Aircraft Finance and Aircraft Leasing Market Outlook

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aiRcRaft finance

2014leasing & market outlook • aircraft finance deals & secOnd-hand tRansactiOns in 2013

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aiRcRaft finance 2014

fORewORdWelcome to Flightglobal Insight’s Aircraft Finance Special Report 2014.

The report provides a breakdown of aircraft finance transactions that took place in 2013, based on information from Flightglobal’s Ascend Online database and media reports.

It also includes an analytical overview about the financing outlook for this year’s new aircraft deliveries.

Airbus and Boeing delivered 1,274 aircraft, worth $174 billion at list prices, in 2013. Boeing set a new industry record with 648 deliveries, ahead of Airbus’s new record of 626 units. Although this is a difference of only 22 units, the deficit in value terms between the rivals was over $18.5 billion at list price; Airbus’s 2013 deliveries were worth $77.8 billion against Boeing’s $96.4 billion.

The driver behind Boeing’s earning advantage was its widebody output. It delivered 208 widebody aircraft, worth an estimated $58 billion at list prices, or 40% more than Airbus’s 133 widebody deliveries worth $34 billion.

Although Toulouse benefits from the high value of A380 shipments, deliveries of the double-decker remain relatively low at just 25 aircraft in 2013. Boeing, on the other hand, had the advantage of shipping almost 100 777s last year, as well as a further 110 747s, 767s and 787s.

Airbus’s big-jet production is powered primarily by the A330 (108 deliveries) following the cessation of the A340 programme. The European manufacturer should start to feel some benefit from the A350 in 2015, if deliveries begin later this year as scheduled.

Airbus redressed some of the deficit in the narrowbody arena, delivering a record 493 A320-family aircraft worth $43.4 billion. Boeing’s lower production rates for the 737 put its full-year single-aisle tally at 440 deliveries worth $38.7 billion.

Airbus’s single-aisle production accounted for 79% by unit and 56% by value of its entire 2013 output. Comparative numbers for Boeing are 68% and 40%, respectively.

Last year, the two rivals secured net orders for 2,858 aircraft worth more than $400 billion. Airbus took the honours, with its 1,503 net orders worth almost $215 billion being 148 units ahead of its rival. Boeing’s 1,355 net orders were valued at $186 billion.

The two manufacturers’ strong order performance has boosted their combined backlog during the last 12 months by almost a fifth to 10,639

aircraft, worth more than $1.5 trillion. Airbus holds a slight market share advantage (52%), but again it is the strength of its position in the single-aisle sector that puts it ahead of its US rival.

The two manufacturers’ 2014 production outlooks differ significantly. Airbus has indicated it expects its output to be flat while Boeing is forecasting an almost 12% rise to between 715 and 725 deliveries. This double-digit increase will take the overall 2014 mainline airliner production tally to around 1,360 aircraft.

As expected the year 2013 saw increased appetite from the capital markets with more enhanced equipment trust certificates financings, US Export-Import Bank (Ex-Im) guaranteed bond as well as pre-funded bond transactions.

According to data compiled by Flightglobal, bond-guaranteed issuances totalled $6.4 billion. This compares with $5.6 billion worth of deals in 2012 and $587 million worth of transactions in 2011.

The year 2013, marked the return of European export credit agencies guaranteed deals. Although just five issuances were completed, they totalled $705 million, or 11% of the total bond-guaranteed issuances.

This year’s Aircraft Finance Special Report offers opinions from Flightglobal’s Ascend, operating lessor Avolon Aerospace and financial institution DVB Bank, providing insight into what the market might expect in 2014.

Finally, the report provides information on the number of second-hand transactions that occurred in the widebody, narrowbody, regional jet and turboprop sectors in 2013.

A breakdown by type, but also by transaction type (operating lease, wet-lease and purchase) is provided.

We hope that you find this information useful and that the Aircraft Finance Special Report 2014 will be a helpful reference source of closing all your aircraft transactions this year.

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leasInG oUtlooK

Top 10 lessors by fleet value & order share value 5

Top 50 lessors by fleet value 6

Top 50 lessors by fleet size 7

Top 50 leasing survey 8

Funds for thought 9

MarKet oUtlooK

Views from Ascend, Avolon and DVB Bank 12

aIrcraFt FInance deals In 2013

By bank 17

aIrcraFt transactIons

Second-hand deals that occurred in 2013 29

cOntents

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leasing OutlOOktop 10 lessors by fleet value & order share value

Extracts from:

1,400Firm backlog of top 10 lessors (by fleet value) at the end of 2013, led by ILFC with 326 aircraft, followed by Air lease with 318 and GECAS with 251

10.9%Rise in value of the top 50 lessors’ fleet portfolios during 2013

$196bnTotal value of top 50 lessors’ fleet portfolios at the end of 2013, an increase of 11%

The usual suspects lead the lessor rankings, with GECAS still the dominant player, while the sector’s managed fleet has seen a double digit rise in value to over $196 billion. Data from Flightglobal’s Ascend Online database



top 50 lessors by fleet value

rank total fleet value total average value managed only2013 (2012) company $m change fleet $m change $m share1 (1) Gecas 33,851 -0.7% 1,692 20.0 2.2% 896 2.6%2 (2) IlFc 24,951 -4.5% 1,009 24.7 -2.2% 845 3.4%3 (3) bbaM 10,142 17.6% 330 30.7 18.3% 7,897 77.9%4 (8) sMbc aviation capital 9,411 59.2% 344 27.4 7.3% 0 0.0%5 (5) boc aviation 8,940 22.9% 221 40.5 10.1% 496 5.5%6 (4) aercap 8,621 11.9% 311 27.7 6.8% 1,752 20.3%7 (7) aWas 7,379 20.4% 270 27.3 8.8% 99 1.3%8 (6) cIt aerospace 7,277 1.4% 272 26.8 -0.1% 59 0.8%9 (9) air lease corporation 6,850 21.9% 194 35.3 -5.1% 58 0.8%10 (10) aviation capital Group 5,904 5.8% 256 23.1 11.6% 143 2.4%11 (15) avolon aerospace lsg 4,783 40.1% 113 42.3 10.3% 749 15.7%12 (11) doric 4,601 13.7% 39 118.0 2.0% 3,499 76.0%13 (18) Icbc leasing co 4,573 44.1% 115 39.8 2.7% 118 2.6%14 (12) cdb leasing company 4,503 18.7% 110 40.9 -1.8% 0 0.0%15 (13) aircastle advisor 4,008 6.3% 157 25.5 7.0% 30 0.7%16 (16) standard chartered avn Finance 3,373 -0.6% 95 35.5 1.4% 0 0.0%17 (14) Mc aviation Partners 3,353 -5.0% 95 35.3 10.0% 0 0.0%18 (19) Jackson square aviation 3,252 17.7% 79 41.2 -3.1% 0 0.0%19 (17) Macquarie airFinance 2,988 -6.0% 141 21.2 -0.7% 263 8.8%20 (21) dae capital 2,702 6.9% 53 51.0 2.9% 0 0.0%21 (24) orIX aviation 2,645 18.5% 132 20.0 7.7% 273 10.3%22 (22) hong Kong avn capital 2,496 8.5% 79 31.6 0.3% 1,516 60.7%23 (23) Guggenheim avn Partners 2,394 5.1% 58 41.3 19.6% 0 0.0%24 (27) FlY leasing limited 2,163 6.9% 105 20.6 12.0% 7,897 365.1%25 (25) boeing capital corp 1,872 -12.3% 220 8.5 -5.9% 107 5.7%26 (26) amentum capital 1,857 -10.1% 45 41.3 -10.1% 1,782 95.9%27 (29) nordic aviation capital 1,820 23.1% 174 10.5 23.1% 0 0.0%28 (28) alaFco 1,670 6.6% 50 33.4 8.8% 0 0.0%29 (34) veb-leasing Jsc 1,583 82.6% 55 28.8 36.1% 0 0.0%30 (48) bocom leasing 1,559 212.5% 43 36.3 9.0% 0 0.0%31 (30) changjiang lsg co 1,218 5.4% 55 22.2 -4.2% 0 0.0%32 (41) china aircraft lsg 958 57.9% 24 39.9 5.2% 0 0.0%33 (83) Intrepid avn Group 930 583.7% 10 93.0 36.7% 0 0.0%34 (42) avIc International lsg 852 45.3% 50 17.0 -4.1% 2 0.2%35 (32) skyWorks leasing 851 -11.5% 81 10.5 -8.2% 851 100.0%36 (35) Jetscape 808 -5.4% 40 20.2 1.7% 303 37.5%37 (36) novus aviation 803 2.2% 16 50.2 8.6% 469 58.4%38 (37) aircraft leasing & Mgmt 775 5.0% 29 26.7 26.7% 0 0.0%39 (110) titan aviation lsg 723 1602.0% 7 103.2 386.3% 0 0.0%40 (65) Jackson square avn Ireland 678 146.9% 17 39.9 30.7% 0 0.0%41 (40) cargo aircraft Mgmt 652 1.2% 71 9.2 6.9% 12 1.8%42 (38) Investec Global acft Fund 639 -5.5% 19 33.6 -5.5% 164 25.6%43 (44) dragon aviation lsg co 631 17.6% 20 31.6 0.0% 0 0.0%44 (31) lease corporation Int'l 630 -35.1% 9 70.0 -13.5% 630 100.0%45 (47) Goal 626 24.6% 42 14.9 -2.1% 0 0.0%46 (55) showa leasing 607 44.3% 27 22.5 22.9% 0 0.0%47 (53) apollo aviation Grp 593 39.0% 55 10.8 31.4% 148 24.9%48 (69) airbus asset Mgmt 563 148.3% 34 16.6 16.8% 0 0.0%49 (60) vietnam aircraft lsg co 509 46.9% 15 33.9 7.7% 0 0.0%50 (39) Penerbangan Malaysia 494 -25.8% 32 15.4 -14.2% 0 0.0%

total 196,061 10.9% 7,510 26.1 6.5% 31,056 15.8%NOTES: Fleet value based on Ascend estimates 2013. FLY Leasing aircraft managed by BBAM, but not included in BBAM figures to avoid double counting. 2012 rankings reworked due to new historical data for two lessors. RBS Aviation Capital acquired by SMBC.

DEFINITIONS: ranking: The survey is based on the Top 50 companies with a substantial operating lease business ranked by the value of their owned and/or managed fleets at the end of December 2012. change: The change figures are based on fleets/values supplied by Flightglobal’s Ascend Online Fleets and Values databases for December 2013 and 2012. operating lessors: Lessors are defined as those with an active operating lease business and a substantial investment in fleet. Companies that are solely or predominantly financiers have been excluded. Fleets & values: The survey represents a snapshot of fleets, including stored aircraft, with fair market generic values supplied by Ascend. Note the composition of fleets is constantly changing.



