders are far greater than what is available, and so you have lots of institutional investors fighting for orders for up to $200 million, and they are getting a fraction of that.” INSTITUTIONAL INVESTORS APPETITE Thoseinstitutionalinvestorsarestartingtohaveconversations with financiers about buying pieces of new deals and “taking down” the old aircraft, he says. The investor would link directly with an airline for one, two or three aircraft and structure the deal in a similar manner as an EETC, he says. “Because certain airlines are not able to put together a package of aircraft to finance up to $1 billion, or the typical size of a capital market issuance, they may turn to the private investment market,” says Zolotusky. “Typically, $700 million to $1 billion is a good size in a capital markets issuance, but in the private placement market airlines can do $50 million to $300 million deals on a single- institution basis.” Zolotusky also expects more activity on the asset-backed securities (ABS) market going forward. “One of the concerns of the ABS market is historically, the unpredictability of the tenor. If there is a market dislocation, you could extend the term,” he explains. He says BCC is engaged in conversations with potential customers about structuring ABS deals that “go to scrap” in order to provide a more “predictable horizon” on the tenor. Cash contribution from airlines and lessors will account for 23% or approximately $26 billion worth of deliveries, says Zolotusky. Bank debt is expected to decline in 2014 in percentage- point terms. The commercial debt providers will account for 25% of this year’s funding requirement, a drop of three percentage points from 2013. In terms of dollar funding, this translates into $28 billion worth of new deliveries, compared with $29.1 billion in 2013, estimates BCC. Back in 2010, commercial banks represented 24%, or $15 billion worth of annual deliveries. COMMERCIAL BANK LENDING Operating lessor Avolon expects commercial bank lending to continue as an important source of delivery financing, but with a more “globalised profile”. Direct bank lending will stabilise in a relatively narrow range around $30 billion per annum during the next 10 years, while market share will decline slowly from almost 30% to around 20%. Bank lending to lessors has considerable scope to increase, says Avolon. Bank ownership of leasing platforms will also expand further as an alternative route to growing balance- sheet exposure to the sector, says the lessor. European banks continue to play a vital role, despite having shored up reserves to meet tougher bank regulation capital rules. They have reinvented themselves as mandated lead arrangers in the marketplace and syndicated the debt to other banks. Last year brought the resurgence of secured lending from traditional aviation banks, while some Western banks re- entered the aircraft financing space in the second half of the year in an aggressive way. “Liquidity is less than an issue now and they are keen to participate again as active lenders,” says a financier. Existing regional banks upped their game last year and expanded their presence beyond local relationship lending. The “eastward shift” observed over the past few years in aircraft financing also comes as Asian carriers represent the largest proportions of new aircraft deliveries during the next two years. Chinese banks will continue supporting local deliveries in financing aircraft in yuan. “The Chinese banks’ issue is dollar availability,” says a financier. However, he forecasts that in the end they will finance aircraft in yuan with the airlines converting into dollar terms themselves. He also observes that Hong Kong-based banks are more open to cross-border transactions than their mainland counterparts. Avolon expects that more Asian banks will take equity as well as debt positions in commercial aircraft. However, most emerging financial markets will remain insufficiently developed to support the significant expansion of local bank engagement in aircraft financing, which is
  11. 11. Flightglobal Insight | 11 Aircraft finance 2014 too often hampered by restrictive regulatory and fiscal constraints on capacity, term and interest rates, argues the lessor. A recent study from Avolon shows that leasing companies represented 35% of annual deliveries financing in 2012 and 2013. In 2014, lessors, including internal and external financing, will contribute to 38% of the market funding requirement. DIVERSE SOURCES During the medium term, Avolon expects funding through the lessor channel to grow by more than 10% on average per annum. By the middle of the next decade, the share taken by leasing companies will reach 50% of new aircraft deliveries, argues Avolon. This will be achieved through a combination of capital supply and demand factors. Nevertheless, lessors continue to diversify their funding sources. In 2013, two leasing companies tapped theABS market, while in the second half of the year, there were more unsecured debt issuances in the marketplace – a further testament of the strength of capital markets for operating lessors. Matthew Little, vice-president of transportation and infrastructure at Goldman Sachs, thinks the recent unsecured deals by lessors are indicative of a few developments in the capital markets. He says that only a few years ago the spread differential between issuing unsecured, versus on a secured basis, was around 250 basis points, but that yield has compressed to within 100 basis points depending on the issuer. Also, he says, lessors are benefiting from investors that are “reaching for yield”. He adds: “The depth of access afforded in the unsecured markets is really a manifestation of investors searching for higher yield in an environment where it has been increasingly harder to find that.” Issuers that come to market with a debut transaction “only benefit over time due to the virtuous interaction with investors”, notes Little: “As you see more leasing companies access the capital market, it creates this virtuous circle environment where pricing tightens for issuers.” FEWER RESTRICTIONS However, Burrell notes that there are positives and negatives in the unsecured versus secured markets, and for this reason “not all issuers are racing to do unsecured deals”. He says: “Part of the problem is unsecured gives you the flexibility to trade assets because there are less restrictions on specific assets, but on the negative side, you have maturity walls you have to hit. My advice: get a balance of financings.” Boeing Capital’s Zolotusky says realignment and balance are the words that best describe 2014’s aircraft financing environment.” We anticipate adequate financing at reasonable prices as the industry works to respond to balanced global customer demand and an accelerated replacement cycle resulting from higher fuel prices. “We continue to watch how global monetary policies could potentially impact aircraft finance. However, we believe the industry is well positioned for the outcomes of inflation, higher interest rates or a combination of both. Asset portfolios are excellent inflation hedges, and current all-in aircraft financing costs are at historical lows.” aircraft in into dollar Kong-based ross-border d counter- Asian banks positions in ial markets ped to sup- local bank which is too ulatory and term and shows that % of annual d 2013. In nd external of the mar- cts funding w by more e, the share ach 50% of volon. This bination of . to diversify tapped the foftheyear, ssuances in ment of the nglessors. of transpor- man Sachs, s by lessors ents in the o the spread cured, ver- d 250 basis Cash $26bn INDUSTRY DELIVERY FINANCING SOURCES: 2013-2014 Export credit agencies (regional jets) $3bn Export credit agencies (mainline jets) $24bn Tax equity $3bn Captial markets $15bn Lessors (self-fund) $5bn Commercial banks $29bn Export credit agencies (mainline jets) $20bn Lessors (self-fund) $10bn Commercial banks $28bn Export credit agencies (regional jets) $2bn Tax equity $2bnCash $26bn Capital markets $25bn SOURCE: Boeing 2014 forecast $112bn SOURCE: Boeing $104bn2013 total e to but NG FUNDING He adds: “The depth of access afforded in the unsecured markets is really a manifesta- tion of investors searching for higher yield in an environment where it has been increas- ingly harder to find that.” Issuers that come to market with a debut transaction “only benefit over time due to the because there are less restrictions on specific assets, but on a negative side you have matu- rity walls you have to hit... My advice: get a balance of financings.” Boeing Capital’s Zolotusky says “realign- ment and balance are the words that best describe 2014’s aircraft financing environ-
  12. 12. Aircraft finance 2014 12 | Flightglobal Insight THE APPRAISER George Dimitroff Vice president advisory Americas Will there be a lot of order reshuffling this year? Ascend does not expect deferrals or orders being put forward. The market is strengthening and it is becoming increasingly difficult to find a delivery slot within the next three years or so. Lessor availability of new speculatively ordered aircraft has more or less dried up in the near term. Also, most of the world’s airlines are in a reasonably good position to take delivery of what they have ordered (IATA predicts even stronger traffic growth than last year and airlines on average have been profitable for a good number of years now). The financing is there to pay for aircraft too – so Ascend does not see any reason why there should be too much order reshuffling in that respect. There may be some swaps between different variants from a given aircraft family – for example Airbus A320 into A321, or Boeing 787-8 into 787-9; that would not be surprising. Do you expect the 787-9 and theA350-900 to be delivered this year, as scheduled? Will values be impacted? Unless something goes terribly wrong at either manufacturer, we have good reason to believe that the aircraft will be delivered by the year-end, even if it is a symbolic delivery of an aircraft that is not quite yet ready to enter service with a full operating schedule. Deliveries will likely happen towards the end of the year. Having said that, any issues discovered during testing will slow down delivery rates and there is still some chance of deliveries being pushed into next year, although at the moment, things look fairly promising for both programmes. Do you expect more aircraft to be parked in 2014? There will always be aircraft going into storage; but at the same time, there are aircraft coming out of storage and in 2014, we expect the net stored fleet (from the current generation at least) to decrease. This will be due to both part-outs of older aircraft that will reduce the parked fleet, and some mid-life aircraft returning back to service. As supply of newer leased aircraft decreases, lessors will find it slightly easier, or at least less challenging to re-market mid- life aircraft. Combined with an increase in investors looking at the mid-life aircraft space and who are willing to provide financing for such types, the stored fleet picture should improve overall. Do you see the second-hand market for narrowbodies improving this year? As it has been in the past few years – the answer is really dependent on the age of the aircraft. Ascend previously only saw recovery and improvement in the values of aircraft aged from new to 5 years old. Towards the tail end of 2013, Ascend saw an uptick in activity and some value improvement in the 5 to 10-year-old space, while the 10 to 15-year-old bracket was flat. In 2014 we expect to see some further improvement in 5 to 10-year-old aircraft range. It will at least hold steady. Aircraft aged over 15 years will probably continue to see values decline, albeit more gently than previously. One must bear in mind that when we say “improve”, this is on a relative constant-age basis (i.e. taking out the effects of depreciation and ageing). Where do you see A320 values and lease rates in 2014, especially with first deliveries of the A320neo less than two years away? We have already seen a slight improvement in A320 Family lease rates, ever since the beginning of 2014. A lot of the lessor speculative order backlog has dried up and it is difficult to find good aircraft to lease. This has resulted in modest improvements to the lease rates of new to 10-year-old A320s, notwithstanding the launch of the Airbus Neo family. Early lease rates discussion with airlines on the A320neo indicate that rentals will be significantly higher than existing A320 lease rates – we are talking of premiums sometimes exceeding $85,000 per month. This comes as a surprise as Ascend estimated a lower premium, but airlines seem to want to pay extra to be one of the first to get their hands on a Neo aircraft. The significant premium for the Neo on lease market outlook
