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2009 Deals of the Year: Overall winners
27 April 2010
Airfinance Journal announces Overall, Innovative and Editor's deal of the year winners.
Read more:
2009 Deal of the Year Awards
Overall
Emirates
Innovative
GE
American Airlines
Overall Deal of the Year
Emirates issues $413m Ex-Im Bond
At the end of 2008 liquidity was tight, but aircraft still needed to deliver. Even pricing on Ex-Im Bank-guaranteed transactions was unusually high, reaching about Libor plus 120 basis points in the first quarter of 2009, if banks were lending at all. And so, the Ex-Im backed-bond was born.
“During the depths of the financial crisis in the fourth quarter of 2008, all the questions were focused on whether or not Ex-Im Bank would fund the aircraft loans directly instead of guaranteeing loans made by others,” says Robert Morin, executive vice-president, US Ex-Im Bank.
Emirates Airlines, which had a number of aircraft scheduled to deliver in 2009, had to find a way to finance these aircraft.
After speaking to several banks about structuring an export credit capital markets transaction, Emirates mandated Credit Agricole-CIB and Goldman Sachs in early 2009 to...
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