top 50 lessors by fleet size

rank total fleet fleet by category value2013 (2012) company number change units +/- Wide narrow rJ/prop fleet ($m) rank average ($m)1 (1) Gecas 1,692 -2.9% -50 182 1,072 438 33,851 1 20.02 (2) IlFc 1,009 -2.3% -24 271 738 0 24,951 2 24.73 (9) sMbc aviation capital 344 48.3% +112 8 321 15 9,411 4 27.44 (3) bbaM 330 -0.6% -2 44 284 2 10,142 3 30.75 (4) aercap 311 4.7% +14 48 257 6 8,621 6 27.76 (6) cIt aerospace 272 1.5% +4 40 217 15 7,277 8 26.87 (7) aWas 270 10.7% +26 49 221 0 7,379 7 27.38 (5) aviation capital Group 256 -5.2% -14 9 247 0 5,904 10 23.19 (10) boc aviation 221 11.6% +23 38 173 10 8,940 5 40.510 (8) boeing capital corp 220 -6.8% -16 18 195 7 1,872 25 8.511 (13) air lease corporation 194 28.5% +43 32 115 47 6,850 9 35.312 (13) nordic aviation capital 174 0.0% +0 0 12 162 1,820 27 10.513 (17) aircastle advisor 157 -0.6% -1 58 94 5 4,008 15 25.514 (11) Macquarie airFinance 141 -5.4% -8 12 125 4 2,988 19 21.215 (15) orIX aviation 132 10.0% +12 18 112 2 2,645 21 20.016 (20) avmax aircraft leasing 120 21.2% +21 0 0 120 406 55 3.416 (16) Icbc leasing co 115 40.2% +33 20 85 10 4,573 13 39.818 (14) avolon aerospace lsg 113 27.0% +24 13 94 6 4,783 11 42.319 (22) cdb leasing company 110 20.9% +19 28 62 20 4,503 14 40.920 (24) FlY leasing limited 105 -4.5% -5 8 97 0 2,163 24 20.621 (28) Mc aviation Partners 95 -13.6% -15 18 77 0 3,353 17 35.321 (29) standard chartered avn Fin 95 -2.1% -2 15 80 0 3,373 16 35.523 (21) skyWorks leasing 81 -3.6% -3 15 46 20 851 35 10.524 (18) hong Kong avn capital 79 8.2% +6 18 55 6 2,496 22 31.624 (26) Jackson square avn 79 21.5% +14 7 72 0 3,252 18 41.226 (23) ecc leasing co 75 38.9% +21 0 0 75 423 54 5.627 (27) Falko 72 -31.4% -33 0 8 64 231 73 3.228 (33) cargo aircraft Mgmt 71 -5.3% -4 44 27 0 652 41 9.228 (25) Guggenheim avn Partners 58 -12.1% -8 37 21 0 2,394 23 41.330 (34) aersale 56 3.7% +2 11 45 0 349 63 6.230 (19) sky holding 56 -15.2% -10 10 46 0 338 64 6.032 (40) apollo aviation Group 55 5.8% +3 8 44 3 593 47 10.832 (48) changjiang lsg co 55 10.0% +5 0 37 18 1,218 31 22.232 (32) veb-leasing Jsc 55 34.1% +14 21 19 15 1,583 29 28.835 (36) dae capital 53 3.9% +2 22 31 0 2,702 20 51.035 (30) alaFco 50 -2.0% -1 3 47 0 1,670 28 33.435 (38) avIc Intl lsg 50 51.5% +17 2 7 41 852 34 17.038 (63) Ga telesis llc 49 2.1% +1 12 26 11 298 66 6.139 (31) amentum capital 45 0.0% +0 14 26 5 1,857 26 41.340 (37) bocom leasing 43 186.7% +28 6 35 2 1,559 30 36.341 (42) Goal 42 27.3% +9 1 12 29 626 45 14.941 (71) JetFleet Mgmt corp 42 5.0% +2 0 0 42 143 86 3.441 (45) saab aircraft lsg 42 -28.8% -17 0 0 42 70 102 1.744 (39) acIa aero 40 471.4% +33 0 0 40 129 88 3.244 (47) Jetscape 40 -7.0% -3 0 3 37 808 36 20.246 (43) doric 39 11.4% +4 31 8 0 4,601 12 118.046 (44) vtb-leasing 39 0.0% +0 14 23 2 429 53 11.048 (35) aergo capital 38 -19.1% -9 0 37 1 76 98 2.048 (50) Ilyushin Finance co 38 5.6% +2 8 18 12 281 69 7.450 (57) Jetran Intl 37 8.8% +3 1 27 9 73 100 2.0

total 7,955 3.5% +272 1,214 5,398 1,343 190,367 23.9

NOTES: Figures based on fleet data from Flightglobal’s Ascend Online database for December 2013. Total fleet is owned and managed. Standard Chartered Aviation Finance was formely Pembroke Group.



mainline aircraft: leased fleet

manufacturer/category type value ($m)

fleet av. value ($m)

airbus narrowbody a318 380 28 13.6a319 10,029 666 15.1a320 42,495 1,732 24.5a321 8,884 328 27.1

airbus narroWbody total 61,788 2,754 22.4airbus widebody a300 241 21 11.5

a310 41 10 4.1a330 24,977 437 57.2a340 2,015 100 20.1a380 3,866 23 168.1

airbus Widebody total 31,139 591 52.7airbus total 92,927 3,345 27.8boeing narrowbody 717 944 124 7.6

727 6 14 0.5737 cFMI 1,844 613 3.0737 Jt8d 6 41 0.1737 nG 56,020 2,028 27.6757 2,594 251 10.3dc-8 34 21 1.6dc-9 1 6 0.1Md-80 184 140 1.3Md-90 105 21 5.0

boeing narroWbody total 61,739 3,259 18.9boeing widebody 747 4,897 148 33.1

767 4,705 309 15.2777 27,219 297 91.6787 1,422 13 109.3dc-10 4 7 0.6Md-11 497 35 14.2

boeing Widebody total 38,744 809 47.9boeing total 100,482 4,068 24.7mainline aircraft grand total 193,409 7,413 26.1

regional Jets: leased fleet

manufacturer type value ($m)


bombardier crJ 933 283 3.3crJ700/900/1000 1,035 80 12.9

bombardier total 1,968 363 5.4embraer e-170/175 1,399 81 17.3

e-190/195 5,724 232 24.7erJ-145 family 1,036 197 5.3

embraer total 8,159 510 16.0bae systems bae 146/avro rJ 199 83 2.4Fokker Fokker F28/70/100 104 33 3.1others 442 38 11.6regional Jet grand total 10,872 1,027 10.6NOTES: Embraer data includes Harbin Chinese production; Others includes Antonov An-148; Fairchild/Dornier 328Jet; Sukhoi Superjet 100; Mainline total covers Airbus and Boeing only. *BBAM excludes FLY Leasing, whose portfolio is managed by BBM. SOURCE: Returns to annual leasing survey and Flightglobal’s Ascend Online database. Survey data covers all firms with an active operating lease business and a substantial investment in fleet and is not restricted to top 50 aircraft lessors.

narroWbody lessors by fleet value

rank company value ($m) fleet change1 Gecas 21,454 1,072 -302 IlFc 13,681 738 -183 sMbc aviation capital 8,575 321 +1034 bbaM 6,642 284 -135 aercap 5,957 257 +116 aviation capital Group 5,720 247 -127 aWas 5,402 221 +298 boc aviation 5,054 173 +79 cIt aerospace 5,050 217 +010 air lease corporation 3,398 115 +30

Widebody lessors by fleet value

rank company value ($m) fleet change1 IlFc 11,270 271 -62 Gecas 8,485 182 -123 doric 4,434 31 +44 boc aviation 3,588 38 +115 bbaM 3,456 44 +116 aercap 2,581 48 +47 aircastle advisor 2,529 58 -28 air lease corporation 2,343 32 +49 Guggenheim avn Partners 2,130 37 +410 cdb leasing company 2,017 28 +5

regional aircraft lessors by fleet size

rank company value $m fleet Jets tprops change1 Gecas 3,912 438 405 33 -82 nordic avn capital 1,787 162 7 155 +1623 avmax aircraft lsg 406 120 46 74 +214 ecc leasing co 423 75 74 1 +215 Falko 174 64 63 1 -416 air lease corp 1,109 47 31 16 +97= JetFleet Mgmt corp 143 42 8 34 +27= saab aircraft lsg 70 42 0 42 -179 avIc Intl lsg 468 41 12 29 +1310 acIa aero 129 40 3 37 +33

turboprops: leased fleet

manufacturer type value ($m)


atr atr 42/72 2,483 242 10.3bae systems atP/Jetstream 31/41 14 16 0.9bombardier twin otter/dash 8 2,053 243 8.5embraer eMb-120 5 4 1.2Fokker 50 74 39 1.9saab 340/2000 241 115 2.1others 399 100 4.0total 5,270 759 6.9mainline/regional grand total 209,551 9,199 22.8NOTES: Other types include Aircraft industries (Let) 410, Antonov An-12/An-26/An-140, AVIC XAV MA60,Fairchild/Dornier 228/328, Harbin Y-12, Hawker Beechcraft 1900 and Lockheed Hercules

top 50 leasing survey



As production rates continue to rise, airlines are adjusting how they finance their aircraft deliveries

Commercial aircraft financing surpassed the $100 billion mark for the first time ever in 2013 and the level of financing required to cover this year’s deliveries is set to be even higher.

The commercial jet aircraft market required $104 billion worth of financing last year, while manufacturer forecasts estimate that $112 billion in funding will be required during the next 12 months.

The increased funding requirement is being supported by higher production rates. Boeing’s 737 monthly production rate will reach 42 aircraft this year and the US manufacturer expects a rise to 47 units a month within four years as the re-engined and updated Max version is introduced into service. Airbus increased its A320 production rate to 42 in 2013 and has announced a 46-aircraft a month rate for the second quarter of 2016. The market will also absorb more widebody aircraft in 2014, but financing is expected to remain smooth with no “white elephants in the room”, says a financier.

Flightglobal’s Ascend Online database lists 1,591 new Western jet deliveries in 2014.

Of this year’s deliveries, Asia-Pacific is expected to represent 42% of the total output with 572 units being delivered to carriers in the region. Financing requirements for commercial jets are set to effectively double over a five-year period to 2015. In 2010, the market required about $62 billion worth of aircraft deliveries to be funded. For 2015, $125 billion is forecast by Boeing Capital (BCC).

During this period, government-backed export credit agencies (ECAs) are forecast to provide the bulk of financing along with the commercial debt market.

However, ECAs have also facilitated the evolution of new capital markets liquidity brought by new banks into the export credit space. This created new structures to address the commercial banks’ long-term funding cost concerns and opened new opportunities especially with operating lessors.BCC expects ECAs to contribute to 18% of new commercial jet aircraft deliveries in 2014, down from 23% in 2013. In 2010, ECAs accounted for 31% of the new deliveries or $19.2 billion.

GROWTH OF CAPITAL MARKETSLast year brought full implementation of the 2011 Aircraft Sector Understanding agreement, which notably involves an increase in the minimum premiums payable and the requirement for additional risk mitigants for weaker credits borrowers.

As expected, ECA-guaranteed financing became more expensive. However, in a low interest rate environment, overall cost remains competitive, especially when considering European ECA and Ex-Im bond structures.

The main “emerging” source of finance since 2010 has been the capital markets.

Back then, the capital markets represented $1.5 billion worth of new aircraft deliveries. In 2014, the capital markets will absorb 22% of the total deliveries, up from 14% in 2013. This translates into $24.6 billion worth of deliveries for the upcoming year.

Last year, non-US carriers raised $9.7 billion in enhanced equipment trust certificates (EETCs), with Air Canada, British Airways and Virgin Australia tapping the market along with Emirates Airline through the Doric issuances.

US airlines raised $13 billion in EETCs, says BCC, while the lessor issued more than $6.9 billion in capital market debt financing as of 3 December 2013. Boeing’s leasing arm expects further aircraft financing activity to emerge from the private placement market in 2014. “We continue to see a rapid change in the capital markets with the new type of liquidity in the capital markets coming from the private placement market,” says Kostya Zolotusky, managing director of capital markets and leasing for BCC.

1,591Number of new Western jet deliveries in 2014, according to the Ascend Online

database

funds for thought



He anticipates that hedge funds, private equity firms and insurance companies will expand their financing roles in 2014. “What we are seeing is lots of investors that are active in the EETC space are saying we are not getting enough of this product, we want more,” says Zolotusky.

He adds: “When you have an EETC, the orders are far greater than what is available, and so you have lots of institutional investors fighting for orders for up to $200 million, and they are getting a fraction of that.”

INSTITUTIONAL INVESTORS APPETITEThose institutional investors are starting to have conversations with financiers about buying pieces of new deals and “taking down” the old aircraft, he says.

The investor would link directly with an airline for one, two or three aircraft and structure the deal in a similar manner as an EETC, he says. “Because certain airlines are not able to put together a package of aircraft to finance up to $1 billion, or the typical size of a capital market issuance, they may turn to the private investment market,” says Zolotusky.

“Typically, $700 million to $1 billion is a good size in a capital markets issuance, but in the private placement market airlines can do $50 million to $300 million deals on a single-institution basis.”

Zolotusky also expects more activity on the asset-backed securities (ABS) market going forward.

“One of the concerns of the ABS market is historically, the unpredictability of the tenor. If there is a market dislocation, you could extend the term,” he explains.

He says BCC is engaged in conversations with potential customers about structuring ABS deals that “go to scrap” in order to provide a more “predictable horizon” on the tenor.

Cash contribution from airlines and lessors will account for 23% or approximately $26 billion worth of deliveries, says Zolotusky.

Bank debt is expected to decline in 2014 in percentage-point terms. The commercial debt providers will account for 25% of this year’s funding requirement, a drop of three percentage points from 2013. In terms of dollar funding, this translates into $28 billion worth of new deliveries, compared with $29.1 billion in 2013, estimates BCC. Back in 2010, commercial banks represented 24%, or $15 billion worth of annual deliveries.

COMMERCIAL BANK LENDINGOperating lessor Avolon expects commercial bank lending to continue as an important source of delivery financing, but with a more “globalised profile”.

Direct bank lending will stabilise in a relatively narrow range around $30 billion per annum during the next 10 years, while market share will decline slowly from almost 30% to around 20%.

Bank lending to lessors has considerable scope to increase, says Avolon. Bank ownership of leasing platforms will also expand further as an alternative route to growing balance-sheet exposure to the sector, says the lessor.

European banks continue to play a vital role, despite having shored up reserves to meet tougher bank regulation capital rules. They have reinvented themselves as mandated lead arrangers in the marketplace and syndicated the debt to other banks.