  13. 13. Flightglobal Insight | 13 Aircraft finance 2014 rates should also be good news for the A320’s lease rates. On the values side, new aircraft pricing has been escalating slowly but surely for the A320, especially as lead times between order and delivery are getting longer. This means values-on-delivery are firm to increasing; mid-life values are stable or may perhaps increase slightly as more financial investors enter that space; and older aircraft values will be chasing part-out values as they are the ones most likely to get replaced first. Do you see the second-hand market for widebodies improving this year? It really depends on which widebody is considered. The market for new production widebodies has been improving consistently. Relatively young Airbus A330s and Boeing 777s (if traded at all) should see improved values. Older A330-300 values will probably remain fairly stable, if they are high gross weight aircraft. The A330-200s are still under some pressure so improvements are unlikely there. The 777-200ERs may slightly decline in values if we see more part-outs, although the part-out companies have expressed that they are staying away from Rolls-Royce powered examples. The 767 market is stable, albeit at relatively low dollar amounts. The 747 is now pretty much a part-out story regardless of age, and older three- to four-engined freighter values are more likely to decline than improve. THE BANKER Bertrand Grabowski Member of the Board of Managing Directors David Goring-Thomas Managing Director Global Head of Aviation What is DVB Bank’s outlook for 2014 in terms of funding sources? We believe that 2014 will show no disruption compared to 2013: the share of export credit will continue to go south and probably stabilise around 20% of the total financing bill. Bank and capital market liquidity and the new “expensive” aircraft sector understanding (ASU) pricing, explain that trend. We do not expect the capital markets to expand much beyond the current strong franchise it has, namely lessors and US issuers. The non-US airline issuers remain limited to a very small number of names and the slight turbulence we are starting to see on emerging markets will not push investors to go much beyond the borders we know. Bank liquidity will increase, but it will continue to be unequally spread, with a significant flow for prime issuers and new aircraft. For the rest – second and third issuers and used aircraft – funding will remain sometimes challenging. Does DVB Bank expect aircraft financing pricing to increase/decrease this year? Why? Decrease. As investors chase yields and the airline industry continues to perform well – with an all-time high IATAforecast of $19 billion in profits – the risk perception will improve. Most banks will otherwise see their funding cost improve while new institutions will start – or for some, resume – aircraft lending. Most compartments will benefit from this downward trend in pricing. Where such a trend will be least observed will be in the financing for second-and third-tier borrowers and used, in particular mid-life and older aircraft. © Airbus
  14. 14. Aircraft finance 2014 14 | Flightglobal Insight Will we see more European banks, which have retreated since the 2008 financial crisis, return to the market this year? In France and Germany, essentially. As with any newcomer, they will compete on margins, and more worrisome, on loans to value, a clear sign that the market is again overheating. Will there be more funding for used aircraft this year from the banking market? No, except for lessors when seeking to finance or refinance portfolios. Otherwise, financing for used aircraft, say 5 to 7-year-old equipment and older, will remain challenging as most aircraft finance banks exclude used aircraft from their lending policy. Also, as the value of deliveries in 2014 is expected to reach an all-time high of approximately $110 billion, most banks do not see used aircraft financing market as a strategic market while building the intelligence and platform to deal with this space remains a lengthy and costly exercise. Does DVB Bank expect more commercial banks to enter new aircraft financing markets? New aircraft financing institutions will essentially emerge as “local” banks from Asia – Taiwan, Hong Kong, Singapore, Malaysia – and the Middle East. Will DVB Bank step up its aviation financing efforts in 2014 to help finance this year’s $112 billion in deliveries? No. Our platform remains rightly sized to serve that space of the market where our franchise is strong and recognised. We will continue to finance new and used aircraft. The share of business originated from lessors will be maintained at around 50% of the total. The only modest change will be for DVB in the support we will bring to the emerging “new” lessors and investment managers seeking to take advantage of decent returns in aircraft leasing. Nonetheless, the larger brands will continue to take the lion’s share of our lessor-originated business. Our final take in commercial loans reached $2.5 billion in 2013, and we will probably maintain the same level, second to none, in terms of commercial loan lending in the Industry (ie excluding export credit agencies), in 2014. THE LESSOR Dick Forsberg Head of Strategy How does AIG’s sale of ILFC to AerCap impact the leasing market, if at all? Would you expect more lessor sales in 2014? The acquisition of ILFC by AerCap is great news for the industry, not least because it finally removes the long shadow of uncertainty around that transaction and confirms that even the largest leasing platforms are not too big to be traded. The execution risk is significantly lower than for earlier proposals, and although AIG will retain a meaningful investment in the leasing sector for the time being, there will be significant upside opportunities for them when they come to divest their remaining shareholding. The response to the sale from the equity and debt capital markets, as well as from banks, has been very positive and the capital markets clearly have the depth and appetite to fund the transaction. Additionally, since the announcement was made, not only has the AerCap stock price seen a significant up-tick, but equity valuations of the other public lessors have also begun to normalise towards more appropriate price- to-book and price-earnings ratios. There has also been an appreciable increase in the level of interest in the space coming from non-traditional institutional investors. Considering the overall size of the leasing sector and the number of participants, the industry remains under- represented in the public equity markets. The ILFC trade will encourage investors to now engage with conviction in both private and public trades and there is significant potential for further lessor sales in the coming 12 to 24 months, with the long-term outlook for profitable growth in the sector providing a further incentive to whet investor appetites. Similarly, consolidation has been somewhat limited to date and we can expect to see more activity in this area, so long as the twin synergies of cost savings and improved funding terms can be achieved.
  15. 15. Flightglobal Insight | 15 Aircraft finance 2014 Which aircraft will be the targeted best performers in terms of lease rates this year? Avolon is already seeing positive movements in demand and lease rates for all of the younger single aisle “commodity” types – the Airbus A319, A320, A321 and Boeing 737-800. Demand for “mid-life” assets in the same category has also recently started to strengthen, supported by the lack of new aircraft availability for many of these types. Avolon expects to see further strengthening in all of these over the course of the next 12 months, with market interest continuing to extend further out on the age spectrum. Widebody demand will also remain strong, with sustained demand and firm lease rates for A330s, 777-300ERs and of course 787s as they enter the lessor stream in increasing numbers. What are the challenges facing the operating lessor industry over the next two years? Within the industry, Avolon expects competition for new sale and leaseback deals to remain intense, so finding value and appropriate returns will require a high degree of patience, ingenuity and leveraging of relationships. More lessors have shifted their emphasis to less commoditised asset segments, including regional aircraft, turboprops and helicopters, but one would expect any yield advantages to be relatively short-lived as competition increases. There has been a notable lack of used aircraft trading over the past three to four years and this has been constraining the values of young, as well as older, aircraft. If this continues, there is a danger that value recovery will not keep pace with the wider cyclic upturn. However more debt is now coming in to support “mid-life” assets, which is also leading to an increase in the number of older aircraft being traded, as shown in the recent Ascend fleet analysis. Externally, the present volatility in a number of emerging market economies and currencies will likely continue, although hopefully the impact will be smaller as the markets better understand the implications of changes to fiscal policies such as quantitative easing. In the short-term, though, the impact of weakened local currencies on airlines with low levels of hard currency revenue and high dollar- based costs may be severe, requiring a heightened level of credit risk oversight. What will be the preferred means to raise funding this year? Avolon remains committed to improving the depth and cost of its sources of capital. The continuing cycle recovery will open new financing channels over the coming year and Avolon will be seeking to take advantage of these, as well as seeking to attract new investors into the aerospace capital sector. The Irish dimension plays an important role in that investment story. The transfer of the ILFC portfolio to Ireland will raise the Irish share of aircraft lease management from 40% to almost 55%, while the US share will fall from 30% to below 20%. As demand for operating leasing continues to grow, Avolon expects lessors collectively to grow by more than 10% a year during the next decade, and to increase their share of delivery financing to between 45% and 50%. Ireland is well-positioned to secure a disproportionate share of this anticipated growth, underpinned by the fiscal, regulatory and human capital resources that will remain critical to the industry. In 2012 and 2013 the Japanese stepped up their participation in the leasing market. Do you expect this trend to continue? Japan has been a seasoned and significant participant in the aerospace financing sector for more than 30 years and the recent increase in the level of their direct investment activity reflects the strong interest that Japanese financial institutions continue to have in the sector, and their ability and commitment to participate with scale and conviction. Japanese entities will continue to be active as major players in the leasing sector. Avolon also expects Japanese banks to increase their participation in secured lending, which to date has under-represented the size of their balance sheets. Japan’s role in the tax market, which is of critical importance for the sector, is expected to continue to see vibrant demand during 2014.
