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Editorial: Unequal playing field despite first European ECA bond
23 July 2010
The first European export credit bond closed, but is it as attractive as the US Ex-Im bond?
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European export credit bond
AerCap
US Ex-Im bond
UK Export Credits Guarantee Department (ECGD)
Airbus
Rolls Royce
The first European export credit bond has closed, almost nine months after the first US Ex-Im bond was sold. In late 2009 many people in the industry – but most of all those at Airbus – were concerned that the use of Ex-Im bonds might give Boeing an advantage in the aircraft sales market, because financing in the US capital markets would be possible.
Since Emirates came to market with the first Ex-Im bond transaction, several issuers have used the product to raise financing for their Boeing deliveries.
Now, AerCap has issued the first European...
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