Last year brought the resurgence of secured lending from traditional aviation banks, while some Western banks re-entered the aircraft financing space in the second half of the year in an aggressive way.

“Liquidity is less than an issue now and they are keen to participate again as active lenders,” says a financier.

Existing regional banks upped their game last year and expanded their presence beyond local relationship lending.

The “eastward shift” observed over the past few years in aircraft financing also comes as Asian carriers represent the largest proportions of new aircraft deliveries during the next two years.

Chinese banks will continue supporting local deliveries in financing aircraft in yuan. “The Chinese banks’ issue is dollar availability,” says a financier. However, he forecasts that in the end they will finance aircraft in yuan with the airlines converting into dollar terms themselves.

He also observes that Hong Kong-based banks are more open to cross-border transactions than their mainland counterparts. Avolon expects that more Asian banks will take equity as well as debt positions in commercial aircraft.

However, most emerging financial markets will remain insufficiently developed to support the significant expansion of local bank engagement in aircraft financing, which is



too often hampered by restrictive regulatory and fiscal constraints on capacity, term and interest rates, argues the lessor.

A recent study from Avolon shows that leasing companies represented 35% of annual deliveries financing in 2012 and 2013.

In 2014, lessors, including internal and external financing, will contribute to 38% of the market funding requirement.

DIVERSE SOURCESDuring the medium term, Avolon expects funding through the lessor channel to grow by more than 10% on average per annum.

By the middle of the next decade, the share taken by leasing companies will reach 50% of new aircraft deliveries, argues Avolon. This will be achieved through a combination of capital supply and demand factors.

Nevertheless, lessors continue to diversify their funding sources.

In 2013, two leasing companies tapped the ABS market, while in the second half of the year, there were more unsecured debt issuances in the marketplace – a further testament of the strength of capital markets for operating lessors.

Matthew Little, vice-president of transportation and infrastructure at Goldman Sachs, thinks the recent unsecured deals by lessors are indicative of a few developments in the capital markets.

He says that only a few years ago the spread differential between issuing unsecured, versus on a secured basis, was around 250 basis points, but that yield has compressed to within 100 basis points depending on the issuer.

Also, he says, lessors are benefiting from investors that are “reaching for yield”. He adds: “The depth of access afforded in the unsecured markets is really a manifestation of investors searching for higher yield in an environment where it has been increasingly harder to find that.”

Issuers that come to market with a debut transaction “only benefit over time due to the virtuous interaction with investors”, notes Little: “As you see more leasing companies access the capital market, it creates this virtuous circle environment where pricing tightens for issuers.”

FEWER RESTRICTIONSHowever, Burrell notes that there are positives and negatives in the unsecured versus secured markets, and for this reason “not all issuers are racing to do unsecured deals”.

He says: “Part of the problem is unsecured gives you the flexibility to trade assets because there are less restrictions on specific assets, but on the negative side, you have maturity walls you have to hit. My advice: get a balance of financings.”

Boeing Capital’s Zolotusky says realignment and balance are the words that best describe 2014’s aircraft financing environment.” We anticipate adequate financing at reasonable prices as the industry works to respond to balanced global customer demand and an accelerated replacement cycle resulting from higher fuel prices.

“We continue to watch how global monetary policies could potentially impact aircraft finance. However, we believe the industry is well positioned for the outcomes of inflation, higher interest rates or a combination of both. Asset portfolios are excellent inflation hedges, and current all-in aircraft financing costs are at historical lows.”

flightglobal.com/ab40 | Airline Business | January-February 2014

that in the end they will finance aircraft in yuan with the airlines converting into dollar terms themselves.

He also observes that Hong Kong-based banks are more open to cross-border transactions than their mainland counter-parts. Avolon expects that more Asian banks will take equity as well as debt positions in commercial aircraft.

However, most emerging financial markets will remain insufficiently developed to sup-port the significant expansion of local bank engagement in aircraft financing, which is too often hampered by restrictive regulatory and fiscal constraints on capacity, term and interest rates, argues the lessor.

A recent study from Avolon shows that leasing companies represented 35% of annual deliveries financing in 2012 and 2013. In 2014, lessors, including internal and external financing, will contribute to 38% of the mar-ket funding requirement.

DIVERSE SOURCESOver a medium term, Avolon expects funding through the lessor channel to grow by more than 10% on average per annum.

By the middle of the next decade, the share taken by leasing companies will reach 50% of new aircraft deliveries, argues Avolon. This will be achieved through a combination of capital supply and demand factors.

Nevertheless, lessors continue to diversify their funding sources.

In 2013, two leasing companies tapped the ABS market, while in the second half of the year, there were further unsecured debt issuances in the marketplace – a further testament of the strength of capital markets for operating lessors.

Matthew Little, vice-president of transpor-tation and infrastructure at Goldman Sachs, thinks the recent unsecured deals by lessors are indicative of a few developments in the capital markets.

He says that only a few years ago the spread differential between issuing unsecured, ver-sus on a secured basis, was around 250 basis

points, but that yield has compressed to within 100 basis points depending on the issuer.

Also, he says, lessors are benefiting from investors that are “reaching for yield”.

Cash$26bn

INDUSTRY DELIVERY FINANCING SOURCES: 2013-2014

Export credit agencies

(regional jets)$3bn


(mainline jets)$24bn

Tax equity$3bn

Captial markets$15bn

Lessors (self-fund)$5bn

Commercial banks$29bn


(mainline jets)$20bn

Lessors (self-fund)$10bn

Commercial banks$28bn


(regional jets)$2bn

Tax equity$2bnCash

$26bn

Capital markets$25bn

SOURCE: Boeing

2014 forecast$112bn

SOURCE: Boeing

$104bn2013 total

“Issuers that come to market with a debut

transaction ‘only benefit over time due to the virtuous interaction

with investors’”MATTHEW LITTLE

Vice-president of transportation and infrastructure, Goldman Sachs

FINANCE & LEASING FUNDING

He adds: “The depth of access afforded in the unsecured markets is really a manifesta-tion of investors searching for higher yield in an environment where it has been increas-ingly harder to find that.”

Issuers that come to market with a debut transaction “only benefit over time due to the virtuous interaction with investors”, notes Lit-tle: “As you see more leasing companies access the capital market, it creates this virtuous circle environment where pricing tightens for issu-ers.”

FEWER RESTRICTIONSHowever, Leo Burrell, Credit Agricole-CIB notes that there are positives and negatives in the unsecured versus secured markets, and for this reason “not all issuers are racing to do unsecured deals”.

He says: “Part of the problem is that unse-cured gives you the flexibility to trade assets

because there are less restrictions on specific assets, but on a negative side you have matu-rity walls you have to hit... My advice: get a balance of financings.”

Boeing Capital’s Zolotusky says “realign-ment and balance are the words that best describe 2014’s aircraft financing environ-ment”. He adds: “We anticipate adequate financing at reasonable prices as the industry works to respond to balanced global customer demand and an accelerated replacement cycle resulting from higher fuel prices.

“We continue to watch how global monetary policies could potentially impact aircraft finance.

“However, we believe the industry is well positioned for the outcomes of inflation, higher interest rates, or a combination of both. Asset portfolios are excellent inflation hedges, and current all-in aircraft financing costs are at historical lows.” ■



THE APPRAISER

George DimitroffVice president advisory Americas

Will there be a lot of order reshuffling this year?

Ascend does not expect deferrals or orders being put forward. The market is strengthening and it is becoming increasingly difficult to find a delivery slot within the next three years or so. Lessor availability of new speculatively ordered aircraft has more or less dried up in the near term. Also, most of the world’s airlines are in a reasonably good position to take delivery of what they have ordered (IATA predicts even stronger traffic growth than last year and airlines on average have been profitable for a good number of years now).

The financing is there to pay for aircraft too – so Ascend does not see any reason why there should be too much order reshuffling in that respect. There may be some swaps between different variants from a given aircraft family – for example Airbus A320 into A321, or Boeing 787-8 into 787-9; that would not be surprising.

Do you expect the 787-9 and the A350-900 to be delivered this year, as scheduled? Will values be impacted?

Unless something goes terribly wrong at either manufacturer, we have good reason to believe that the aircraft will be delivered by the year-end, even if it is a symbolic delivery of an aircraft that is not quite yet ready to enter service with a full operating schedule. Deliveries will likely happen towards the end of the year. Having said that, any issues discovered during testing will slow down delivery rates and there is still some chance of deliveries being pushed into next year, although at the moment, things look fairly promising for both programmes.

Do you expect more aircraft to be parked in 2014?

There will always be aircraft going into storage; but at the

same time, there are aircraft coming out of storage and in 2014, we expect the net stored fleet (from the current generation at least) to decrease. This will be due to both part-outs of older aircraft that will reduce the parked fleet, and some mid-life aircraft returning back to service. As supply of newer leased aircraft decreases, lessors will find it slightly easier, or at least less challenging to re-market mid-life aircraft. Combined with an increase in investors looking at the mid-life aircraft space and who are willing to provide financing for such types, the stored fleet picture should improve overall.

Do you see the second-hand market for narrowbodies improving this year?

As it has been in the past few years – the answer is really dependent on the age of the aircraft. Ascend previously only saw recovery and improvement in the values of aircraft aged from new to 5 years old. Towards the tail end of 2013, Ascend saw an uptick in activity and some value improvement in the 5 to 10-year-old space, while the 10 to 15-year-old bracket was flat. In 2014 we expect to see some further improvement in 5 to 10-year-old aircraft range. It will at least hold steady. Aircraft aged over 15 years will probably continue to see values decline, albeit more gently than previously. One must bear in mind that when we say “improve”, this is on a relative constant-age basis (i.e. taking out the effects of depreciation and ageing).

Where do you see A320 values and lease rates in 2014, especially with first deliveries of the A320neo less than two years away?

We have already seen a slight improvement in A320 Family lease rates, ever since the beginning of 2014. A lot of the lessor speculative order backlog has dried up and it is difficult to find good aircraft to lease. This has resulted in modest improvements to the lease rates of new to 10-year-old A320s, notwithstanding the launch of the Airbus Neo family. Early lease rates discussion with airlines on the A320neo indicate that rentals will be significantly higher than existing A320 lease rates – we are talking of premiums sometimes exceeding $85,000 per month. This comes as a surprise as Ascend estimated a lower premium, but airlines seem to want to pay extra to be one of the first to get their hands on a Neo aircraft. The significant premium for the Neo on lease

maRket OutlOOk



rates should also be good news for the A320’s lease rates. On the values side, new aircraft pricing has been escalating slowly but surely for the A320, especially as lead times between order and delivery are getting longer. This means values-on-delivery are firm to increasing; mid-life values are stable or may perhaps increase slightly as more financial investors enter that space; and older aircraft values will be chasing part-out values as they are the ones most likely to get replaced first. Do you see the second-hand market for widebodies improving this year?

It really depends on which widebody is considered. The market for new production widebodies has been improving consistently. Relatively young Airbus A330s and Boeing 777s (if traded at all) should see improved values. Older A330-300 values will probably remain fairly stable, if they are high gross weight aircraft. The A330-200s are still under some pressure so improvements are unlikely there. The 777-200ERs may slightly decline in values if we see more part-outs, although the part-out companies have expressed that they are staying away from Rolls-Royce powered examples. The 767 market is stable, albeit at relatively low dollar amounts. The 747 is now pretty much a part-out story regardless of age, and older three- to four-engined freighter values are more likely to decline than improve.

THE BANKER

Bertrand GrabowskiMember of the Board of Managing Directors

David Goring-ThomasManaging Director Global Head of Aviation

What is DVB Bank’s outlook for 2014 in terms of funding sources?

We believe that 2014 will show no disruption compared to 2013: the share of export credit will continue to go south and probably stabilise around 20% of the total financing bill. Bank and capital market liquidity and the new “expensive” aircraft sector understanding (ASU) pricing, explain that trend.

We do not expect the capital markets to expand much beyond the current strong franchise it has, namely lessors and US issuers. The non-US airline issuers remain limited to a very small number of names and the slight turbulence we are starting to see on emerging markets will not push investors to go much beyond the borders we know.

Bank liquidity will increase, but it will continue to be unequally spread, with a significant flow for prime issuers and new aircraft. For the rest – second and third issuers and used aircraft – funding will remain sometimes challenging.

Does DVB Bank expect aircraft financing pricing to increase/decrease this year? Why?

Decrease. As investors chase yields and the airline industry continues to perform well – with an all-time high IATA forecast of $19 billion in profits – the risk perception will improve.

Most banks will otherwise see their funding cost improve while new institutions will start – or for some, resume – aircraft lending.

Most compartments will benefit from this downward trend in pricing. Where such a trend will be least observed will be in the financing for second-and third-tier borrowers and used, in particular mid-life and older aircraft.