  16. 16. Aircraft finance newsletter To receive FREE fortnightly news and analysis from the aircraft finance sector with content from Flight International and Flightglobal.com, simply sign up at: www.flightglobal.com/newsletters
  17. 17. Flightglobal Insight | 17 Aircraft finance 2014 Airliner finance deals announced in 2008 with analysis by operator/lessor Aircraft finance deals Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month Agonandra Statutory Trust TAM Linhas Aereas 1 A321 Ex-Im Debt provider Mar Antelope Leasing Precision Air 1 ATR 42-600 Finance lease Debt provider Sep ANZ Bank Singapore Airlines/WealthCap 1 A380 Loan/finance/refinanced Debt provider Mar ANZ Bank|Citibank|HSBC|Standard Chart. Malaysia Airlines 4 A330-300 Ex-Im bond Joint bookrunner May Apple Bank for Savings Aeroflot/VEB Leasing N/A 777-300ER Ex-Im Debt provider Apple Bank for Savings Avianca 7 ATR 42-600 Coface Debt provider Jul Apple Bank for Savings Lion Air 1 737-900ER Ex-Im Debt provider Feb Apple Bank for Savings LOT Airlines N/A 787-8 Ex-Im Debt provider Apple Bank for Savings Royal Air Maroc 2 737-800 Ex-Im Debt provider Feb Arab Banking Corporation Royal Jordanian/ALAFCO 1 A320 Refinancing Sole MLA Dec AS Air Lease One (Ireland) Maldivian 1 Dash 8-300 Finance lease Debt provider Sep Atriam Mauritius Avation 4 ATR 72-600 Loan/finance/refinanced Debt provider Feb Aviation Finance|Natixis Synergy Group 8 A330-200 Pre-delivery payment Arranger Jun BAM 757 Sargent Avborne 1 757-200 Loan/finance/refinanced Debt provider Feb BAML|Barclays Bank|Natixis US Airways 14 A321 EETC Letter of credit facil./deposit./co-man. Apr Banco Pine Azul 1 Embraer 195 Finance lease Debt provider Jun Banco Votorantim Azul 1 Embraer 195 Finance lease Debt provider Apr Bank 7 Jetran International 1 737-300 Loan/finance/refinanced Debt provider Mar Bank 7 Jetran International 1 737-400 Loan/finance/refinanced Debt provider Jul Bank 7 Jetran International 2 737-500 Loan/finance/refinanced Debt provider Mar Bank 7 Jetran International 1 737-500 Loan/finance/refinanced Debt provider Jun Bank 7 Jetran International 1 767-300ER Loan/finance/refinanced Debt provider Feb Bank of America Etihad Airways 1 777-300ER Loan/finance/refinanced Debt provider Feb Bank of America Merrill Lynch|CGM Korean Air 1 777-200LR Ex-Im bond Joint bookrunner Feb Bank of China China Southern Airlines 4 737-800 Loan/finance/refinanced Debt provider Jun Bank of China China Southern Airlines 1 A321 Loan/finance/refinanced Debt provider Jun Bank of China Hainan Airlines 2 737-700 Loan/finance/refinanced Debt provider Apr Bank of Moscow Aviakapital-Servis 15 737-700 Pre-delivery payment Debt provider Jan Bank of Moscow Aviakapital-Servis 25 737-800 Pre-delivery payment Debt provider Jan Bank of Moscow Aviakapital-Servis 10 737-900 Pre-delivery payment Debt provider Jan Banque Postale Air France 1 A380 Tax lease Debt provider Sep BAWAG PSK Bank AerCap 3 A320 Loan/finance/refinanced Debt provider May BBAM British Airways 1 787-8 Tax lease Arranger Aug BBAM British Airways 1 787-8 Tax lease Arranger Sep BBAM British Airways 1 A320 Tax lease Arranger Jun BBAM Cathay Pacific 1 777-300ER Tax lease Arranger Feb BBAM Cathay Pacific 1 777-300ER Tax lease Arranger Aug BBAM Cathay Pacific 1 777-300ER Tax lease Arranger Oct BBAM Finnair 2 A321 Tax lease Arranger Sep BBAM KLM 1 A330-300 Tax lease Arranger Mar BBAM Xiamen Airlines 1 737-800 Finance lease Arranger Apr BBAM|KfW IPEX-Bank LAN Airlines 1 787-8 Tax lease Arranger May BBAM|KfW IPEX-Bank LAN Airlines 1 787-8 Tax lease Arranger May BDO Unibank Philippine Airlines 2 A321 Loan/finance/refinanced Arranger/debt provider Oct BDO Unibank Philippine Airlines 1 A330-300 Loan/finance/refinanced Arranger/debt provider Oct Beijing Rural Commercial Bank Xiamen Airlines 1 737-800 Loan/finance/refinanced Debt provider Apr BMC I Alsie Express 2 ATR 72-500 Finance lease Debt provider Jun BNP Paribas AerCap 1 737-800 Portfolio facility Co-manager BNP Paribas Air Berlin/MDAC 1 A330-200 Non recourse financing Arranger/sole lender Jul
  18. 18. Aircraft finance 2014 18 | Flightglobal Insight Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month BNP Paribas Air France 1 777-300ER Mortgage loan Arranger Nov BNP Paribas Air France 1 A380 JOLCO Arranger/agent Sep BNP Paribas AirAsia 4 A320 Commercial loan Joint arranger/agent Mar BNP Paribas ANA/AWAS 2 A320 Non recourse financing Arranger/agent Nov BNP Paribas Atlas Air 3 777F Commercial loan Global arranger BNP Paribas Avianca 8 ATR 72-600 Ex-Im Arranger Jun BNP Paribas Aviation Capital Group 3 737-800 Ex-Im bond Arranger/bookrunner BNP Paribas Aviation Capital Group 15 Diversified pool Non recourse refinancing Arranger BNP Paribas Avolon 3 737-800 ABS Liquidity provider Sep BNP Paribas Avolon 2 A319 Commercial loan Arranger/agent Jul BNP Paribas Avolon 11 A320 ABS Liquidity provider Sep BNP Paribas Avolon 1 A330-200 ABS Liquidity provider Sep BNP Paribas Avolon 1 A330-300 ABS Liquidity provider Sep BNP Paribas Avolon 2 Embraer 190 ABS Liquidity provider Sep BNP Paribas AWAS 2 737-800 Commercial loan Arranger/agent BNP Paribas British Airways 2 787-8 JOLCO Co-manager BNP Paribas Cargolux 1 747-8F Ex-Im bond Sole bookrunner Sep BNP Paribas Emirates 1 777-300ER Pre-funded Ex-Im bond Co-arranger/bookrunner Feb BNP Paribas Fly Leasing/Nok Air 2 737-800 Non recourse financing Arranger/agent Aug BNP Paribas ICBC Leasing 5 A320 Commercial loan Arranger/agent BNP Paribas ICBC Leasing 3 A320 ECA Joint arranger/agent BNP Paribas Intrepid Aviation 2 A330-300 Pre-delivery payment Arranger/debt provider May BNP Paribas JetBlue 2 A320 Commercial loan Arranger/agent Jun BNP Paribas Korean Air 1 777F Pre-funded Ex-Im bond Arranger/sole bookrunner Feb BNP Paribas Lion Air 2 737-900ER Ex-Im bond Joint lead bookrunner Sep BNP Paribas Malindo Air 2 737-900ER Ex-Im bond Joint lead bookrunner BNP Paribas Norwegian 1 737-800 Tax lease Arranger May BNP Paribas Norwegian 1 737-800 Tax lease Arranger Sep BNP Paribas Philippine Airlines 1 777-300ER Ex-Im bond Sole bookrunner/structuring agent Apr BNP Paribas Qantas 1 737-800 Tax lease Arranger Jun BNP Paribas Qantas 1 737-800 Tax lease Arranger Jul BNP Paribas Southwest Airlines 1 737-700 Loan/finance/refinanced Arranger Nov BNP Paribas Thai Airways/AWAS 1 A330-200 JOLCO Lease arranger/debt arranger Oct BNP Paribas Transavia/BBAM 2 737-800 Non recourse financing Arranger/agent BNP Paribas Turkish Airlines 3 737-800 JOLCO Arranger/agent Feb BNP Paribas Turkish Airlines 2 A321 ECA JOLCO Arranger/agent Jul BNP Paribas United Airlines 1 737-900ER Commercial loan Agent/lender BNP Paribas|BBAM KLM 1 737-900 JOLCO Arranger/agent Mar BNP Paribas|CA-CIB Cargolux 2 747-8F Ex-Im bond Joint bookrunner May BNP Paribas|CA-CIB|Goldman Sachs GECAS 26 Diversified pool AABS Joint lead manager/liquid. fac. provider BNP Paribas|CBA|DBJ|NordLB LATAM 4 A320 ECGD bond Joint-arranger Jul BNP Paribas|DBS Bank Malaysia Airlines 2 737-800 JOLCO Arranger/debt arranger Apr BNP Paribas|DBS Bank Turkish Airlines 3 A330-300 ECA JOLCO Arranger/agent Nov-Dec BNP Paribas|DVB Bank|KfW IPEX-Bank Singapore Airlines/MDAC 2 A330-300 Non recourse financing Co-arranger/lender Nov BNP Paribas|KGS Alpha Capital Markets Atlas Air 1 747-8F Ex-Im bond Joint bookrunner May BNP Paribas|KGS Alpha Capital Markets Batik Air and Malindo Air 4 737-900ER Ex-Im bond Joint lead bookrunner Jun BNP Paribas|Natixis|DVB Bank Malaysian Airlines/Novus 1 A330-300 Non recourse financing Arranger/sole lender Nov BNP Paribas|NordLB|DBJ|CBA LATAM 1 A320 Commercial loan Joint lead manager/co-struct. agent May BNP Paribas|Santander LAN Airlines 4 A320 ECA Joint bookrunner Apr BNP Paribas|Santander Philippine Airlines 1 777-300ER Ex-Im bond Joint bookrunner Apr BNP Paribas|TD Bank AirAsia X 2 A330-300 ECA Joint arranger/agent Jun BNP|CA-CIB|Goldman Sachs GECAS 1 737-700 ABS Joint bookrunner Jan BNP|CA-CIB|Goldman Sachs GECAS 3 737-800 ABS Joint bookrunner Jan BNP|CA-CIB|Goldman Sachs GECAS 2 A319 ABS Joint bookrunner Jan BNP|CA-CIB|Goldman Sachs GOL 1 737-800 ABS Joint bookrunner Jun
