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Listed lessors set for 2009
05 January 2009
Share prices for the four listed aircraft leasing companies have all fallen dramatically. The lack of easily accessible equity might seem limiting to the public lessors at this time, but they have debt.
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aircraft lessor
aircraft leasing companies
Babcock & Brown Air
Aircastle
AerCap
Genesis
How do you make the chief executive officer of a listed aircraft leasing company smile? Ask him what price his competitors shares are trading at.
How do you make the chief executive officer of a listed lessor cry? Ask him what price his company shares are trading at.
"One of the things about all the public lessors is that the stocks are just hammered," says Colm Barrington, chief executive officer, Babcock & Brown Air. Barrington should know. At the start of 2008 Babcock & Brown Air had a market capitalization of $664 million. In early December the company was worth $159 million. Aircastle, AerCap and Genesis, who make up the four listed aircraft leasing companies, have all suffered in similar ways.
The main advantage of being a public leasing company is cheap access to the public markets. "Our primary equity sources are the capital markets," says Cian Dooley, chief operating...
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