© Airbus



Will we see more European banks, which have retreated since the 2008 financial crisis, return to the market this year?

In France and Germany, essentially. As with any newcomer, they will compete on margins, and more worrisome, on loans to value, a clear sign that the market is again overheating.

Will there be more funding for used aircraft this year from the banking market?

No, except for lessors when seeking to finance or refinance portfolios. Otherwise, financing for used aircraft, say 5 to 7-year-old equipment and older, will remain challenging as most aircraft finance banks exclude used aircraft from their lending policy. Also, as the value of deliveries in 2014 is expected to reach an all-time high of approximately $110 billion, most banks do not see used aircraft financing market as a strategic market while building the intelligence and platform to deal with this space remains a lengthy and costly exercise.

Does DVB Bank expect more commercial banks to enter new aircraft financing markets?

New aircraft financing institutions will essentially emerge as “local” banks from Asia – Taiwan, Hong Kong, Singapore, Malaysia – and the Middle East.

Will DVB Bank step up its aviation financing efforts in 2014 to help finance this year’s $112 billion in deliveries?

No. Our platform remains rightly sized to serve that space of the market where our franchise is strong and recognised. We will continue to finance new and used aircraft. The share of business originated from lessors will be maintained at around 50% of the total. The only modest change will be for DVB in the support we will bring to the emerging “new” lessors and investment managers seeking to take advantage of decent returns in aircraft leasing.

Nonetheless, the larger brands will continue to take the lion’s share of our lessor-originated business.

Our final take in commercial loans reached $2.5 billion in 2013, and we will probably maintain the same level, second to none, in terms of commercial loan lending in the Industry (ie excluding export credit agencies), in 2014.

THE LESSOR

Dick ForsbergHead of Strategy

How does AIG’s sale of ILFC to AerCap impact the leasing market, if at all? Would you expect more lessor sales in 2014?

The acquisition of ILFC by AerCap is great news for the industry, not least because it finally removes the long shadow of uncertainty around that transaction and confirms that even the largest leasing platforms are not too big to be traded. The execution risk is significantly lower than for earlier proposals, and although AIG will retain a meaningful investment in the leasing sector for the time being, there will be significant upside opportunities for them when they come to divest their remaining shareholding.

The response to the sale from the equity and debt capital markets, as well as from banks, has been very positive and the capital markets clearly have the depth and appetite to fund the transaction. Additionally, since the announcement was made, not only has the AerCap stock price seen a significant up-tick, but equity valuations of the other public lessors have also begun to normalise towards more appropriate price-to-book and price-earnings ratios. There has also been an appreciable increase in the level of interest in the space coming from non-traditional institutional investors.

Considering the overall size of the leasing sector and the number of participants, the industry remains under-represented in the public equity markets. The ILFC trade will encourage investors to now engage with conviction in both private and public trades and there is significant potential for further lessor sales in the coming 12 to 24 months, with the long-term outlook for profitable growth in the sector providing a further incentive to whet investor appetites.

Similarly, consolidation has been somewhat limited to date and we can expect to see more activity in this area, so long as the twin synergies of cost savings and improved funding terms can be achieved.



Which aircraft will be the targeted best performers in terms of lease rates this year?

Avolon is already seeing positive movements in demand and lease rates for all of the younger single aisle “commodity” types – the Airbus A319, A320, A321 and Boeing 737-800. Demand for “mid-life” assets in the same category has also recently started to strengthen, supported by the lack of new aircraft availability for many of these types. Avolon expects to see further strengthening in all of these over the course of the next 12 months, with market interest continuing to extend further out on the age spectrum.

Widebody demand will also remain strong, with sustained demand and firm lease rates for A330s, 777-300ERs and of course 787s as they enter the lessor stream in increasing numbers.

What are the challenges facing the operating lessor industry over the next two years?

Within the industry, Avolon expects competition for new sale and leaseback deals to remain intense, so finding value and appropriate returns will require a high degree of patience, ingenuity and leveraging of relationships. More lessors have shifted their emphasis to less commoditised asset segments, including regional aircraft, turboprops and helicopters, but one would expect any yield advantages to be relatively short-lived as competition increases.

There has been a notable lack of used aircraft trading over the past three to four years and this has been constraining the values of young, as well as older, aircraft. If this continues, there is a danger that value recovery will not keep pace with the wider cyclic upturn. However more debt is now coming in to support “mid-life” assets, which is also leading to an increase in the number of older aircraft being traded, as shown in the recent Ascend fleet analysis.

Externally, the present volatility in a number of emerging market economies and currencies will likely continue, although hopefully the impact will be smaller as the markets better understand the implications of changes to fiscal policies such as quantitative easing. In the short-term, though, the impact of weakened local currencies on airlines with low levels of hard currency revenue and high dollar-based costs may be severe, requiring a heightened level of credit risk oversight.

What will be the preferred means to raise funding this year?

Avolon remains committed to improving the depth and cost of its sources of capital. The continuing cycle recovery will open new financing channels over the coming year and Avolon will be seeking to take advantage of these, as well as seeking to attract new investors into the aerospace capital sector.

The Irish dimension plays an important role in that investment story. The transfer of the ILFC portfolio to Ireland will raise the Irish share of aircraft lease management from 40% to almost 55%, while the US share will fall from 30% to below 20%. As demand for operating leasing continues to grow, Avolon expects lessors collectively to grow by more than 10% a year during the next decade, and to increase their share of delivery financing to between 45% and 50%. Ireland is well-positioned to secure a disproportionate share of this anticipated growth, underpinned by the fiscal, regulatory and human capital resources that will remain critical to the industry.

In 2012 and 2013 the Japanese stepped up their participation in the leasing market. Do you expect this trend to continue?

Japan has been a seasoned and significant participant in the aerospace financing sector for more than 30 years and the recent increase in the level of their direct investment activity reflects the strong interest that Japanese financial institutions continue to have in the sector, and their ability and commitment to participate with scale and conviction. Japanese entities will continue to be active as major players in the leasing sector. Avolon also expects Japanese banks to increase their participation in secured lending, which to date has under-represented the size of their balance sheets. Japan’s role in the tax market, which is of critical importance for the sector, is expected to continue to see vibrant demand during 2014.


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airliner finance deals announced in 2008 With analysis by operator/lessor

aiRcRaft finance dealsaircraft finance deals announced in 2013 - by bank

bank operator/customer number of a/c

aircraftmodel

Financing type role Month

agonandra statutory trust TAM Linhas Aereas 1 A321 Ex-Im Debt provider Mar

antelope leasing Precision Air 1 ATR 42-600 Finance lease Debt provider Sep

anZ bank Singapore Airlines/WealthCap 1 A380 Loan/finance/refinanced Debt provider Mar

anZ bank|citibank|hsbc|standard chart. Malaysia Airlines 4 A330-300 Ex-Im bond Joint bookrunner May

apple bank for savings Aeroflot/VEB Leasing N/A 777-300ER Ex-Im Debt provider

apple bank for savings Avianca 7 ATR 42-600 Coface Debt provider Jul

apple bank for savings Lion Air 1 737-900ER Ex-Im Debt provider Feb

apple bank for savings LOT Airlines N/A 787-8 Ex-Im Debt provider

apple bank for savings Royal Air Maroc 2 737-800 Ex-Im Debt provider Feb

arab banking corporation Royal Jordanian/ALAFCO 1 A320 Refinancing Sole MLA Dec

as air lease one (Ireland) Maldivian 1 Dash 8-300 Finance lease Debt provider Sep

atriam Mauritius Avation 4 ATR 72-600 Loan/finance/refinanced Debt provider Feb

aviation Finance|natixis Synergy Group 8 A330-200 Pre-delivery payment Arranger Jun

baM 757 Sargent Avborne 1 757-200 Loan/finance/refinanced Debt provider Feb

baMl|barclays bank|natixis US Airways 14 A321 EETC Letter of credit facil./deposit./co-man. Apr

banco Pine Azul 1 Embraer 195 Finance lease Debt provider Jun

banco votorantim Azul 1 Embraer 195 Finance lease Debt provider Apr

bank 7 Jetran International 1 737-300 Loan/finance/refinanced Debt provider Mar

bank 7 Jetran International 1 737-400 Loan/finance/refinanced Debt provider Jul

bank 7 Jetran International 2 737-500 Loan/finance/refinanced Debt provider Mar

bank 7 Jetran International 1 737-500 Loan/finance/refinanced Debt provider Jun

bank 7 Jetran International 1 767-300ER Loan/finance/refinanced Debt provider Feb

bank of america Etihad Airways 1 777-300ER Loan/finance/refinanced Debt provider Feb

bank of america Merrill lynch|cGM Korean Air 1 777-200LR Ex-Im bond Joint bookrunner Feb

bank of china China Southern Airlines 4 737-800 Loan/finance/refinanced Debt provider Jun

bank of china China Southern Airlines 1 A321 Loan/finance/refinanced Debt provider Jun

bank of china Hainan Airlines 2 737-700 Loan/finance/refinanced Debt provider Apr

bank of Moscow Aviakapital-Servis 15 737-700 Pre-delivery payment Debt provider Jan



banque Postale Air France 1 A380 Tax lease Debt provider Sep

baWaG PsK bank AerCap 3 A320 Loan/finance/refinanced Debt provider May

bbaM British Airways 1 787-8 Tax lease Arranger Aug

bbaM British Airways 1 787-8 Tax lease Arranger Sep

bbaM British Airways 1 A320 Tax lease Arranger Jun

bbaM Cathay Pacific 1 777-300ER Tax lease Arranger Feb

bbaM Cathay Pacific 1 777-300ER Tax lease Arranger Aug

bbaM Cathay Pacific 1 777-300ER Tax lease Arranger Oct

bbaM Finnair 2 A321 Tax lease Arranger Sep

bbaM KLM 1 A330-300 Tax lease Arranger Mar

bbaM Xiamen Airlines 1 737-800 Finance lease Arranger Apr

bbaM|KfW IPeX-bank LAN Airlines 1 787-8 Tax lease Arranger May

bbaM|KfW IPeX-bank LAN Airlines 1 787-8 Tax lease Arranger May

bdo Unibank Philippine Airlines 2 A321 Loan/finance/refinanced Arranger/debt provider Oct

bdo Unibank Philippine Airlines 1 A330-300 Loan/finance/refinanced Arranger/debt provider Oct

beijing rural commercial bank Xiamen Airlines 1 737-800 Loan/finance/refinanced Debt provider Apr

bMc I Alsie Express 2 ATR 72-500 Finance lease Debt provider Jun

bnP Paribas AerCap 1 737-800 Portfolio facility Co-manager

bnP Paribas Air Berlin/MDAC 1 A330-200 Non recourse financing Arranger/sole lender Jul



aircraft finance deals announced in 2013 - by bank


aircraftmodel


bnP Paribas Air France 1 777-300ER Mortgage loan Arranger Nov

bnP Paribas Air France 1 A380 JOLCO Arranger/agent Sep

bnP Paribas AirAsia 4 A320 Commercial loan Joint arranger/agent Mar

bnP Paribas ANA/AWAS 2 A320 Non recourse financing Arranger/agent Nov

bnP Paribas Atlas Air 3 777F Commercial loan Global arranger

bnP Paribas Avianca 8 ATR 72-600 Ex-Im Arranger Jun

bnP Paribas Aviation Capital Group 3 737-800 Ex-Im bond Arranger/bookrunner

bnP Paribas Aviation Capital Group 15 Diversified pool Non recourse refinancing Arranger

bnP Paribas Avolon 3 737-800 ABS Liquidity provider Sep

bnP Paribas Avolon 2 A319 Commercial loan Arranger/agent Jul

bnP Paribas Avolon 11 A320 ABS Liquidity provider Sep

bnP Paribas Avolon 1 A330-200 ABS Liquidity provider Sep

bnP Paribas Avolon 1 A330-300 ABS Liquidity provider Sep

bnP Paribas Avolon 2 Embraer 190 ABS Liquidity provider Sep

bnP Paribas AWAS 2 737-800 Commercial loan Arranger/agent

bnP Paribas British Airways 2 787-8 JOLCO Co-manager

bnP Paribas Cargolux 1 747-8F Ex-Im bond Sole bookrunner Sep

bnP Paribas Emirates 1 777-300ER Pre-funded Ex-Im bond Co-arranger/bookrunner Feb

bnP Paribas Fly Leasing/Nok Air 2 737-800 Non recourse financing Arranger/agent Aug

bnP Paribas ICBC Leasing 5 A320 Commercial loan Arranger/agent

bnP Paribas ICBC Leasing 3 A320 ECA Joint arranger/agent

bnP Paribas Intrepid Aviation 2 A330-300 Pre-delivery payment Arranger/debt provider May