  19. 19. Flightglobal Insight | 19 Aircraft finance 2014 Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month Boeing Capital Guggenheim Aviation Partners 2 767-300ER Loan/finance/refinanced Arranger May BOT Lease|IBJ Leasing AWAS 1 A320 Loan/finance/refinanced Debt provider Sep Bridgeview Bank Group Pearl Aircraft 1 737-400 Loan/finance/refinanced Debt provider Apr BTM|CBA|ICBC|Standard Chart.|CZB Air China 2 737-800 Tax lease Debt provider May BTM|CBA|ICBC|Standard Chart.|CZB Air China 2 A320 Tax lease Debt provider May BTM|CBA|ICBC|Standard Chart.|CZB Air China 1 A321 Tax lease Debt provider May CA-CIB AerCap 2 A330-200 Loan/finance/refinanced Arranger Jun CA-CIB Aeroflot 4 777-300ER Ex-Im bond Guar. loan agent/co-ordin. bank CA-CIB Aeroflot/AWAS 1 A320 JOLCO Overall arranger/agent Apr CA-CIB Air Asia 2 A320 Loan/finance/refinanced Arranger Jul CA-CIB Air Europa 1 737-800 Commercial loan Arranger/agent CA-CIB ALAFCO 1 A320 Loan/finance/refinanced Arranger Apr CA-CIB Alitalia/ICBC 4 A320 SACE financing Sole financing arranger CA-CIB Alitalia/MDAC 2 A330-200 Commercial loan Participant CA-CIB American Airlines/AerCap 5 737-800 Commercial loan Agent CA-CIB Avolon 4 737-800 Pre-delivery payment Arranger/agent CA-CIB AWAS 1 737-800 Loan/finance/refinanced Arranger Feb CA-CIB AWAS 1 A320 Tax lease Arranger Mar CA-CIB AWAS 1 A320 Tax lease Arranger Oct CA-CIB AWAS 8 Narrowbodies Conduit facility Sole arranger/liquid. fac. provider CA-CIB British Airways 1 A380 ECA JOLCO Arranger Sep CA-CIB British Airways 1 A380 ECA JOLCO Arranger Oct CA-CIB Cargolux 1 747-8F SOAR loan Arranger/agent CA-CIB China Eastern Airlines 2 A330-200 French lease and debt Lease arranger/global co-ordinator/agent Jul CA-CIB China Southern Airlines 1 A320 Loan/finance/refinanced Debt provider May CA-CIB Doric 4 A380 EETC Lead man./liquid. fac. prov./depositary CA-CIB Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Arranger Jul CA-CIB Flydubai 1 737-800 Commercial loan Co-arranger/agent CA-CIB GOL 1 737-800 Ex-Im bond Joint bookrunner/structuring agent CA-CIB Intrepid Aviation 2 777-300ER Commercial loan Senior underwriter Nov CA-CIB Intrepid Aviation 1 A321 Senior underwriter Nov CA-CIB Intrepid Aviation 1 A330-300 Commercial loan Senior underwriter Nov CA-CIB Jetblue 1 A320 Commercial loan Arranger/agent Jul CA-CIB KLM 1 777-300ER JOLCO Overall arranger/agent Jun CA-CIB Korean Air 1 747-8F Ex-Im bond Joint bookrunner/structuring agent CA-CIB Korean Air 1 A330-200 Commercial loan Joint MLA/agent Jan CA-CIB LATAM 8 A320 Refinancing Arranger CA-CIB LATAM/AerCap 3 A330-200 Commercial loan Arranger/agent CA-CIB Lion Air/AWAS 1 737-800 Commercial loan Sole arranger CA-CIB Malaysia Airlines 1 737-800 Tax lease Debt provider Sep CA-CIB Malaysia Airlines 1 737-800 JOLCO MLA/overall arranger/agent Sep CA-CIB Malaysia Airlines 1 737-800 Loan/finance/refinanced Arranger Dec CA-CIB Malaysia Airlines 1 737-800 JOLCO Overall arranger/agent Dec CA-CIB Nordic Aviation Capital 1 ATR 42-600 ECA Financial advisor/sole arranger/agent Jul CA-CIB Nordwind/ALAFCO 1 A320 Refinancing Sole arranger/underwriter Apr CA-CIB Norwegian 1 787-8 Ex-Im bond Joint bookrunner/structuring agent Dec CA-CIB Qantas 3 737-800 JOLCO Overall arranger/agent Mar CA-CIB Qantas 1 737-800 JOLCO Overall arranger/agent Sep CA-CIB Qantas 1 787-8 JOLCO Glob. co-ordin./over arr./agent Sep CA-CIB Thai/AWAS 1 A320 JOLCO Overall arranger/agent Sep CA-CIB Turkish Airlines 3 A321 French lease and debt Global debt/equity arr./agent May CA-CIB Undisclosed Asian carrier 1 A330-300 JOLCO MLA/overall arranger/agent Apr CA-CIB Undisclosed Asian carrier 1 A330-300 JOLCO MLA/overall arranger/agent Jul CA-CIB Undisclosed Asian carrier 1 A330-300 JOLCO MLA/overall arranger/agent Aug CA-CIB United Airlines 1 737-900ER Commercial loan Arranger/agent Sep
  20. 20. Aircraft finance 2014 20 | Flightglobal Insight Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month CA-CIB Virgin Australia 2 737-700 EETC Joint bookrunner/depositary CA-CIB Virgin Australia 21 737-800 EETC Joint bookrunner/depositary CA-CIB Virgin Australia 1 777-300ER EETC Joint bookrunner/depositary CA-CIB|Goldman Sachs Atlas Air 1 777F Ex-Im bond Joint bookrunner Sep CA-CIB|Goldman Sachs Cargolux 1 747-8F Ex-Im bond Joint bookrunner Mar Caribbean Development Bank LIAT 5 ATR 42-600 Loan/finance/refinanced Debt provider Jul Cathay United Bank AWAS 1 A320 Ex-Im Debt provider Jan Cathay United Bank China Eastern Airlines 1 A320 Loan/finance/refinanced Debt provider Jun Cathay United Bank Intrepid Aviation 1 A330-300 Loan/finance/refinanced Debt provider Jul CBA|BNP|DBJ|NordLB TAM|LAN 2 A320 Loan/finance/refinanced Arranger May CBA|CA-CIB AWAS 1 737-700 Loan/finance/refinanced Arranger Jan CBA|CA-CIB AWAS 2 737-800 Loan/finance/refinanced Arranger Jan CBA|CA-CIB AWAS 2 A320 Loan/finance/refinanced Arranger Jan CC & EI UPS Airlines 1 767-300ER Finance lease Debt provider Feb CC & EI UPS Airlines 1 767-300ER Finance lease Debt provider Mar CC & EI UPS Airlines 1 767-300ER Finance lease Debt provider Apr CC & EI UPS Airlines 1 767-300ER Finance lease Debt provider Jun CC & EI UPS Airlines 2 767-300ER Finance lease Debt provider Jul Century Tokyo Leasing Hinode Aviation Investments 1 737-800 Loan/finance/refinanced Arranger Nov Century Tokyo Leasing Hinode Aviation Investments 2 757-200 Loan/finance/refinanced Debt provider Dec CGM|Credit Suisse|DBS|GS|MS United Airlines 18 737-900ER EETC Joint bookrunner Aug CGM|Credit Suisse|DBS|GS|MS United Airlines 3 787-8 EETC Joint bookrunner Aug CGM|DB|GS|JPM|MS American Airlines 8 737-800 EETC Joint bookrunner Mar CGM|DB|GS|JPM|MS American Airlines 1 777-200ER EETC Joint bookrunner Mar CGM|DB|GS|JPM|MS American Airlines 4 777-300ER EETC Joint bookrunner Mar CGM|Goldman Sachs|Morgan Stanley Doric 4 A380 EETC Structuring agent/joint bookrunner Jun CGM|Goldman Sachs|Morgan Stanley Hawaiian Airlines 6 A330-200 EETC Joint bookrunner May Changjiang Leasing Hainan Airlines 1 737-700 Finance lease Debt provider May Changjiang Leasing Hainan Airlines 1 737-700 Finance lease Debt provider Jun Changjiang Leasing|CDB Hainan Airlines 1 737-800 Finance lease Debt provider Mar China Banking Corporation Cebu Pacific Air 4 A320 Loan/finance/refinanced Debt provider Jan China Banking Corporation Philippine Airlines 7 A321 Loan/finance/refinanced Debt provider Jul China Construction Bank Xiamen Airlines 2 737-800 Loan/finance/refinanced Debt provider Mar China Development Bank Hong Kong Aviation Capital 1 A330-200 Loan/finance/refinanced Debt provider Feb China Development Bank Hong Kong Aviation Capital 1 A330-200 Loan/finance/refinanced Debt provider Apr China Development Bank Juneyao Airlines 1 A321 Loan/finance/refinanced Debt provider Jul China Development Bank Spring Airlines 1 A320 Loan/finance/refinanced Debt provider Feb China Development Bank Spring Airlines 1 A320 Loan/finance/refinanced Debt provider Jun China Development Bank Xiamen Airlines 1 737-800 Loan/finance/refinanced Debt provider Jun China Development Bank Xiamen Airlines 1 737-800 Loan/finance/refinanced Debt provider Jul China Exim Bank AVIC International Leasing 2 737-800 Loan/finance/refinanced Arranger Aug China Exim Bank AVIC International Leasing 1 CRJ900 Loan/finance/refinanced Arranger Jan China Exim Bank AVIC International Leasing 1 CRJ900 Ex-Im Arranger Mar China Exim Bank AVIC International Leasing 2 CRJ900 Loan/finance/refinanced Arranger May China Exim Bank CDB Leasing Company 2 Embraer 190 Ex-Im Debt provider Feb China Exim Bank China Aircraft Leasing 1 A319 Loan/finance/refinanced Debt provider Nov China Exim Bank China Aircraft Leasing 2 A320 Loan/finance/refinanced Arranger Jul China Exim Bank China Aircraft Leasing 1 A320 Loan/finance/refinanced Arranger Nov China Exim Bank Hainan Airlines 1 737-700 Finance Lease Arranger May China Exim Bank Hainan Airlines 1 737-700 Finance lease Arranger Jun China Exim Bank Hainan Airlines 2 737-800 Loan/finance/refinanced Arranger Jan China Exim Bank Hainan Airlines 2 787-8 Ex-Im Arranger Jul China Exim Bank Hainan Airlines 1 A320 Loan/finance/refinanced Arranger Oct China Exim Bank Hainan Airlines 1 A320 Loan/finance/refinanced Arranger Dec China Exim Bank Sichuan Airlines 1 A319 Ex-Im Arranger Mar
