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Deal Analysis: AerCap's ECA bond
08 September 2010
The parties working on the deal talk about closing the first European export credit guaranteed bond.
Read more:
AerCap
ECGD
Coface
Euler Hermes
Airbus
Boeing
Successful closing for AerCap's ECA bond
It was a first. A deal that closed against all odds. A bank being investigated, an election in the UK and suddenly the European debt markets went haywire. But the issuer, bank, guarantor and investors held strong in order to close the first European export credit bond, guaranteed by the UK's Export Credits Guarantee Department (ECGD).
Almost a year before the deal closed, the European export credit agencies began discussing the possibility of a guaranteed export credit bond. The US Ex-Im Bank got there first, issuing a $413 million bond for Emirates, and subsequently more deals for other customers. But the European export credit agencies might have had a harder time, because instead of dealing with one agency and its government, the three agencies that support Airbus - Coface (France), ECGD (UK) and Euler Hermes (Germany) - had to work together and overcome individual regulatory...
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