bnP Paribas JetBlue 2 A320 Commercial loan Arranger/agent Jun

bnP Paribas Korean Air 1 777F Pre-funded Ex-Im bond Arranger/sole bookrunner Feb

bnP Paribas Lion Air 2 737-900ER Ex-Im bond Joint lead bookrunner Sep

bnP Paribas Malindo Air 2 737-900ER Ex-Im bond Joint lead bookrunner

bnP Paribas Norwegian 1 737-800 Tax lease Arranger May

bnP Paribas Norwegian 1 737-800 Tax lease Arranger Sep

bnP Paribas Philippine Airlines 1 777-300ER Ex-Im bond Sole bookrunner/structuring agent Apr

bnP Paribas Qantas 1 737-800 Tax lease Arranger Jun

bnP Paribas Qantas 1 737-800 Tax lease Arranger Jul

bnP Paribas Southwest Airlines 1 737-700 Loan/finance/refinanced Arranger Nov

bnP Paribas Thai Airways/AWAS 1 A330-200 JOLCO Lease arranger/debt arranger Oct

bnP Paribas Transavia/BBAM 2 737-800 Non recourse financing Arranger/agent

bnP Paribas Turkish Airlines 3 737-800 JOLCO Arranger/agent Feb

bnP Paribas Turkish Airlines 2 A321 ECA JOLCO Arranger/agent Jul

bnP Paribas United Airlines 1 737-900ER Commercial loan Agent/lender

bnP Paribas|bbaM KLM 1 737-900 JOLCO Arranger/agent Mar

bnP Paribas|ca-cIb Cargolux 2 747-8F Ex-Im bond Joint bookrunner May

bnP Paribas|ca-cIb|Goldman sachs GECAS 26 Diversified pool AABS Joint lead manager/liquid. fac. provider

bnP Paribas|cba|dbJ|nordlb LATAM 4 A320 ECGD bond Joint-arranger Jul

bnP Paribas|dbs bank Malaysia Airlines 2 737-800 JOLCO Arranger/debt arranger Apr

bnP Paribas|dbs bank Turkish Airlines 3 A330-300 ECA JOLCO Arranger/agent Nov-Dec

bnP Paribas|dvb bank|KfW IPeX-bank Singapore Airlines/MDAC 2 A330-300 Non recourse financing Co-arranger/lender Nov

bnP Paribas|KGs alpha capital Markets Atlas Air 1 747-8F Ex-Im bond Joint bookrunner May

bnP Paribas|KGs alpha capital Markets Batik Air and Malindo Air 4 737-900ER Ex-Im bond Joint lead bookrunner Jun

bnP Paribas|natixis|dvb bank Malaysian Airlines/Novus 1 A330-300 Non recourse financing Arranger/sole lender Nov

bnP Paribas|nordlb|dbJ|cba LATAM 1 A320 Commercial loan Joint lead manager/co-struct. agent May

bnP Paribas|santander LAN Airlines 4 A320 ECA Joint bookrunner Apr

bnP Paribas|santander Philippine Airlines 1 777-300ER Ex-Im bond Joint bookrunner Apr

bnP Paribas|td bank AirAsia X 2 A330-300 ECA Joint arranger/agent Jun

bnP|ca-cIb|Goldman sachs GECAS 1 737-700 ABS Joint bookrunner Jan

bnP|ca-cIb|Goldman sachs GECAS 3 737-800 ABS Joint bookrunner Jan

bnP|ca-cIb|Goldman sachs GECAS 2 A319 ABS Joint bookrunner Jan

bnP|ca-cIb|Goldman sachs GOL 1 737-800 ABS Joint bookrunner Jun





aircraftmodel


boeing capital Guggenheim Aviation Partners 2 767-300ER Loan/finance/refinanced Arranger May

bot lease|IbJ leasing AWAS 1 A320 Loan/finance/refinanced Debt provider Sep

bridgeview bank Group Pearl Aircraft 1 737-400 Loan/finance/refinanced Debt provider Apr

btM|cba|Icbc|standard chart.|cZb Air China 2 737-800 Tax lease Debt provider May

btM|cba|Icbc|standard chart.|cZb Air China 2 A320 Tax lease Debt provider May

btM|cba|Icbc|standard chart.|cZb Air China 1 A321 Tax lease Debt provider May

ca-cIb AerCap 2 A330-200 Loan/finance/refinanced Arranger Jun

ca-cIb Aeroflot 4 777-300ER Ex-Im bond Guar. loan agent/co-ordin. bank

ca-cIb Aeroflot/AWAS 1 A320 JOLCO Overall arranger/agent Apr

ca-cIb Air Asia 2 A320 Loan/finance/refinanced Arranger Jul

ca-cIb Air Europa 1 737-800 Commercial loan Arranger/agent

ca-cIb ALAFCO 1 A320 Loan/finance/refinanced Arranger Apr

ca-cIb Alitalia/ICBC 4 A320 SACE financing Sole financing arranger

ca-cIb Alitalia/MDAC 2 A330-200 Commercial loan Participant

ca-cIb American Airlines/AerCap 5 737-800 Commercial loan Agent

ca-cIb Avolon 4 737-800 Pre-delivery payment Arranger/agent

ca-cIb AWAS 1 737-800 Loan/finance/refinanced Arranger Feb

ca-cIb AWAS 1 A320 Tax lease Arranger Mar

ca-cIb AWAS 1 A320 Tax lease Arranger Oct

ca-cIb AWAS 8 Narrowbodies Conduit facility Sole arranger/liquid. fac. provider

ca-cIb British Airways 1 A380 ECA JOLCO Arranger Sep

ca-cIb British Airways 1 A380 ECA JOLCO Arranger Oct

ca-cIb Cargolux 1 747-8F SOAR loan Arranger/agent

ca-cIb China Eastern Airlines 2 A330-200 French lease and debt Lease arranger/global co-ordinator/agent Jul

ca-cIb China Southern Airlines 1 A320 Loan/finance/refinanced Debt provider May

ca-cIb Doric 4 A380 EETC Lead man./liquid. fac. prov./depositary

ca-cIb Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Arranger Jul

ca-cIb Flydubai 1 737-800 Commercial loan Co-arranger/agent

ca-cIb GOL 1 737-800 Ex-Im bond Joint bookrunner/structuring agent

ca-cIb Intrepid Aviation 2 777-300ER Commercial loan Senior underwriter Nov

ca-cIb Intrepid Aviation 1 A321 Senior underwriter Nov

ca-cIb Intrepid Aviation 1 A330-300 Commercial loan Senior underwriter Nov

ca-cIb Jetblue 1 A320 Commercial loan Arranger/agent Jul

ca-cIb KLM 1 777-300ER JOLCO Overall arranger/agent Jun

ca-cIb Korean Air 1 747-8F Ex-Im bond Joint bookrunner/structuring agent

ca-cIb Korean Air 1 A330-200 Commercial loan Joint MLA/agent Jan

ca-cIb LATAM 8 A320 Refinancing Arranger

ca-cIb LATAM/AerCap 3 A330-200 Commercial loan Arranger/agent

ca-cIb Lion Air/AWAS 1 737-800 Commercial loan Sole arranger

ca-cIb Malaysia Airlines 1 737-800 Tax lease Debt provider Sep

ca-cIb Malaysia Airlines 1 737-800 JOLCO MLA/overall arranger/agent Sep

ca-cIb Malaysia Airlines 1 737-800 Loan/finance/refinanced Arranger Dec

ca-cIb Malaysia Airlines 1 737-800 JOLCO Overall arranger/agent Dec

ca-cIb Nordic Aviation Capital 1 ATR 42-600 ECA Financial advisor/sole arranger/agent Jul

ca-cIb Nordwind/ALAFCO 1 A320 Refinancing Sole arranger/underwriter Apr

ca-cIb Norwegian 1 787-8 Ex-Im bond Joint bookrunner/structuring agent Dec

ca-cIb Qantas 3 737-800 JOLCO Overall arranger/agent Mar

ca-cIb Qantas 1 737-800 JOLCO Overall arranger/agent Sep

ca-cIb Qantas 1 787-8 JOLCO Glob. co-ordin./over arr./agent Sep

ca-cIb Thai/AWAS 1 A320 JOLCO Overall arranger/agent Sep

ca-cIb Turkish Airlines 3 A321 French lease and debt Global debt/equity arr./agent May

ca-cIb Undisclosed Asian carrier 1 A330-300 JOLCO MLA/overall arranger/agent Apr

ca-cIb Undisclosed Asian carrier 1 A330-300 JOLCO MLA/overall arranger/agent Jul

ca-cIb Undisclosed Asian carrier 1 A330-300 JOLCO MLA/overall arranger/agent Aug

ca-cIb United Airlines 1 737-900ER Commercial loan Arranger/agent Sep





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ca-cIb Virgin Australia 2 737-700 EETC Joint bookrunner/depositary

ca-cIb Virgin Australia 21 737-800 EETC Joint bookrunner/depositary

ca-cIb Virgin Australia 1 777-300ER EETC Joint bookrunner/depositary

ca-cIb|Goldman sachs Atlas Air 1 777F Ex-Im bond Joint bookrunner Sep

ca-cIb|Goldman sachs Cargolux 1 747-8F Ex-Im bond Joint bookrunner Mar

caribbean development bank LIAT 5 ATR 42-600 Loan/finance/refinanced Debt provider Jul

cathay United bank AWAS 1 A320 Ex-Im Debt provider Jan

cathay United bank China Eastern Airlines 1 A320 Loan/finance/refinanced Debt provider Jun

cathay United bank Intrepid Aviation 1 A330-300 Loan/finance/refinanced Debt provider Jul

cba|bnP|dbJ|nordlb TAM|LAN 2 A320 Loan/finance/refinanced Arranger May

cba|ca-cIb AWAS 1 737-700 Loan/finance/refinanced Arranger Jan

cba|ca-cIb AWAS 2 737-800 Loan/finance/refinanced Arranger Jan

cba|ca-cIb AWAS 2 A320 Loan/finance/refinanced Arranger Jan

cc & eI UPS Airlines 1 767-300ER Finance lease Debt provider Feb

cc & eI UPS Airlines 1 767-300ER Finance lease Debt provider Mar

cc & eI UPS Airlines 1 767-300ER Finance lease Debt provider Apr

cc & eI UPS Airlines 1 767-300ER Finance lease Debt provider Jun

cc & eI UPS Airlines 2 767-300ER Finance lease Debt provider Jul

century tokyo leasing Hinode Aviation Investments 1 737-800 Loan/finance/refinanced Arranger Nov

century tokyo leasing Hinode Aviation Investments 2 757-200 Loan/finance/refinanced Debt provider Dec

cGM|credit suisse|dbs|Gs|Ms United Airlines 18 737-900ER EETC Joint bookrunner Aug

cGM|credit suisse|dbs|Gs|Ms United Airlines 3 787-8 EETC Joint bookrunner Aug

cGM|db|Gs|JPM|Ms American Airlines 8 737-800 EETC Joint bookrunner Mar

cGM|db|Gs|JPM|Ms American Airlines 1 777-200ER EETC Joint bookrunner Mar

cGM|db|Gs|JPM|Ms American Airlines 4 777-300ER EETC Joint bookrunner Mar

cGM|Goldman sachs|Morgan stanley Doric 4 A380 EETC Structuring agent/joint bookrunner Jun

cGM|Goldman sachs|Morgan stanley Hawaiian Airlines 6 A330-200 EETC Joint bookrunner May

changjiang leasing Hainan Airlines 1 737-700 Finance lease Debt provider May

changjiang leasing Hainan Airlines 1 737-700 Finance lease Debt provider Jun

changjiang leasing|cdb Hainan Airlines 1 737-800 Finance lease Debt provider Mar

china banking corporation Cebu Pacific Air 4 A320 Loan/finance/refinanced Debt provider Jan

china banking corporation Philippine Airlines 7 A321 Loan/finance/refinanced Debt provider Jul

china construction bank Xiamen Airlines 2 737-800 Loan/finance/refinanced Debt provider Mar

china development bank Hong Kong Aviation Capital 1 A330-200 Loan/finance/refinanced Debt provider Feb

china development bank Hong Kong Aviation Capital 1 A330-200 Loan/finance/refinanced Debt provider Apr

china development bank Juneyao Airlines 1 A321 Loan/finance/refinanced Debt provider Jul

china development bank Spring Airlines 1 A320 Loan/finance/refinanced Debt provider Feb

china development bank Spring Airlines 1 A320 Loan/finance/refinanced Debt provider Jun

china development bank Xiamen Airlines 1 737-800 Loan/finance/refinanced Debt provider Jun

china development bank Xiamen Airlines 1 737-800 Loan/finance/refinanced Debt provider Jul

china exim bank AVIC International Leasing 2 737-800 Loan/finance/refinanced Arranger Aug