  21. 21. Flightglobal Insight | 21 Aircraft finance 2014 Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month China Exim Bank Sichuan Airlines 1 A321 Ex-Im Arranger Apr China Exim Bank Xiamen Airlines 1 737-800 Ex-Im Arranger May ChinaTrust Commercial Bank American Airlines 2 737-800 Loan/finance/refinanced Arranger Feb ChinaTrust Commercial Bank KLM 1 737-900 Tax lease Debt provider Mar CIB Industrial Financial Leasing Spring Airlines 2 A320 Finance lease Debt provider Mar CIC Air Asia 1 A320 Finance lease Debt provider CIC Air France 3 A319 JOLCO Arranger CIC Avex/Sparhorn 1 A319 Mortgage loan Arranger CIC Avion Capital Partners 1 A319 Loan/finance/refinanced Debt provider Feb CIC Cathay Pacific 1 777-300ER JOLCO Debt provider CIC Delta Air Lines 8 MD-90 Operating lease Arranger CIC JetBlue 1 A321 Mortgage loan Arranger CIC Korean Air 1 A330-200 Finance lease Debt provider CIC Malaysia Airlines 1 737-800 Tax lease Debt provider Dec CIC Malaysia Airlines 1 737-800 JOLCO Debt provider CIC SAS 8 MD-90 Loan/finance/refinanced Debt provider Apr CIC Skywest/Virgin Austr./Avation 1 ATR 72-600 Loan/finance/refinanced Debt provider May CIC Skywest/Virgin Australia 1 ATR 42-600 Operating lease Arranger CIC TUI 1 737-800 JOLCO Debt provider CIC Turkish Airlines 4 A321 French optimised lease Sole lease arranger CIC United Airlines 1 737-900ER Mortgage loan Arranger CIT Bank EBF & Associates 5 A320 Loan/finance/refinanced Debt provider Nov CIT Bank Global Knafaim Leasing 1 737-800 Loan/finance/refinanced Debt provider Oct CIT Bank Global Knafaim Leasing 1 A321 Loan/finance/refinanced Debt provider Oct CIT Bank Infinity Aviation Capital 2 757-200 Loan/finance/refinanced Debt provider Dec CIT Bank Vx Capital Partners 1 757-200 Loan/finance/refinanced Debt provider Jul Citadel Securities Allegiant Air 4 757-200 Loan/finance/refinanced Arranger Sep Citadel Securities Allegiant Air 1 A319 Loan/finance/refinanced Arranger May Citadel Securities Allegiant Air 1 A320 Loan/finance/refinanced Arranger May Citadel Securities Allegiant Air 1 A320 Loan/finance/refinanced Arranger Jun Citadel Securities Allegiant Air 2 A320 Loan/finance/refinanced Arranger Jul Citadel Securities Allegiant Air 2 A320 Loan/finance/refinanced Arranger Sep Citadel Securities Allegiant Air 1 A320 Loan/finance/refinanced Arranger Oct Citibank Alaska Airlines 1 737-900 Loan/finance/refinanced Debt provider Sep Citibank Avolon 5 737 Pre-delivery payment Admin agent/lender Citibank Intrepid Aviation 8 A330 Pre-delivery payment Admin agent/lender Apr Citibank Korean Air 1 777-300ER Ex-Im Joint lead arranger Citibank LAN Airlines 4 767-300ER Ex-Im bond Sole bookrunner May Citibank Tunisair 2 A320 ECA Advisor/lead arranger Citibank UTair 1 A321 Finance lease|Ex-Im Arranger Jul Citibank VEB Leasing/LAN Airlines 4 A321 ECA Sole lead arranger Citibank|CS|DB|GS|JPM|MS American Airlines 41 737-800 EETC Joint bookrunner Jul Citibank|CS|DB|GS|JPM|MS American Airlines 14 757-200 EETC Joint bookrunner Jul Citibank|CS|DB|GS|JPM|MS American Airlines 1 767-300ER EETC Joint bookrunner Jul Citibank|CS|DB|GS|JPM|MS American Airlines 19 777-200ER EETC Joint bookrunner Jul Citibank|CS|DB|GS|JPM|MS British Airways 2 777-300ER EETC Joint bookrunner Apr Citibank|DB|HSBC|MS British Airways 6 787-8 EETC Joint bookrunner Apr Citibank|DB|HSBC|MS British Airways 6 A320 EETC Joint bookrunner Apr Citibank|J.P. Morgan Philippine Airlines 1 A330-300 Loan/finance/refinanced Arranger Nov Citicorp North America Piedmont Airlines 32 Dash 8-100 Loan/finance/refinanced Debt provider May Citicorp North America US Airways 1 A321 Loan/finance/refinanced Debt provider May Citigroup Global Markets|GS|MS US Airways 3 A330-200 EETC Joint bookrunner Apr Citigroup Global Markets|JPM Aeromexico 2 737-800 Ex-Im bond Joint bookrunner Jul Citigroup Global Markets|JPM Air Lease Corporation 2 737-800 Ex-Im bond Joint bookrunner Feb Comerica Bank Magellan Aviation Group 1 Embraer 170 Loan/finance/refinanced Debt provider Sep
  22. 22. Aircraft finance 2014 22 | Flightglobal Insight Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month Commerz Real Mobilienleasing Farnair Switzerland 1 ATR 72-200F Finance lease Debt provider Jul Commerzbank China Southern Airlines 2 737-800 Tax lease Debt provider May Commerzbank China Southern Airlines 1 737-800 Tax lease Debt provider Jun Commerzbank China Southern Airlines 1 737-800 Tax lease Debt provider Jul Commerzbank China Southern Airlines 1 A320 Tax lease Debt provider Apr Commonwealth Bank of Australia AWAS 1 A320 Loan/finance/refinanced Arranger/debt provider Nov Commonwealth Bank of Australia Cathay Pacific 1 777-300ER Commercial loan Debt provider Sep Commonwealth Bank of Australia EasyJet 1 A320 Operating lease Debt provider Jun Commonwealth Bank of Australia Etihad Airways 1 A320 Operating lease Debt provider May Commonwealth Bank of Australia Singapore Airlines 1 A330-300 Operating lease Debt provider Jun Commonwealth Bank of Australia Singapore Airlines 1 A330-300 Operating lease Debt provider Sep Commonwealth Bank of Australia TAM|LAN 2 A320 Loan/finance/refinanced Debt provider Jul Commonwealth Bank of Australia Thai Smile 1 A320 Commercial loan Debt provider Dec Commonwealth Bank of Australia Westjet 1 737-700 Operating lease Debt provider Feb Commonwealth Bank of Australia Westjet 1 737-800 Commercial loan Debt provider Jan Compass Bank Aero Capital Solutions 1 737-400 Loan/finance/refinanced Debt provider Feb Compass Bank Aero Capital Solutions 1 737-700 Loan/finance/refinanced Debt provider Mar Compass Bank Aero Capital Solutions 1 737-700 Loan/finance/refinanced Debt provider Apr Compass Bank Aero Capital Solutions 1 737-700 Loan/finance/refinanced Debt provider May Compass Bank Capstar Aviation 1 737-700 Loan/finance/refinanced Debt provider Jan Deutsche Bank Air France 1 777-300ER Tax lease Arranger Oct Deutsche Bank ALAFCO 1 777-300ER Ex-Im bond Sole bookrunner Jul Deutsche Bank ALAFCO 1 777-300ER Ex-Im bond Sole bookrunner Jun Deutsche Bank AWAS 1 A321 Loan/finance/refinanced Debt provider May Deutsche Bank Frontier Airlines 1 A320 Loan/finance/refinanced Arranger Sep Deutsche Bank ICBC Leasing 2 A319 Loan/finance/refinanced Debt provider Oct Deutsche Bank|Investec Bank Air India 5 787-8 Loan/finance/refinanced Debt provider Jul Development Bank of Japan TAM|LAN 2 A320 Loan/finance/refinanced Debt provider May Dougherty Equipment Finance ACAS Partners II 1 737-300 Loan/finance/refinanced Debt provider Apr Dougherty Equipment Finance Shuttle America 1 Embraer 175 Loan/finance/refinanced Debt provider Apr Dougherty Equipment Finance Shuttle America 1 Embraer 175 Loan/finance/refinanced Debt provider May DVB Bank AerCap 2 A319 Loan/finance/refinanced Debt provider Dec DVB Bank Air Asia X 1 A330-300 Finance lease Arranger Apr DVB Bank Air Berlin 1 737-800 Bridge financing Arranger Dec DVB Bank Air Berlin 4 737-800 Finance lease Arranger Jun DVB Bank Air Canada 1 767-300ER Finance lease Arranger Nov DVB Bank Air Canada 1 777-300ER Operating lease Arranger Dec DVB Bank Air Corsica 1 A320 Operating lease Arranger Dec DVB Bank Air Europa 1 737-800 Operating lease Arranger Oct DVB Bank Air France 1 777-300ER Operating lease Co-arranger Feb DVB Bank Alitalia/MDAC 2 A330-200 Operating lease Arranger Oct DVB Bank Allegiant Air 4 A320 Commercial loan Arranger Nov DVB Bank Apollo Aviation 3 737-600 Operating lease Arranger Nov DVB Bank Apollo Aviation 1 737-700 Operating lease Arranger Nov DVB Bank Apollo Aviation 3 737-800 Operating lease Arranger Nov DVB Bank Apollo Aviation 1 A319 Operating lease Arranger Nov DVB Bank Apollo Aviation 1 A320 Loan/finance/refinanced Debt provider Nov DVB Bank Apollo Aviation 1 A320 Operating lease Arranger Nov DVB Bank Apollo Aviation 2 A321 Operating lease Arranger Nov DVB Bank Apollo Aviation 2 A330-200 Operating lease Arranger Nov DVB Bank Archway Aviation 1 A330-200 Loan/finance/refinanced Debt provider Oct DVB Bank Asiana Airlines 2 A320 Operating lease Arranger Oct DVB Bank Asiana Airlines 3 A321 Operating lease Arranger Dec DVB Bank Asiana Airlines 1 A330-300 Operating lease Arranger Dec DVB Bank AWAS 1 A320 Loan/finance/refinanced Arranger/debt provider Dec
  23. 23. Flightglobal Insight | 23 Aircraft finance 2014 Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month DVB Bank Cargolux 1 747-8F Pre-delivery payment Debt provider Apr DVB Bank Cargolux 1 747-8F Pre-delivery payment Arranger Apr DVB Bank Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Arranger Oct DVB Bank Hainan Airlines 1 737-800 Operating lease Arranger Dec DVB Bank Hawaiian Airlines 2 767-300ER Loan/finance/refinanced Debt provider Dec DVB Bank Hawaiian Airlines 2 767-300ER Commercial loan Arranger Dec DVB Bank Hong Kong Aviation Capital 1 737-800 Loan/finance/refinanced Debt provider Nov DVB Bank Hong Kong Aviation Capital 2 A320 Loan/finance/refinanced Arranger/debt provider Oct DVB Bank Intrepid Aviation 1 777-300ER Loan/finance/refinanced Debt provider Aug DVB Bank Intrepid Aviation 2 777-300ER Operating lease Arranger Nov DVB Bank Intrepid Aviation 1 A321 Operating lease Arranger Nov DVB Bank Intrepid Aviation 3 A330-300 Pre-delivery payment Arranger Jul DVB Bank Intrepid Aviation 3 A330-300 Pre-delivery payment Debt provider Aug DVB Bank Intrepid Aviation 1 A330-300 Operating lease Arranger Nov DVB Bank Investec 5 737-800 Portfolio financing Co-arranger Dec DVB Bank Investec 2 A319 Portfolio financing Co-arranger Dec DVB Bank Investec 3 A320 Portfolio financing Co-arranger Dec DVB Bank Jazeera Airways 3 A320 Finance lease Arranger May DVB Bank Jet2.com/Dart