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December
Eight countries have ratified the Cape Town Convention, which will be implemented in March. Victoria Pennington speaks to some of the people who made it happen.
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UK banks remain a force in the aviation finance market in the face of growing European competition. Three of the UK's most prominent bankers shared their views in a roundtable discussion.
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Aer Lingus has transformed itself significantly over the past few years and this is set to continue under new CEO Dermot Mannion. Andrew McGuinness reports.
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The American Jobs Creation Act of 2004 created about 450 amendments to the Internal Revenue Code, but one change in particular has potentially far-reaching consequences for US aircraft lessors. Garry Burke, chief executive officer of Pembroke Capital, reports.
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Iberia has three A340-600s due for delivery in 2006 and is hoping to finance them using Spanish operating leases (SOLs). Other Spanish banks are keen emulate the success of Caja Madrid and Royal Bank of Scotland, which arranged the first SOL for Iberia in September.
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A Japanese operating lease (JOL) for one Air Europa 737-800 was one of the first transactions closed by Natexis Transport Finance (NTF), the new subsidiary bank of Natexis Banques Populaire, that focuses solely on air finance
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Natexis Transport Finance has been mandated to provide financing for one CRJ700 for regional airline BritAir, a subsidiary of Air France.
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There are 11 banks bidding for THY Turkish Airlines' mandate to provide financing for 22 A330s, A321s, A320s and 737-800s. Even though the request for proposals was issued in March, THY's Boeing deliveries have been delayed because of the machinists' strike, and the airline is taking its time to make a final decision on the Airbus aircraft.
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British Airways (BA) has announced an innovative standby facility that allows it to use a range of aircraft types to back the deal.
PK Airfinance and Spectrum Capital jointly arranged the $420 million facility that can be drawn at any time over the next five years. Spectrum also advised the airline, with PK Airfinance the sole lender.
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British Airways (BA) has closed a Yen facility to help it finance maturing Japanese leverage leases (JLLs).
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Aviation Capital Group's (AGC) portfolio securitization priced in mid-December had been premarketed and were well received, particularly in the US and Asia.
The total value of the issuance is $1.866 billion, the biggest lessor securitization since 1996. UBS Warburg is arranging the deal.
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Four banks were involved in the financing of the recently concluded lease between China Southern Airlines (CSA) and Singapore Aircraft Leasing Enterprise (Sale).
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November
While manufacturer financings are never easy, Bombardier's Raspro 2005 succeeded in making more than a billion dollars of finance. Alexandra Cain examines the deal.
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Awas has a very different portfolio to Boullioun, but there is no shortage of bidders. Alasdair Whyte looks at the contenders.
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Pegasus Aviation is expanding and, with the help of Oaktree Capital Management and an ex-Boeing salesman, this will continue over the next decade. Victoria Pennington reports.
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German banks are stepping up their aircraft activity after a few quiet years. Alexandra Cain reports from Frankfurt, Hamburg and Hannover.
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The 2005 Airfinance Journal export credit survey shows how few banks are winning mandates, although competition among them remains fierce.
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ABN Amro has created a new way of funding export credit. Neil Unmack examines the structure.
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Lenard Parkins and Kenric Kattner, of Haynes and Boone, and lead counsel for Atlas Air Worldwide Holdings, provide an essential guide to restructuring EETCs in bankruptcy.
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Bankruptcy meant that the Fairchild Dornier 328 Jet never really found a market, and with Delta parking aircraft, its value is unlikely to recover.
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Rising fuel prices are increasing pressure on manufacturers to improve engine efficiency. Geoff Hearn looks at how IAE and CFM are reacting to the problem.
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Patrick O'Brien, tax partner and Dubliner, guides you through the streets of Dublin and recommends the best attractions and bars if you have a spare afternoon in this famous Irish city.
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October
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AerCap, the lessor formerly known as debis Airfinance, is an example of how important the owners of a leasing company are. Its original owners started with high expectations and then lost their nerve. Cerberus Capital, its new owner, wants to change this.
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With the acquisition of Boullioun, Aviation Capital Group has gone from being one of the smaller lessors to one of the largest. Alexandra Cain reports.