china exim bank AVIC International Leasing 1 CRJ900 Loan/finance/refinanced Arranger Jan

china exim bank AVIC International Leasing 1 CRJ900 Ex-Im Arranger Mar

china exim bank AVIC International Leasing 2 CRJ900 Loan/finance/refinanced Arranger May

china exim bank CDB Leasing Company 2 Embraer 190 Ex-Im Debt provider Feb

china exim bank China Aircraft Leasing 1 A319 Loan/finance/refinanced Debt provider Nov

china exim bank China Aircraft Leasing 2 A320 Loan/finance/refinanced Arranger Jul

china exim bank China Aircraft Leasing 1 A320 Loan/finance/refinanced Arranger Nov

china exim bank Hainan Airlines 1 737-700 Finance Lease Arranger May

china exim bank Hainan Airlines 1 737-700 Finance lease Arranger Jun

china exim bank Hainan Airlines 2 737-800 Loan/finance/refinanced Arranger Jan

china exim bank Hainan Airlines 2 787-8 Ex-Im Arranger Jul

china exim bank Hainan Airlines 1 A320 Loan/finance/refinanced Arranger Oct

china exim bank Hainan Airlines 1 A320 Loan/finance/refinanced Arranger Dec

china exim bank Sichuan Airlines 1 A319 Ex-Im Arranger Mar





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china exim bank Sichuan Airlines 1 A321 Ex-Im Arranger Apr

china exim bank Xiamen Airlines 1 737-800 Ex-Im Arranger May

chinatrust commercial bank American Airlines 2 737-800 Loan/finance/refinanced Arranger Feb

chinatrust commercial bank KLM 1 737-900 Tax lease Debt provider Mar

cIb Industrial Financial leasing Spring Airlines 2 A320 Finance lease Debt provider Mar

cIc Air Asia 1 A320 Finance lease Debt provider

cIc Air France 3 A319 JOLCO Arranger

cIc Avex/Sparhorn 1 A319 Mortgage loan Arranger

cIc Avion Capital Partners 1 A319 Loan/finance/refinanced Debt provider Feb

cIc Cathay Pacific 1 777-300ER JOLCO Debt provider

cIc Delta Air Lines 8 MD-90 Operating lease Arranger

cIc JetBlue 1 A321 Mortgage loan Arranger

cIc Korean Air 1 A330-200 Finance lease Debt provider

cIc Malaysia Airlines 1 737-800 Tax lease Debt provider Dec

cIc Malaysia Airlines 1 737-800 JOLCO Debt provider

cIc SAS 8 MD-90 Loan/finance/refinanced Debt provider Apr

cIc Skywest/Virgin Austr./Avation 1 ATR 72-600 Loan/finance/refinanced Debt provider May

cIc Skywest/Virgin Australia 1 ATR 42-600 Operating lease Arranger

cIc TUI 1 737-800 JOLCO Debt provider

cIc Turkish Airlines 4 A321 French optimised lease Sole lease arranger

cIc United Airlines 1 737-900ER Mortgage loan Arranger

cIt bank EBF & Associates 5 A320 Loan/finance/refinanced Debt provider Nov

cIt bank Global Knafaim Leasing 1 737-800 Loan/finance/refinanced Debt provider Oct

cIt bank Global Knafaim Leasing 1 A321 Loan/finance/refinanced Debt provider Oct

cIt bank Infinity Aviation Capital 2 757-200 Loan/finance/refinanced Debt provider Dec

cIt bank Vx Capital Partners 1 757-200 Loan/finance/refinanced Debt provider Jul

citadel securities Allegiant Air 4 757-200 Loan/finance/refinanced Arranger Sep

citadel securities Allegiant Air 1 A319 Loan/finance/refinanced Arranger May

citadel securities Allegiant Air 1 A320 Loan/finance/refinanced Arranger May

citadel securities Allegiant Air 1 A320 Loan/finance/refinanced Arranger Jun

citadel securities Allegiant Air 2 A320 Loan/finance/refinanced Arranger Jul

citadel securities Allegiant Air 2 A320 Loan/finance/refinanced Arranger Sep

citadel securities Allegiant Air 1 A320 Loan/finance/refinanced Arranger Oct

citibank Alaska Airlines 1 737-900 Loan/finance/refinanced Debt provider Sep

citibank Avolon 5 737 Pre-delivery payment Admin agent/lender

citibank Intrepid Aviation 8 A330 Pre-delivery payment Admin agent/lender Apr

citibank Korean Air 1 777-300ER Ex-Im Joint lead arranger

citibank LAN Airlines 4 767-300ER Ex-Im bond Sole bookrunner May

citibank Tunisair 2 A320 ECA Advisor/lead arranger

citibank UTair 1 A321 Finance lease|Ex-Im Arranger Jul

citibank VEB Leasing/LAN Airlines 4 A321 ECA Sole lead arranger

citibank|cs|db|Gs|JPM|Ms American Airlines 41 737-800 EETC Joint bookrunner Jul

citibank|cs|db|Gs|JPM|Ms American Airlines 14 757-200 EETC Joint bookrunner Jul

citibank|cs|db|Gs|JPM|Ms American Airlines 1 767-300ER EETC Joint bookrunner Jul

citibank|cs|db|Gs|JPM|Ms American Airlines 19 777-200ER EETC Joint bookrunner Jul

citibank|cs|db|Gs|JPM|Ms British Airways 2 777-300ER EETC Joint bookrunner Apr

citibank|db|hsbc|Ms British Airways 6 787-8 EETC Joint bookrunner Apr

citibank|db|hsbc|Ms British Airways 6 A320 EETC Joint bookrunner Apr

citibank|J.P. Morgan Philippine Airlines 1 A330-300 Loan/finance/refinanced Arranger Nov

citicorp north america Piedmont Airlines 32 Dash 8-100 Loan/finance/refinanced Debt provider May

citicorp north america US Airways 1 A321 Loan/finance/refinanced Debt provider May

citigroup Global Markets|Gs|Ms US Airways 3 A330-200 EETC Joint bookrunner Apr

citigroup Global Markets|JPM Aeromexico 2 737-800 Ex-Im bond Joint bookrunner Jul

citigroup Global Markets|JPM Air Lease Corporation 2 737-800 Ex-Im bond Joint bookrunner Feb

comerica bank Magellan Aviation Group 1 Embraer 170 Loan/finance/refinanced Debt provider Sep





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commerz real Mobilienleasing Farnair Switzerland 1 ATR 72-200F Finance lease Debt provider Jul

commerzbank China Southern Airlines 2 737-800 Tax lease Debt provider May

commerzbank China Southern Airlines 1 737-800 Tax lease Debt provider Jun

commerzbank China Southern Airlines 1 737-800 Tax lease Debt provider Jul

commerzbank China Southern Airlines 1 A320 Tax lease Debt provider Apr

commonwealth bank of australia AWAS 1 A320 Loan/finance/refinanced Arranger/debt provider Nov

commonwealth bank of australia Cathay Pacific 1 777-300ER Commercial loan Debt provider Sep

commonwealth bank of australia EasyJet 1 A320 Operating lease Debt provider Jun

commonwealth bank of australia Etihad Airways 1 A320 Operating lease Debt provider May

commonwealth bank of australia Singapore Airlines 1 A330-300 Operating lease Debt provider Jun

commonwealth bank of australia Singapore Airlines 1 A330-300 Operating lease Debt provider Sep

commonwealth bank of australia TAM|LAN 2 A320 Loan/finance/refinanced Debt provider Jul

commonwealth bank of australia Thai Smile 1 A320 Commercial loan Debt provider Dec

commonwealth bank of australia Westjet 1 737-700 Operating lease Debt provider Feb

commonwealth bank of australia Westjet 1 737-800 Commercial loan Debt provider Jan

compass bank Aero Capital Solutions 1 737-400 Loan/finance/refinanced Debt provider Feb

compass bank Aero Capital Solutions 1 737-700 Loan/finance/refinanced Debt provider Mar

compass bank Aero Capital Solutions 1 737-700 Loan/finance/refinanced Debt provider Apr

compass bank Aero Capital Solutions 1 737-700 Loan/finance/refinanced Debt provider May

compass bank Capstar Aviation 1 737-700 Loan/finance/refinanced Debt provider Jan

deutsche bank Air France 1 777-300ER Tax lease Arranger Oct

deutsche bank ALAFCO 1 777-300ER Ex-Im bond Sole bookrunner Jul

deutsche bank ALAFCO 1 777-300ER Ex-Im bond Sole bookrunner Jun

deutsche bank AWAS 1 A321 Loan/finance/refinanced Debt provider May

deutsche bank Frontier Airlines 1 A320 Loan/finance/refinanced Arranger Sep

deutsche bank ICBC Leasing 2 A319 Loan/finance/refinanced Debt provider Oct

deutsche bank|Investec bank Air India 5 787-8 Loan/finance/refinanced Debt provider Jul

development bank of Japan TAM|LAN 2 A320 Loan/finance/refinanced Debt provider May

dougherty equipment Finance ACAS Partners II 1 737-300 Loan/finance/refinanced Debt provider Apr

dougherty equipment Finance Shuttle America 1 Embraer 175 Loan/finance/refinanced Debt provider Apr

dougherty equipment Finance Shuttle America 1 Embraer 175 Loan/finance/refinanced Debt provider May

dvb bank AerCap 2 A319 Loan/finance/refinanced Debt provider Dec

dvb bank Air Asia X 1 A330-300 Finance lease Arranger Apr

dvb bank Air Berlin 1 737-800 Bridge financing Arranger Dec

dvb bank Air Berlin 4 737-800 Finance lease Arranger Jun

dvb bank Air Canada 1 767-300ER Finance lease Arranger Nov

dvb bank Air Canada 1 777-300ER Operating lease Arranger Dec

dvb bank Air Corsica 1 A320 Operating lease Arranger Dec

dvb bank Air Europa 1 737-800 Operating lease Arranger Oct

dvb bank Air France 1 777-300ER Operating lease Co-arranger Feb

dvb bank Alitalia/MDAC 2 A330-200 Operating lease Arranger Oct

dvb bank Allegiant Air 4 A320 Commercial loan Arranger Nov

dvb bank Apollo Aviation 3 737-600 Operating lease Arranger Nov



dvb bank Apollo Aviation 1 A319 Operating lease Arranger Nov

dvb bank Apollo Aviation 1 A320 Loan/finance/refinanced Debt provider Nov



dvb bank Apollo Aviation 2 A330-200 Operating lease Arranger Nov

dvb bank Archway Aviation 1 A330-200 Loan/finance/refinanced Debt provider Oct

dvb bank Asiana Airlines 2 A320 Operating lease Arranger Oct

dvb bank Asiana Airlines 3 A321 Operating lease Arranger Dec

dvb bank Asiana Airlines 1 A330-300 Operating lease Arranger Dec

dvb bank AWAS 1 A320 Loan/finance/refinanced Arranger/debt provider Dec





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dvb bank Cargolux 1 747-8F Pre-delivery payment Debt provider Apr

dvb bank Cargolux 1 747-8F Pre-delivery payment Arranger Apr

dvb bank Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Arranger Oct

dvb bank Hainan Airlines 1 737-800 Operating lease Arranger Dec

dvb bank Hawaiian Airlines 2 767-300ER Loan/finance/refinanced Debt provider Dec

dvb bank Hawaiian Airlines 2 767-300ER Commercial loan Arranger Dec

dvb bank Hong Kong Aviation Capital 1 737-800 Loan/finance/refinanced Debt provider Nov

dvb bank Hong Kong Aviation Capital 2 A320 Loan/finance/refinanced Arranger/debt provider Oct