Group 2 737-800 Letter of credit facility Arranger May DVB Bank KLM/NBB 1 A330-300 JOLCO Arranger Mar DVB Bank LATAM 3 767-300ER Commercial loan Arranger Dec DVB Bank LATAM 1 767-300ERF Commercial loan Arranger Dec DVB Bank LATAM 1 767-300ERF Commercial loan Arranger Dec DVB Bank Malaysia Airlines 1 A330-300 Finance lease Arranger Mar DVB Bank Malaysia Airlines 1 A330-300 Finance lease Arranger Jul DVB Bank Malaysia Airlines 1 A330-300 Operating lease Arranger Dec DVB Bank Philippine Airlines 1 A321 Finance lease Arranger Nov DVB Bank SAS 1 737-600 Finance lease Arranger Feb DVB Bank SAS 1 737-700 Finance lease Arranger Feb DVB Bank Sichuan Airlines 1 A330-300 Operating lease Arranger Dec DVB Bank Singapore Airlines 1 A330-300 Operating lease Co-arranger Nov DVB Bank Southwest Airlines 2 737-700 Loan/finance/refinanced Debt provider May DVB Bank TAP Portugal 2 A321 Finance lease Arranger Dec DVB Bank Thai Airways 1 777-300ER Operating lease Arranger Jun DVB Bank Tiger Australia 8 A320 Pre-delivery payment Arranger Oct DVB Bank TUI 1 787-8 Operating lease Arranger Aug DVB Bank TUI 1 787-8 JOLCO Co-arranger Dec DVB Bank Turkish Airlines 2 A320 Operating lease Arranger Dec DVB Bank United Airlines 3 737-900ER Commercial loan Arranger Sep DVB Bank US Airways 2 A321 Commercial loan Arranger Dec DVB Bank Vietnam Airlines 1 A330-200 Operating lease Arranger Oct DVB Bank Vietnam Airlines 1 A330-200 Operating lease Arranger Dec DVB Bank|BNP Paribas Philippine Airlines 1 A330-300 Finance lease Arranger Nov DVB Bank|CA-CIB AerCap 1 737-700 Loan/finance/refinanced Debt provider Dec DVB Bank|Cathay United Bank Lion Air 2 737-800 Finance lease Arranger Jan DVB Bank|SMBC TUI 1 787-8 Tax lease Debt provider Dec EastMerchant Capital Singapore Airlines/WealthCap 2 A330-300 Sale with lease attached Arranger Dec EastMerchant Capital Singapore Airlines/WealthCap 1 A380 Sale and leaseback Arranger Mar Erste Bank Aergo Capital 1 737-300 Loan/finance/refinanced Debt provider Oct Erste Bank Automatic 1 767-300ER Loan/finance/refinanced Arranger May Erste Bank Gladiator Leasing 3 A330-300 Loan/finance/refinanced Debt provider Apr Erste Bank Lighthouse Aviation 3 ATR 72-500 Loan/finance/refinanced Debt provider Nov Export Development Canada AerCap 4 CRJ900 Loan/finance/refinanced Debt provider Mar Export Development Canada Avation 4 ATR 72-600 Loan/finance/refinanced Debt provider May Export Development Canada Delta Air Lines 40 CRJ900 Ex-Im Debt provider Aug
  24. 24. Aircraft finance 2014 24 | Flightglobal Insight Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month Export Development Canada Delta Air Lines 1 CRJ900 Loan/finance/refinanced Arranger Nov Export Development Canada WestJet 20 Q400 Ex-Im Arranger Feb First Gulf Bank Etihad Airways 2 777-300ER Loan/finance/refinanced Arranger Mar First National Bank Alaska ERA Aviation (Alaska) 1 Dash 8-100 Loan/finance/refinanced Debt provider Aug First National Bank Alaska Frontier Alaska Aviation Trust 1 Dash 8-100 Loan/finance/refinanced Debt provider Jul Global Knafaim Leasing|Bank Hapo. Delta Air Lines 2 757-200 Loan/finance/refinanced Debt provider Oct Goldman Sachs American Airlines 8 737-800 EETC Joint bookrunner May Goldman Sachs American Airlines 41 737-800 EETC Joint bookrunner Nov Goldman Sachs American Airlines 14 757-200 EETC Joint bookrunner Nov Goldman Sachs American Airlines 1 767-300ER EETC Joint bookrunner Nov Goldman Sachs American Airlines 1 777-200ER EETC Joint bookrunner May Goldman Sachs American Airlines 19 777-200ER EETC Joint bookrunner Nov Goldman Sachs American Airlines 4 777-300ER EETC Joint bookrunner May Goldman Sachs American Airlines N/A Diversified pool Commercial loan Joint arranger Jun Goldman Sachs Atlas Air 1 777F Ex-Im Joint bookrunner Sep Goldman Sachs AWAS N/A Diversified pool EETC Joint arranger Mar Goldman Sachs Cargolux 1 747-8F Ex-Im Joint bookrunner Mar Goldman Sachs Delta Air Lines N/A Diversified pool Commercial loan Joint arranger Feb Goldman Sachs Delta Air Lines N/A Diversified pool Commercial loan Joint arranger Apr Goldman Sachs Korean Air 1 747-8F Ex-Im Joint bookrunner Mar Goldman Sachs Norwegian 2 737-800 Ex-Im bond Joint bookrunner Dec Goldman Sachs Norwegian 1 787-8 Ex-Im bond Joint bookrunner Dec Goldman Sachs United Airlines N/A Diversified pool Commercial loan Joint arranger Mar Goldman Sachs US Airways 18 A321 EETC Structuring agent/joint bookrunner Apr Goldman Sachs Virgin Australia 2 737-700 EETC Structuring agent/joint bookrunner Oct Goldman Sachs Virgin Australia 21 737-800 EETC Structuring agent/joint bookrunner Oct Goldman Sachs Virgin Australia 1 777-300ER EETC Structuring agent/joint bookrunner Oct Government of Mongolia Mongolian Airlines 1 767-300ER Loan/finance/refinanced Debt provider May Grand Bank of Texas Jetran International 1 MD-83 Loan/finance/refinanced Debt provider Jun Grand Bank of Texas Wallace Holdings 1 MD-83 Loan/finance/refinanced Debt provider Oct Helaba American Airlines/AerCap 1 737-800 Operating lease Sole lender Helaba Atlas Air/TNT 3 777F Operating lease Joint MLA Helaba BOC Aviation 1 A320 Operating lease Debt provider Aug Helaba Dr Peters 2 787-8 Operating lease Joint MLA Helaba Fiji Airways 3 A330-200 ECA Co-arranger/ECA lender Helaba Flydubai 2 737-800 Finance lease Joint underwriter Helaba Turkish Airlines 4 A321 French tax lease Co-arranger/security agent Helaba US Airways 2 A321 Commercial loan Sole lender HFC Acceptance Elite Airways 4 CRJ200 Loan/finance/refinanced Debt provider Oct HSBC Bank Air Astana 1 A320 Ex-Im Arranger Apr HSBC Bank Air Astana 2 A320 Ex-Im Arranger May HSBC Bank Avianca 1 ATR 72-600 Ex-Im Arranger Dec HSBC Bank Etihad Airways 1 777-300ER Ex-Im bond Sole bookrunner Dec HSBC Bank|PEFCO Air Astana 3 767-300ER Ex-Im Arranger Sep HSH Nordbank AerCap 1 A340-300 Loan/finance/refinanced Debt provider May HSH Nordbank AerCap 1 A340-300 Loan/finance/refinanced Arranger Jun Iberiabank Universal Asset Management 1 737-600 Loan/finance/refinanced Debt provider May ICBC Comsys Aviation Leasing 1 737-800 Loan/finance/refinanced Debt provider Jul ICBC GTLK 5 A321 Loan/finance/refinanced Debt provider Aug ICBC Minsheng Co. Aviation 1 737-800 Loan/finance/refinanced Debt provider Dec ICBC Minsheng Co. Aviation 2 A319 Loan/finance/refinanced Debt provider Dec ICBC Minsheng Co. Aviation 3 A320 Loan/finance/refinanced Debt provider Dec ICBC Minsheng Co. Aviation 1 A321 Loan/finance/refinanced Debt provider Dec ICBC Shenzhen Airlines 1 A320 Loan/finance/refinanced Debt provider Feb ICBC Leasing AirAsia 2 A320 Finance lease Debt provider May
  25. 25. Flightglobal Insight | 25 Aircraft finance 2014 Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month ICBC Leasing Wizz Air 8 A320 Pre-delivery payment Debt provider Apr IDB|RDFU Uzbekistan Airways 2 767-300ER Finance lease Debt provider May ING Bank Korean Air 1 A380 Ex-Im Arranger Jun ING Bank Virgin Australia 8 737-800 Pre-delivery payment Arranger Jun ING Capital LAN Airlines 1 767-300ERF Loan/finance/refinanced Debt provider Jul International Bank of Commerce Jetran International 1 767-300ER Loan/finance/refinanced Debt provider Oct International Bank of Commerce Jetran International 2 MD-83 Loan/finance/refinanced Debt provider Feb Investec Bank Comair (South Africa) 2 737-400 Loan/finance/refinanced Debt provider Jul Investec Bank Comair (South Africa) 1 737-400 Loan/finance/refinanced Debt provider Oct Investec Bank Comair (South Africa) 4 737-800 Ex-Im Arranger May Investec Bank Nordic Aviation Capital 5 Dash 8-300 Loan/finance/refinanced Debt provider Jun Islamic Development Bank Uzbekistan Airways 2 787-8 Loan/finance/refinanced Debt provider May J.P. Morgan Aerovision Aircraft Services 9 ERJ-145 Loan/finance/refinanced Debt provider May J.P. Morgan Aerovision Aircraft Services 9 ERJ-145 Loan/finance/refinanced Debt provider Jun J.P. Morgan Aerovision Aircraft Services 8 ERJ-145 Loan/finance/refinanced Debt provider Aug J.P. Morgan Aircastle Advisor 1 A330-200 Ex-Im bond Sole bookrunner Aug J.P. Morgan Avianca 1 A330-200F Ex-Im Arranger Mar J.P. Morgan Avianca 1 A330-200F Ex-Im Arranger Jun J.P. Morgan Avianca 1 A330-200F Ex-Im Arranger Oct J.P. Morgan AWAS 1 737-800 Loan/finance/refinanced Arranger May J.P. Morgan AWAS 1 737-800 Loan/finance/refinanced Arranger Jun J.P. Morgan AWAS 1 A320 Loan/finance/refinanced Arranger May J.P. Morgan AWAS 1 A320 Loan/finance/refinanced Arranger Jun J.P. Morgan AWAS 1 A320 Loan/finance/refinanced Arranger Nov J.P. Morgan Delta Air Lines 1 757-200 Loan/finance/refinanced Arranger Mar J.P. Morgan Delta Air Lines 9 757-200 Loan/finance/refinanced Arranger Dec J.P. Morgan