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Converted passenger aircraft are becoming more popular with financiers to help bolster residual values. Geoff Hearn reports.
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Several aircraft finance banks are beginning to invest in airports, but there is much debate about how compatible the two assets are. By Alexandra Cain.
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Renewed interest in 747 freighters has made it likely that Boeing will launch the 747 Advanced. Geoff Hearn examines how the compares to the A380F.
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As the popularity of engine leasing increases, existing players are becoming wary of market saturation but that is good news for airlines. Andrew McGuinness reports.
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September
It was close competition between the big two major manufacturers for the 2005 Airfinance Journal Investors' and Operators' Poll, but this year Boeing is the victor.
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British Airways aimed to cut costs by outsourcing its catering requirements, but the price has been much higher. By Maria Wagland.
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Like all Boeing executives, Scott Carson, vice-president of sales, is proud of his company and is confident of its future.
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Airbus is involved in a price war with Boeing, and the battle for orders is looking close. None of this, though, seems to worry John Leahy, Airbus' chief operating officer.
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August
Home countries airlines, denied access to export credit for new aircraft, are now pushing for a regulatory review. Victoria Pennington reports.
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The battle for third place in the Airfinance Journal operating leasing league tables has intensified. Research and analysis by Victoria Pennington.
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Everyone knows the flying public never had it so good. Or do they? Adam Pilarski of Avitas looks at the real price that the airline passengers are paying.
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Airbus looks set to launch the A350. But can it compete with the 787. By Geoff Hearn.
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Tim Duncan, head of Babcock & Brown's London office, gives a guide to London. Interview by Jack Duncan.
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June
Airfinance Journal's 2004/05 Japanese operating lease survey showed a market still in confusion and waiting for the final effects of tax changes. Nevertheless, 2004 was still an excellent year, says Alexandra Cain.
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In the first of a new regular section looking at aircraft values, Victoria Pennington asked three appraisers to consider one of the original middle-of-the market aircraft.
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May
Although a shadow is still hanging over the US and fuel prices are steadily rising, the global aviation market rebounded strongly in 2004 – and the deals that closed reflect this.
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Airfinance Journal also presented two awards for special achievement. These are awarded to individuals who have made an outstanding contribution to the aviation industry
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April
Escalation formulas mean that many aircraft being delivered are costing far more than their market value. How long, asks Alasdair Whyte, can manufacturers can keep taking money from their most loyal customers?
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One of the biggest costs for nearly every airline is labour. But this is not why airlines lose money, says Ingo Marowsky,aviation secretary, for the International Transport Workers' Federation, the global trade union federation.
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The price of oil has gone through the roof again. Why? Michael Halls reports.
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With new equity coming into the market, Aviation Capital Group and debis AirFinance are joining the fight for third place in the lessor rankings. But is it a race worth winning?
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March
Sparsely populated Iceland may seem like an unlikely place for a profitable airline, but as Elizabeth Stephens finds out, this has not stopped Icelandair from growing into a major player on transcontinental routes.
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Dba's take over of Germania Express's network could be a marriage made in heaven and start the transformation of Germany's low-cost market. Michael Marray talks to the major players involved.
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The world air cargo market is growing and much of this growth will be reliant on converted aircraft. But as Alexandra Cain discovers, knowing which conversions to finance and when, can be a tricky process.
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With oil prices on the way down, what kind of hedging strategy should be used? Mike Halls reports.
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The advent of the European low-cost carrier has forced some charter airlines to re-evaluate their market position. But are low-fare models really the solution for troubled charter airlines? Victoria Pennington reports.
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February
Iberia's third European bond issue closed just before Christmas. Alasdair Whyte goes into the details.
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Engine leasing is the trendy new market for banks and lessors. Alexandra Cain takes a look at the new entrants and asks the old guard what their chances of success are.
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Swissair's collapse was a shock to everyone in aviation and soured many people's view of its replacement, Swiss. But despite this dreadful start, the airline has made a small profit in the third quarter of 2004 and it has a management team that has vowed never to repeat its predecessor's mistakes. Alasdair Whyte reports from Zurich.
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