dvb bank Intrepid Aviation 1 777-300ER Loan/finance/refinanced Debt provider Aug

dvb bank Intrepid Aviation 2 777-300ER Operating lease Arranger Nov

dvb bank Intrepid Aviation 1 A321 Operating lease Arranger Nov

dvb bank Intrepid Aviation 3 A330-300 Pre-delivery payment Arranger Jul

dvb bank Intrepid Aviation 3 A330-300 Pre-delivery payment Debt provider Aug

dvb bank Intrepid Aviation 1 A330-300 Operating lease Arranger Nov

dvb bank Investec 5 737-800 Portfolio financing Co-arranger Dec

dvb bank Investec 2 A319 Portfolio financing Co-arranger Dec

dvb bank Investec 3 A320 Portfolio financing Co-arranger Dec

dvb bank Jazeera Airways 3 A320 Finance lease Arranger May

dvb bank Jet2.com/Dart Group 2 737-800 Letter of credit facility Arranger May

dvb bank KLM/NBB 1 A330-300 JOLCO Arranger Mar

dvb bank LATAM 3 767-300ER Commercial loan Arranger Dec

dvb bank LATAM 1 767-300ERF Commercial loan Arranger Dec

dvb bank LATAM 1 767-300ERF Commercial loan Arranger Dec

dvb bank Malaysia Airlines 1 A330-300 Finance lease Arranger Mar

dvb bank Malaysia Airlines 1 A330-300 Finance lease Arranger Jul

dvb bank Malaysia Airlines 1 A330-300 Operating lease Arranger Dec

dvb bank Philippine Airlines 1 A321 Finance lease Arranger Nov

dvb bank SAS 1 737-600 Finance lease Arranger Feb

dvb bank SAS 1 737-700 Finance lease Arranger Feb

dvb bank Sichuan Airlines 1 A330-300 Operating lease Arranger Dec

dvb bank Singapore Airlines 1 A330-300 Operating lease Co-arranger Nov

dvb bank Southwest Airlines 2 737-700 Loan/finance/refinanced Debt provider May

dvb bank TAP Portugal 2 A321 Finance lease Arranger Dec

dvb bank Thai Airways 1 777-300ER Operating lease Arranger Jun

dvb bank Tiger Australia 8 A320 Pre-delivery payment Arranger Oct

dvb bank TUI 1 787-8 Operating lease Arranger Aug

dvb bank TUI 1 787-8 JOLCO Co-arranger Dec

dvb bank Turkish Airlines 2 A320 Operating lease Arranger Dec

dvb bank United Airlines 3 737-900ER Commercial loan Arranger Sep

dvb bank US Airways 2 A321 Commercial loan Arranger Dec

dvb bank Vietnam Airlines 1 A330-200 Operating lease Arranger Oct

dvb bank Vietnam Airlines 1 A330-200 Operating lease Arranger Dec

dvb bank|bnP Paribas Philippine Airlines 1 A330-300 Finance lease Arranger Nov

dvb bank|ca-cIb AerCap 1 737-700 Loan/finance/refinanced Debt provider Dec

dvb bank|cathay United bank Lion Air 2 737-800 Finance lease Arranger Jan

dvb bank|sMbc TUI 1 787-8 Tax lease Debt provider Dec

eastMerchant capital Singapore Airlines/WealthCap 2 A330-300 Sale with lease attached Arranger Dec

eastMerchant capital Singapore Airlines/WealthCap 1 A380 Sale and leaseback Arranger Mar

erste bank Aergo Capital 1 737-300 Loan/finance/refinanced Debt provider Oct

erste bank Automatic 1 767-300ER Loan/finance/refinanced Arranger May

erste bank Gladiator Leasing 3 A330-300 Loan/finance/refinanced Debt provider Apr

erste bank Lighthouse Aviation 3 ATR 72-500 Loan/finance/refinanced Debt provider Nov

export development canada AerCap 4 CRJ900 Loan/finance/refinanced Debt provider Mar

export development canada Avation 4 ATR 72-600 Loan/finance/refinanced Debt provider May

export development canada Delta Air Lines 40 CRJ900 Ex-Im Debt provider Aug





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export development canada Delta Air Lines 1 CRJ900 Loan/finance/refinanced Arranger Nov

export development canada WestJet 20 Q400 Ex-Im Arranger Feb

First Gulf bank Etihad Airways 2 777-300ER Loan/finance/refinanced Arranger Mar

First national bank alaska ERA Aviation (Alaska) 1 Dash 8-100 Loan/finance/refinanced Debt provider Aug

First national bank alaska Frontier Alaska Aviation Trust 1 Dash 8-100 Loan/finance/refinanced Debt provider Jul

Global Knafaim leasing|bank hapo. Delta Air Lines 2 757-200 Loan/finance/refinanced Debt provider Oct

Goldman sachs American Airlines 8 737-800 EETC Joint bookrunner May

Goldman sachs American Airlines 41 737-800 EETC Joint bookrunner Nov

Goldman sachs American Airlines 14 757-200 EETC Joint bookrunner Nov

Goldman sachs American Airlines 1 767-300ER EETC Joint bookrunner Nov

Goldman sachs American Airlines 1 777-200ER EETC Joint bookrunner May

Goldman sachs American Airlines 19 777-200ER EETC Joint bookrunner Nov

Goldman sachs American Airlines 4 777-300ER EETC Joint bookrunner May

Goldman sachs American Airlines N/A Diversified pool Commercial loan Joint arranger Jun

Goldman sachs Atlas Air 1 777F Ex-Im Joint bookrunner Sep

Goldman sachs AWAS N/A Diversified pool EETC Joint arranger Mar

Goldman sachs Cargolux 1 747-8F Ex-Im Joint bookrunner Mar

Goldman sachs Delta Air Lines N/A Diversified pool Commercial loan Joint arranger Feb

Goldman sachs Delta Air Lines N/A Diversified pool Commercial loan Joint arranger Apr

Goldman sachs Korean Air 1 747-8F Ex-Im Joint bookrunner Mar

Goldman sachs Norwegian 2 737-800 Ex-Im bond Joint bookrunner Dec

Goldman sachs Norwegian 1 787-8 Ex-Im bond Joint bookrunner Dec

Goldman sachs United Airlines N/A Diversified pool Commercial loan Joint arranger Mar

Goldman sachs US Airways 18 A321 EETC Structuring agent/joint bookrunner Apr

Goldman sachs Virgin Australia 2 737-700 EETC Structuring agent/joint bookrunner Oct

Goldman sachs Virgin Australia 21 737-800 EETC Structuring agent/joint bookrunner Oct

Goldman sachs Virgin Australia 1 777-300ER EETC Structuring agent/joint bookrunner Oct

Government of Mongolia Mongolian Airlines 1 767-300ER Loan/finance/refinanced Debt provider May

Grand bank of texas Jetran International 1 MD-83 Loan/finance/refinanced Debt provider Jun

Grand bank of texas Wallace Holdings 1 MD-83 Loan/finance/refinanced Debt provider Oct

helaba American Airlines/AerCap 1 737-800 Operating lease Sole lender

helaba Atlas Air/TNT 3 777F Operating lease Joint MLA

helaba BOC Aviation 1 A320 Operating lease Debt provider Aug

helaba Dr Peters 2 787-8 Operating lease Joint MLA

helaba Fiji Airways 3 A330-200 ECA Co-arranger/ECA lender

helaba Flydubai 2 737-800 Finance lease Joint underwriter

helaba Turkish Airlines 4 A321 French tax lease Co-arranger/security agent

helaba US Airways 2 A321 Commercial loan Sole lender

hFc acceptance Elite Airways 4 CRJ200 Loan/finance/refinanced Debt provider Oct

hsbc bank Air Astana 1 A320 Ex-Im Arranger Apr

hsbc bank Air Astana 2 A320 Ex-Im Arranger May

hsbc bank Avianca 1 ATR 72-600 Ex-Im Arranger Dec

hsbc bank Etihad Airways 1 777-300ER Ex-Im bond Sole bookrunner Dec

hsbc bank|PeFco Air Astana 3 767-300ER Ex-Im Arranger Sep

hsh nordbank AerCap 1 A340-300 Loan/finance/refinanced Debt provider May

hsh nordbank AerCap 1 A340-300 Loan/finance/refinanced Arranger Jun

Iberiabank Universal Asset Management 1 737-600 Loan/finance/refinanced Debt provider May

Icbc Comsys Aviation Leasing 1 737-800 Loan/finance/refinanced Debt provider Jul

Icbc GTLK 5 A321 Loan/finance/refinanced Debt provider Aug

Icbc Minsheng Co. Aviation 1 737-800 Loan/finance/refinanced Debt provider Dec

Icbc Minsheng Co. Aviation 2 A319 Loan/finance/refinanced Debt provider Dec



Icbc Shenzhen Airlines 1 A320 Loan/finance/refinanced Debt provider Feb

Icbc leasing AirAsia 2 A320 Finance lease Debt provider May





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Icbc leasing Wizz Air 8 A320 Pre-delivery payment Debt provider Apr

Idb|rdFU Uzbekistan Airways 2 767-300ER Finance lease Debt provider May

InG bank Korean Air 1 A380 Ex-Im Arranger Jun

InG bank Virgin Australia 8 737-800 Pre-delivery payment Arranger Jun

InG capital LAN Airlines 1 767-300ERF Loan/finance/refinanced Debt provider Jul

International bank of commerce Jetran International 1 767-300ER Loan/finance/refinanced Debt provider Oct

International bank of commerce Jetran International 2 MD-83 Loan/finance/refinanced Debt provider Feb

Investec bank Comair (South Africa) 2 737-400 Loan/finance/refinanced Debt provider Jul

Investec bank Comair (South Africa) 1 737-400 Loan/finance/refinanced Debt provider Oct

Investec bank Comair (South Africa) 4 737-800 Ex-Im Arranger May

Investec bank Nordic Aviation Capital 5 Dash 8-300 Loan/finance/refinanced Debt provider Jun

Islamic development bank Uzbekistan Airways 2 787-8 Loan/finance/refinanced Debt provider May

J.P. Morgan Aerovision Aircraft Services 9 ERJ-145 Loan/finance/refinanced Debt provider May

J.P. Morgan Aerovision Aircraft Services 9 ERJ-145 Loan/finance/refinanced Debt provider Jun

J.P. Morgan Aerovision Aircraft Services 8 ERJ-145 Loan/finance/refinanced Debt provider Aug

J.P. Morgan Aircastle Advisor 1 A330-200 Ex-Im bond Sole bookrunner Aug

J.P. Morgan Avianca 1 A330-200F Ex-Im Arranger Mar

J.P. Morgan Avianca 1 A330-200F Ex-Im Arranger Jun

J.P. Morgan Avianca 1 A330-200F Ex-Im Arranger Oct

J.P. Morgan AWAS 1 737-800 Loan/finance/refinanced Arranger May

J.P. Morgan AWAS 1 737-800 Loan/finance/refinanced Arranger Jun

J.P. Morgan AWAS 1 A320 Loan/finance/refinanced Arranger May

J.P. Morgan AWAS 1 A320 Loan/finance/refinanced Arranger Jun

J.P. Morgan AWAS 1 A320 Loan/finance/refinanced Arranger Nov

J.P. Morgan Delta Air Lines 1 757-200 Loan/finance/refinanced Arranger Mar

J.P. Morgan Delta Air Lines 9 757-200 Loan/finance/refinanced Arranger Dec

J.P. Morgan Delta Air Lines 2 767-300 Loan/finance/refinanced Arranger Mar

J.P. Morgan Delta Air Lines 1 767-300ER Loan/finance/refinanced Arranger Mar

J.P. Morgan Delta Air Lines 11 A320 Loan/finance/refinanced Arranger Mar

J.P. Morgan Delta Air Lines 4 MD-90 Loan/finance/refinanced Arranger Mar

J.P. Morgan Emirates 1 777-300ER Ex-Im bond Sole bookrunner Jan

J.P. Morgan Emirates 1 A380 ECA Sole bookrunner Jan

J.P. Morgan Etihad Airways 1 777-300ER Ex-Im bond Sole bookrunner Jan

J.P. Morgan Southwest Airlines 22 737-700 Loan/finance/refinanced Arranger Sep

J.P. Morgan TACA International Airlines 1 A319 Ex-Im Arranger Sep

Jione Financial Jetran International 1 737-400 Loan/finance/refinanced Debt provider Mar

JPa no.10 Air France 1 A319 Tax lease Debt provider Apr

JPa no.11 Air France 1 A319 Tax lease Debt provider May

JPa no.12 Air France 1 A319 Tax lease Debt provider May

Kasikorn Factory and equipment AirAsia 1 A320 Loan/finance/refinanced Debt provider Jan

KfW IPeX-bank Air Arabia 4 A320 ECA Arranger/agent

KfW IPeX-bank Air Arabia 2 A320 Finance lease Arranger/agent

KfW IPeX-bank Air France/AerCap 1 A320 Operating lease Arranger/agent

KfW IPeX-bank Air France/Avolon 1 777-300ER Operating lease Joint arranger

KfW IPeX-bank Air Namibia/Intrepid 1 A330-200 Operating lease Senior debt arr./senior debt agent

KfW IPeX-bank American Airlines/Avolon 3 737-800 Operating lease Joint arranger

KfW IPeX-bank Avianca/Avolon 2 A320 Operating lease Joint arranger

KfW IPeX-bank AWAS 6 A320 ECA Arranger/agent

KfW IPeX-bank Intrepid Aviation 1 A330-200 Loan/finance/refinanced Arranger/debt provider Apr