Delta Air Lines 2 767-300 Loan/finance/refinanced Arranger Mar J.P. Morgan Delta Air Lines 1 767-300ER Loan/finance/refinanced Arranger Mar J.P. Morgan Delta Air Lines 11 A320 Loan/finance/refinanced Arranger Mar J.P. Morgan Delta Air Lines 4 MD-90 Loan/finance/refinanced Arranger Mar J.P. Morgan Emirates 1 777-300ER Ex-Im bond Sole bookrunner Jan J.P. Morgan Emirates 1 A380 ECA Sole bookrunner Jan J.P. Morgan Etihad Airways 1 777-300ER Ex-Im bond Sole bookrunner Jan J.P. Morgan Southwest Airlines 22 737-700 Loan/finance/refinanced Arranger Sep J.P. Morgan TACA International Airlines 1 A319 Ex-Im Arranger Sep Jione Financial Jetran International 1 737-400 Loan/finance/refinanced Debt provider Mar JPA No.10 Air France 1 A319 Tax lease Debt provider Apr JPA No.11 Air France 1 A319 Tax lease Debt provider May JPA No.12 Air France 1 A319 Tax lease Debt provider May Kasikorn Factory and Equipment AirAsia 1 A320 Loan/finance/refinanced Debt provider Jan KfW IPEX-Bank Air Arabia 4 A320 ECA Arranger/agent KfW IPEX-Bank Air Arabia 2 A320 Finance lease Arranger/agent KfW IPEX-Bank Air France/AerCap 1 A320 Operating lease Arranger/agent KfW IPEX-Bank Air France/Avolon 1 777-300ER Operating lease Joint arranger KfW IPEX-Bank Air Namibia/Intrepid 1 A330-200 Operating lease Senior debt arr./senior debt agent KfW IPEX-Bank American Airlines/Avolon 3 737-800 Operating lease Joint arranger KfW IPEX-Bank Avianca/Avolon 2 A320 Operating lease Joint arranger KfW IPEX-Bank AWAS 6 A320 ECA Arranger/agent KfW IPEX-Bank Intrepid Aviation 1 A330-200 Loan/finance/refinanced Arranger/debt provider Apr KfW IPEX-Bank Jet Time/NAC 2 ATR 72-600 Operating lease Arranger/agent KfW IPEX-Bank JetBlue 2 A321 Commercial loan Arranger/agent Nov KfW IPEX-Bank Korean Air 1 A330-200 ECA Joint arranger KfW IPEX-Bank LATAM/AerCap 2 A330-200 Operating lease Joint arranger/agent KfW IPEX-Bank Lion Air/Avolon 1 737-800 Operating lease Joint arranger KfW IPEX-Bank Nordic Aviation Capital 3 ATR 72-600 Loan/finance/refinanced Debt provider Dec
  26. 26. Aircraft finance 2014 26 | Flightglobal Insight Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month KfW IPEX-Bank Pegasus/Avolon 2 A320 Operating lease Joint arranger KfW IPEX-Bank Singapore Airlines/MDAC 2 A330-300 Operating lease Joint arr./facility agent KfW IPEX-Bank Thomson Airways/BBAM 1 787-8 JOLCO Arranger/agent KfW IPEX-Bank Tiger/Avolon 1 A320 Operating lease Joint arranger KfW IPEX-Bank TUI/Avolon 2 737-800 Operating lease Arranger/agent Apr KfW IPEX-Bank Vietnam Airlines/VALC 3 A321 ECA Lender KfW IPEX-Bank|Helaba Fiji Airways 3 A330-200 Ex-Im Joint arranger/agent Feb KGAL EasyJet 12 A319 Finance lease Arranger Feb KGAL|Lufthansa Leasing Lufthansa 1 A380 Tax lease Arranger Apr KGS|Nippon Export and Investment LOT Polish Airlines 1 787-8 Ex-Im bond Joint bookrunner Jun KGS|Nippon Export and Investment LOT Polish Airlines 1 787-8 Ex-Im bond Joint bookrunner May Korea Development Bank AWAS 1 A320 Ex-Im Arranger Jan Korea Development Bank Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Debt provider Jul MDT Virgin Atlantic Airways 15 787-9 Loan/finance/refinanced MLA Feb Mitsubishi UFJ Lease & Finance Nippon Cargo Airlines 1 747-8F Finance lease Debt provider Nov Mizuho Bank Turkish Airlines 1 737-800 Ex-Im bond Sole bookrunner Jun Morgan Stanley Capital Group Southwest Airlines 22 737-700 Loan/finance/refinanced Debt provider Aug National Australia Bank BOC Aviation 1 A320 Loan/finance/refinanced Debt provider Feb National Bank of Abu Dhabi Avolon 2 A320 Loan/finance/refinanced Debt provider Oct National Bank of Arizona US Airways 2 A320 Loan/finance/refinanced Debt provider Nov Nations Fund Champion Air 3 ERJ-145 Loan/finance/refinanced Debt provider Dec Natixis AerCap 2 737-800 Commercial loan Lender Jan Natixis Air Canada 5 777-300ER EETC Letter of credit facil./deposit./co-man. Natixis Airnorth 1 Embraer 170 Loan/finance/refinanced MLA Apr Natixis American Airlines 8 737-800 EETC Letter of credit facil./deposit./co-man. Natixis American Airlines 8 737-800 EETC Depositary Natixis American Airlines 5 777-300 EETC Letter of credit facil./deposit./co-man. Natixis American Airlines 5 777-300 EETC Depositary Natixis Avolon 3 737-800 Commercial loan MLA Jan Natixis Avolon 1 787-8 Commercial loan MLA Natixis Avolon 1 A320 Ex-Im MLA Aug Natixis AWAS 8 A320 Pre-delivery payment MLA Natixis Ethiopian Airlines 4 777F Pre-delivery payment Facility lead arranger/security agent Dec Natixis Finnair 1 A321 JOL Arranger/agent Natixis Hawaiian Airlines 6 A330-200 EETC Depositary/liquid. prov./lead man./arr. Natixis interjet 9 Superjet 100 ECA Joint arranger Natixis Malaysia Airlines 1 A330-300 Commercial loan Joint arranger Natixis Synergy Group 6 A330-200 Pre-delivery payment Arranger Natixis Synergy Group 3 A330-200F Pre-delivery payment Arranger Natixis United Airlines 17 737-900ER EETC Liquidity provider/depositary/manager Natixis United Airlines 4 787-8 EETC Liquidity provider/depositary/manager Natixis US Airways 2 A321 Commercial loan Co-arranger Natixis US Airways 4 A330-200 EETC Letter of credit facil./deposit./co-man. Natixis Virgin Australia 2 737-700 EETC Liquidity provider/joint bookrunner Natixis Virgin Australia 21 737-800 EETC Liquidity provider/joint bookrunner Natixis Virgin Australia 1 777-300ER EETC Liquidity provider/joint bookrunner NBFEAU Uzbekistan Airways 2 767-300ER Finance lease Arranger May NEC Capital Solutions Ibex Airlines 1 CRJ700 Finance lease Debt provider Feb Nomura Babcock & Brown British Airways 1 787-8 Tax lease Equity provider Aug Nomura Babcock & Brown British Airways 1 787-8 Tax lease Equity provider Sep Nomura Babcock & Brown British Airways 1 A320 Tax lease Equity provider Jun Nomura Babcock & Brown British Airways 2 A380 Tax lease Equity provider Nov Nomura Babcock & Brown Cathay Pacific 1 777-300ER Tax lease Equity provider Feb Nomura Babcock & Brown Cathay Pacific 1 777-300ER Tax lease Equity provider Aug Nomura Babcock & Brown Cathay Pacific 1 777-300ER Tax lease Equity provider Oct
  27. 27. Flightglobal Insight | 27 Aircraft finance 2014 Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month Nomura Babcock & Brown Finnair 2 A321 Tax lease Equity provider Sep Nomura Babcock & Brown KLM 1 737-900 Tax lease Equity provider Mar Nomura Babcock & Brown KLM 1 A330-300 Tax lease Equity provider Mar Nomura Babcock & Brown Malaysia Airlines 1 737-800 Tax lease Equity provider Sep Nomura Babcock & Brown Thomson Airways 2 787-8 Tax lease Equity provider May NordLB Avolon 1 A321 Loan/finance/refinanced Arranger Mar NordLB Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Debt provider Feb NordLB Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Arranger/debt provider Feb NordLB Flydubai 2 737-800 Loan/finance/refinanced Arranger Oct NordLB Hong Kong Aviation Capital 1 737-800 Loan/finance/refinanced Debt provider Sep NordLB JetBlue 2 A321 Loan/finance/refinanced Arranger Oct NordLB Singapore Airlines/WealthCap 2 A330-300 Commercial loan Debt provider Dec NordLB TAM|LAN 2 A320 Loan/finance/refinanced Debt provider Jul NordLB Titan Aviation Leasing 1 777F Loan/finance/refinanced Debt provider Mar NordLB|CA-CIB|GIB|GEJC|Helaba Flydubai 6 737-800 Finance lease Arranger Oct NordLB|DekaBank|Helaba Dr Peters 2 787-8 Loan/finance/refinanced Debt provider Jul Novus Aviation Emirates 2 A380 Loan/finance/refinanced Arranger Oct Noybim Rice Aviation Group 1 MD-87 Loan/finance/refinanced Debt provider Dec NTT Finance AWAS 1 A320 Tax lease Equity provider Oct Pacific Western Bank Delta Air Lines 2 MD-88 Loan/finance/refinanced Debt provider Oct PEFCO AWAS 1 737-800 Ex-Im Debt provider Jan PEFCO Mongolian Airlines 1 767-300ER Ex-Im Arranger Dec PK AirFinance Aer Arann Regional 8 ATR 72-600 Loan/finance/refinanced Arranger/debt provider Jul PK AirFinance Transavia Airlines 1 737-800 Loan/finance/refinanced Debt provider Feb PK AirFinance UTair 10 737-800/900ER Loan/finance/refinanced Debt provider Dec PNC Bank GA Telesis 1 737-700 Loan/finance/refinanced Arranger Jul PNC Bank GA Telesis 2 757-200 Loan/finance/refinanced Arranger Jul PNC Bank GA Telesis 1 A320 Loan/finance/refinanced Arranger Jul Provident Bank Werner Aero Service 2 A319 Loan/finance/refinanced Debt provider Jun Q Aviation Volito Aviation Services 1 A320 Loan/finance/refinanced Debt provider Jun Qatar National Bank|CBI Air Arabia 10 A320 Loan/finance/refinanced Arranger May Red Angels AirAsia 1 A320 Finance lease Debt provider Jun Rio Linhas Aereas Global Air Fleet 1 737-400 Loan/finance/refinanced Debt provider Aug Roynat Killick Aerospace 1 737-700 Loan/finance/refinanced Debt provider Jun Santander|Bank of America Merrill Lynch British Airways 1 A380 Tax lease Debt provider Sep Showa Leasing Qantas 1 787-8 Tax lease Arranger Sep Showa Leasing Qantas 1 787-8 Tax lease Equity provider Sep Sirindini Investments GECAS 1 Embraer 190 Loan/finance/refinanced Debt provider Dec SMBC JetBlue 1 A320 Loan/finance/refinanced Debt provider May SMBC|DVB Bank TUI 1 787-8 Tax lease Arranger Dec Standard Chartered Bank|BTM Turkish Airlines 3 A321 Tax lease Debt provider May SunTrust Bank Cargo Aircraft Management 3 757-200 Combi Loan/finance/refinanced Debt provider Oct SunTrust Bank Cargo Aircraft Management 1 757-200F Loan/finance/refinanced Debt provider Jun SunTrust Bank Cargo Aircraft Management 1 757-200F Loan/finance/refinanced Debt provider Oct SunTrust Bank|SCB|BBTC|United Bank Dynamic Aviation Group 3 767-200 Loan/finance/refinanced Debt provider Sep Tamweel Aviation Finance Emirates 2 A380 Finance lease Debt provider Dec Tatra Leasing Vip Wings 1 ATR 72-200 Finance lease Debt provider Jun TD Bank AirAsia X 2 A330-300 Ex-Im Debt provider Jun TD Bank Asiana Airlines 1 777-200ER Ex-Im Debt provider Apr TD Bank|ING Capital Ethiopian Airlines 1 777F Ex-Im Debt provider Jul Thailand Ministry of Finance Thai Airways 2 A380 Loan/finance/refinanced Debt provider Jul The Bank of Tokyo-Mitsubishi UFJ ANA 1 777-200ER Tax lease Arranger/debt provider Jul The Bank of Tokyo-Mitsubishi UFJ Aviation Capital Group 1 737-800 Tax lease Arranger/debt provider May The Bank of Tokyo-Mitsubishi UFJ Aviation Capital Group 1 737-800 Tax lease Arranger/debt provider Sep The Bank of Tokyo-Mitsubishi UFJ Aviation Capital Group 6 A320 family Commercial loan MLA Dec
  28. 28. Aircraft finance 2014 28 | Flightglobal Insight ANZ Bank Australia & New Zealand Bank ACME Airline Contract Maintenance and Equipment BAML Bank of America Merrill Lynch BBTC Branch Banking and Trust Company BTM The Bank of Tokyo-Mitsubishi UFJ CBI Commercial Bank International CGM Citigroup Global Markets CDB China Development Bank CS Credit Suisse CZB Commerzbank Aircraft finance deals announced in 2013 - by bank Bank Operator/customer Number of a/c Aircraft model Financing type Role Month The Bank of Tokyo-Mitsubishi UFJ Lufthansa 1 A380 Tax lease Debt provider Apr The Bank of Tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Jun The Bank of Tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Jul The Bank of Tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Oct The Bank of Tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Dec The Bank of Tokyo-Mitsubishi UFJ Shenzhen Airlines 4 A320 Ex-Im Arranger May The Bank of Tokyo-Mitsubishi UFJ Shenzhen Airlines 4 A320 Ex-Im Debt provider Jun TIM Aviation Partners VI AAR Aircraft Sales & Leasing 1 747-400 Loan/finance/refinanced Debt provider Oct TLC Saintpaula Qantas 1 737-800 Tax lease Debt provider Sep Tucuquere Leasing TAM Linhas Aereas 4 A320 Ex-Im Debt provider Nov UBS AerCap 1 737-800 Loan/finance/refinanced Debt provider Dec UBS|Credit Suisse AerCap 1 737-800 Loan/finance/refinanced Debt provider Dec US Bank GECAS 1 CRJ700 Loan/finance/refinanced Arranger Nov VEB-Leasing Transaero Airlines 2 A380 Pre-delivery payment Debt provider Feb Verus Bank Worldwide Aircraft Services 1 ERJ-145 Loan/finance/refinanced Debt provider Aug Wells Fargo Bank AerSale 1 737-500 Loan/finance/refinanced Arranger Dec Wells Fargo Bank AerSale 1 767-300ER Loan/finance/refinanced Arranger Feb Wells Fargo Bank AerSale 2 MD-90 Loan/finance/refinanced Arranger Feb Wells Fargo Bank AerSale 8 MD-90 Loan/finance/refinanced Arranger Jun Wells Fargo Bank AerSale 1 MD-90 Loan/finance/refinanced Arranger Sep Wells Fargo Bank AerSale 1 MD-90 Loan/finance/refinanced Arranger Dec Wells Fargo Bank AWAS 1 767-300ER Loan/finance/refinanced Arranger Mar Wells Fargo Capital Finance ACME 2 ATR 42-500 Loan/finance/refinanced Debt provider Feb Wells Fargo Capital Finance ACME 1 ATR 42-500 Loan/finance/refinanced Debt provider Dec Wells Fargo Capital Finance Hawaiian Airlines 1 767-300ER Loan/finance/refinanced Debt provider Dec Wells Fargo Equipment Finance Allegiant Air 1 A320 Loan/finance/refinanced Arranger Sep Westpac|BAML|CZB|NAB Qantas 1 787-8 Tax Lease Co-arranger Dec Westpac|NAB Cathay Pacific/BBAM 1 777-300ER Japanese lease Debt provider Mar Westpac|NordLB Singapore Airlines 2 A330-300 Commercial loan Debt provider Jun Yamasa Air China 2 737-800 Tax lease Equity provider May Yamasa Air China 2 A320 Tax lease Equity provider May Yamasa Air China 1 A321 Tax lease Equity provider May Yamasa China Southern Airlines 2 737-800 Tax lease Equity provider May Yamasa China Southern Airlines 1 737-800 Tax lease Equity provider Jun Yamasa China Southern Airlines 1 737-800 Tax lease Equity provider Jul Yamasa China Southern Airlines 1 A320 Tax lease Equity provider Apr Yamasa Lufthansa 1 A380 Tax lease Equity provider Apr Yamasa TUI 1 787-8 Tax lease Equity provider Dec NOTE: Aircraft finance new and second-hand deals announced during 2013 SOURCE: Aviation Exchange (www.ascendworldwide.com/aviationexchange) and banks CA-CIB Credit Agricole Corporate and Investment Bank CBA Commonwealth Bank of Australia DB Deutsche Bank DBJ Development Bank of Japan DBS Deutsche Bank Securities GEJC GE Japan Corporation GIB Gulf International Bank GS Goldman Sachs GTLK State Transport Leasing Company ICBC Industrial and Commercial Bank of China IDB Islamic Development Bank JPM J.P. Morgan KGS KGS Alpha Capital Markets MDAC MD Aviation Capital MS Morgan Stanley NAB National Australia Bank NBFEAU National Bank For Economic Affairs Uzbek RDFU Reconstruction and Development of Uzbekistan SCB Summit Commercial Bank SMBC Sumitomo Mitsui Banking Corporation Abbreviations of companies
  29. 29. Flightglobal Insight | 29 Aircraft finance 2014 Airliner finance deals announced in 2008 with analysis by operator/lessor aircraft transactions Second-hand deals that occurred in 2013 The year 2013 saw a total of 3,054 aircraft transactions in the narrowbody, widebody, regional jet and turboprop markets. This represented a 20% increase compared with the previous year, according to Flightglobal’s Ascend Online database. An estimated 1,649 transactions, or 54% of the total, were aircraft purchases, the data shows. In 2012, about 1,210 purchase deals closed, representing 48% of the total activity. Ascend data recorded 872 acquisitions in the narrowbody market last year, compared with 594 in 2012. The Boeing Classics accounted for 256 units, or 29% of the narrowbody market transactions. Another 169 transactions featured the Airbus A320 family aircraft, with a notable 109 transactions on the A320 model alone. According to the data, 163 transactions closed on the Boeing MD-80 and MD-90 models last year, while another 118 deals featured the 757 models. The 737 Next Generation (NG) series represented 136 purchase transactions in 2013, while the 717 model accounted for 30 deals. There were 221 acquisitions of widebody aircraft in 2013, split between the Airbus and Boeing models. Airbus’s 109 units included 17 A330s, 10 A310s, 47 A330s, 31 A340s and four A380s. On the Boeing side, 48 transactions were concluded for the 767 models, 32 for the 747-400 type, 23 for 777 aircraft and three 787s. Another six deals were closed, covering MD-11 models. The number of regional jet acquisitions totalled 240 units in 2013, down from 256 in 2012. The Embraer ERJ models accounted for 89 transactions, while another 87 deals closed on Bombardier CRJ models. The BAE Systems’ 146 fleet recorded 22 deals and another 14 transactions closed on the Avro/RJ models. There was a 45% year-on-year increase in the number of turboprops changing ownership. Last year saw 315 transactions with almost 100 units being ATR products. The Bombardier Q/Dash 8 series recorded 93 deals while the Saab fleets accounted for 83 purchase transactions. Another 29 deals featured the BAE Systems ATP, while the Fokker 50 recorded 11 sales in 2013. Ascend data recorded 936 lease events last year – 17 units morethanthepreviousyear.Narrowbodyaircraftrepresented more than 62% of the total with 583 transactions closed. The most leased aircraft was the A320 with 146 units, equivalent to a 25% narrowbody market share. The 737NG models narrowbody transactions in 2013 widebody transactions in 2013 34% 51% 14% 243 583 872 Lease events Purchase events Wet lease eventsTotal narrowbody transactions: 1,698 27% 46% 27% 132 130 221 Lease events Purchase events Wet lease eventsTotal widebody transactions: 483 Source: Flightglobal’s Ascend Online database Source: Flightglobal’s Ascend Online database

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