KfW IPeX-bank Jet Time/NAC 2 ATR 72-600 Operating lease Arranger/agent

KfW IPeX-bank JetBlue 2 A321 Commercial loan Arranger/agent Nov

KfW IPeX-bank Korean Air 1 A330-200 ECA Joint arranger

KfW IPeX-bank LATAM/AerCap 2 A330-200 Operating lease Joint arranger/agent

KfW IPeX-bank Lion Air/Avolon 1 737-800 Operating lease Joint arranger

KfW IPeX-bank Nordic Aviation Capital 3 ATR 72-600 Loan/finance/refinanced Debt provider Dec





aircraftmodel


KfW IPeX-bank Pegasus/Avolon 2 A320 Operating lease Joint arranger

KfW IPeX-bank Singapore Airlines/MDAC 2 A330-300 Operating lease Joint arr./facility agent

KfW IPeX-bank Thomson Airways/BBAM 1 787-8 JOLCO Arranger/agent

KfW IPeX-bank Tiger/Avolon 1 A320 Operating lease Joint arranger

KfW IPeX-bank TUI/Avolon 2 737-800 Operating lease Arranger/agent Apr

KfW IPeX-bank Vietnam Airlines/VALC 3 A321 ECA Lender

KfW IPeX-bank|helaba Fiji Airways 3 A330-200 Ex-Im Joint arranger/agent Feb

KGal EasyJet 12 A319 Finance lease Arranger Feb

KGal|lufthansa leasing Lufthansa 1 A380 Tax lease Arranger Apr

KGs|nippon export and Investment LOT Polish Airlines 1 787-8 Ex-Im bond Joint bookrunner Jun

KGs|nippon export and Investment LOT Polish Airlines 1 787-8 Ex-Im bond Joint bookrunner May

Korea development bank AWAS 1 A320 Ex-Im Arranger Jan

Korea development bank Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Debt provider Jul

Mdt Virgin Atlantic Airways 15 787-9 Loan/finance/refinanced MLA Feb

Mitsubishi UFJ lease & Finance Nippon Cargo Airlines 1 747-8F Finance lease Debt provider Nov

Mizuho bank Turkish Airlines 1 737-800 Ex-Im bond Sole bookrunner Jun

Morgan stanley capital Group Southwest Airlines 22 737-700 Loan/finance/refinanced Debt provider Aug

national australia bank BOC Aviation 1 A320 Loan/finance/refinanced Debt provider Feb

national bank of abu dhabi Avolon 2 A320 Loan/finance/refinanced Debt provider Oct

national bank of arizona US Airways 2 A320 Loan/finance/refinanced Debt provider Nov

nations Fund Champion Air 3 ERJ-145 Loan/finance/refinanced Debt provider Dec

natixis AerCap 2 737-800 Commercial loan Lender Jan

natixis Air Canada 5 777-300ER EETC Letter of credit facil./deposit./co-man.

natixis Airnorth 1 Embraer 170 Loan/finance/refinanced MLA Apr

natixis American Airlines 8 737-800 EETC Letter of credit facil./deposit./co-man.

natixis American Airlines 8 737-800 EETC Depositary

natixis American Airlines 5 777-300 EETC Letter of credit facil./deposit./co-man.

natixis American Airlines 5 777-300 EETC Depositary

natixis Avolon 3 737-800 Commercial loan MLA Jan

natixis Avolon 1 787-8 Commercial loan MLA

natixis Avolon 1 A320 Ex-Im MLA Aug

natixis AWAS 8 A320 Pre-delivery payment MLA

natixis Ethiopian Airlines 4 777F Pre-delivery payment Facility lead arranger/security agent Dec

natixis Finnair 1 A321 JOL Arranger/agent

natixis Hawaiian Airlines 6 A330-200 EETC Depositary/liquid. prov./lead man./arr.

natixis interjet 9 Superjet 100 ECA Joint arranger

natixis Malaysia Airlines 1 A330-300 Commercial loan Joint arranger

natixis Synergy Group 6 A330-200 Pre-delivery payment Arranger

natixis Synergy Group 3 A330-200F Pre-delivery payment Arranger

natixis United Airlines 17 737-900ER EETC Liquidity provider/depositary/manager

natixis United Airlines 4 787-8 EETC Liquidity provider/depositary/manager

natixis US Airways 2 A321 Commercial loan Co-arranger

natixis US Airways 4 A330-200 EETC Letter of credit facil./deposit./co-man.

natixis Virgin Australia 2 737-700 EETC Liquidity provider/joint bookrunner

natixis Virgin Australia 21 737-800 EETC Liquidity provider/joint bookrunner

natixis Virgin Australia 1 777-300ER EETC Liquidity provider/joint bookrunner

nbFeaU Uzbekistan Airways 2 767-300ER Finance lease Arranger May

nec capital solutions Ibex Airlines 1 CRJ700 Finance lease Debt provider Feb

nomura babcock & brown British Airways 1 787-8 Tax lease Equity provider Aug

nomura babcock & brown British Airways 1 787-8 Tax lease Equity provider Sep

nomura babcock & brown British Airways 1 A320 Tax lease Equity provider Jun

nomura babcock & brown British Airways 2 A380 Tax lease Equity provider Nov

nomura babcock & brown Cathay Pacific 1 777-300ER Tax lease Equity provider Feb

nomura babcock & brown Cathay Pacific 1 777-300ER Tax lease Equity provider Aug

nomura babcock & brown Cathay Pacific 1 777-300ER Tax lease Equity provider Oct





aircraftmodel


nomura babcock & brown Finnair 2 A321 Tax lease Equity provider Sep

nomura babcock & brown KLM 1 737-900 Tax lease Equity provider Mar

nomura babcock & brown KLM 1 A330-300 Tax lease Equity provider Mar

nomura babcock & brown Malaysia Airlines 1 737-800 Tax lease Equity provider Sep

nomura babcock & brown Thomson Airways 2 787-8 Tax lease Equity provider May

nordlb Avolon 1 A321 Loan/finance/refinanced Arranger Mar

nordlb Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Debt provider Feb

nordlb Dragon Aviation Leasing 1 737-800 Loan/finance/refinanced Arranger/debt provider Feb

nordlb Flydubai 2 737-800 Loan/finance/refinanced Arranger Oct

nordlb Hong Kong Aviation Capital 1 737-800 Loan/finance/refinanced Debt provider Sep

nordlb JetBlue 2 A321 Loan/finance/refinanced Arranger Oct

nordlb Singapore Airlines/WealthCap 2 A330-300 Commercial loan Debt provider Dec

nordlb TAM|LAN 2 A320 Loan/finance/refinanced Debt provider Jul

nordlb Titan Aviation Leasing 1 777F Loan/finance/refinanced Debt provider Mar

nordlb|ca-cIb|GIb|GeJc|helaba Flydubai 6 737-800 Finance lease Arranger Oct

nordlb|dekabank|helaba Dr Peters 2 787-8 Loan/finance/refinanced Debt provider Jul

novus aviation Emirates 2 A380 Loan/finance/refinanced Arranger Oct

noybim Rice Aviation Group 1 MD-87 Loan/finance/refinanced Debt provider Dec

ntt Finance AWAS 1 A320 Tax lease Equity provider Oct

Pacific Western bank Delta Air Lines 2 MD-88 Loan/finance/refinanced Debt provider Oct

PeFco AWAS 1 737-800 Ex-Im Debt provider Jan

PeFco Mongolian Airlines 1 767-300ER Ex-Im Arranger Dec

PK airFinance Aer Arann Regional 8 ATR 72-600 Loan/finance/refinanced Arranger/debt provider Jul

PK airFinance Transavia Airlines 1 737-800 Loan/finance/refinanced Debt provider Feb

PK airFinance UTair 10 737-800/900ER Loan/finance/refinanced Debt provider Dec

Pnc bank GA Telesis 1 737-700 Loan/finance/refinanced Arranger Jul

Pnc bank GA Telesis 2 757-200 Loan/finance/refinanced Arranger Jul

Pnc bank GA Telesis 1 A320 Loan/finance/refinanced Arranger Jul

Provident bank Werner Aero Service 2 A319 Loan/finance/refinanced Debt provider Jun

Q aviation Volito Aviation Services 1 A320 Loan/finance/refinanced Debt provider Jun

Qatar national bank|cbI Air Arabia 10 A320 Loan/finance/refinanced Arranger May

red angels AirAsia 1 A320 Finance lease Debt provider Jun

rio linhas aereas Global Air Fleet 1 737-400 Loan/finance/refinanced Debt provider Aug

roynat Killick Aerospace 1 737-700 Loan/finance/refinanced Debt provider Jun

santander|bank of america Merrill lynch British Airways 1 A380 Tax lease Debt provider Sep

showa leasing Qantas 1 787-8 Tax lease Arranger Sep

showa leasing Qantas 1 787-8 Tax lease Equity provider Sep

sirindini Investments GECAS 1 Embraer 190 Loan/finance/refinanced Debt provider Dec

sMbc JetBlue 1 A320 Loan/finance/refinanced Debt provider May

sMbc|dvb bank TUI 1 787-8 Tax lease Arranger Dec

standard chartered bank|btM Turkish Airlines 3 A321 Tax lease Debt provider May

suntrust bank Cargo Aircraft Management 3 757-200 Combi Loan/finance/refinanced Debt provider Oct

suntrust bank Cargo Aircraft Management 1 757-200F Loan/finance/refinanced Debt provider Jun

suntrust bank Cargo Aircraft Management 1 757-200F Loan/finance/refinanced Debt provider Oct

suntrust bank|scb|bbtc|United bank Dynamic Aviation Group 3 767-200 Loan/finance/refinanced Debt provider Sep

tamweel aviation Finance Emirates 2 A380 Finance lease Debt provider Dec

tatra leasing Vip Wings 1 ATR 72-200 Finance lease Debt provider Jun

td bank AirAsia X 2 A330-300 Ex-Im Debt provider Jun

td bank Asiana Airlines 1 777-200ER Ex-Im Debt provider Apr

td bank|InG capital Ethiopian Airlines 1 777F Ex-Im Debt provider Jul

thailand Ministry of Finance Thai Airways 2 A380 Loan/finance/refinanced Debt provider Jul

the bank of tokyo-Mitsubishi UFJ ANA 1 777-200ER Tax lease Arranger/debt provider Jul

the bank of tokyo-Mitsubishi UFJ Aviation Capital Group 1 737-800 Tax lease Arranger/debt provider May

the bank of tokyo-Mitsubishi UFJ Aviation Capital Group 1 737-800 Tax lease Arranger/debt provider Sep

the bank of tokyo-Mitsubishi UFJ Aviation Capital Group 6 A320 family Commercial loan MLA Dec



ANZ Bank Australia & New Zealand Bank

ACME Airline Contract Maintenance and Equipment

BAML Bank of America Merrill Lynch

BBTC Branch Banking and Trust Company

BTM The Bank of Tokyo-Mitsubishi UFJ

CBI Commercial Bank International

CGM Citigroup Global Markets

CDB China Development Bank

CS Credit Suisse

CZB Commerzbank



aircraftmodel


the bank of tokyo-Mitsubishi UFJ Lufthansa 1 A380 Tax lease Debt provider Apr

the bank of tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Jun

the bank of tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Jul

the bank of tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Oct

the bank of tokyo-Mitsubishi UFJ Qantas 1 737-800 Tax lease Arranger/debt provider Dec

the bank of tokyo-Mitsubishi UFJ Shenzhen Airlines 4 A320 Ex-Im Arranger May

the bank of tokyo-Mitsubishi UFJ Shenzhen Airlines 4 A320 Ex-Im Debt provider Jun

tIM aviation Partners vI AAR Aircraft Sales & Leasing 1 747-400 Loan/finance/refinanced Debt provider Oct

tlc saintpaula Qantas 1 737-800 Tax lease Debt provider Sep

tucuquere leasing TAM Linhas Aereas 4 A320 Ex-Im Debt provider Nov

Ubs AerCap 1 737-800 Loan/finance/refinanced Debt provider Dec

Ubs|credit suisse AerCap 1 737-800 Loan/finance/refinanced Debt provider Dec

Us bank GECAS 1 CRJ700 Loan/finance/refinanced Arranger Nov

veb-leasing Transaero Airlines 2 A380 Pre-delivery payment Debt provider Feb

verus bank Worldwide Aircraft Services 1 ERJ-145 Loan/finance/refinanced Debt provider Aug

Wells Fargo bank AerSale 1 737-500 Loan/finance/refinanced Arranger Dec

Wells Fargo bank AerSale 1 767-300ER Loan/finance/refinanced Arranger Feb

Wells Fargo bank AerSale 2 MD-90 Loan/finance/refinanced Arranger Feb

Wells Fargo bank AerSale 8 MD-90 Loan/finance/refinanced Arranger Jun

Wells Fargo bank AerSale 1 MD-90 Loan/finance/refinanced Arranger Sep

Wells Fargo bank AerSale 1 MD-90 Loan/finance/refinanced Arranger Dec

Wells Fargo bank AWAS 1 767-300ER Loan/finance/refinanced Arranger Mar

Wells Fargo capital Finance ACME 2 ATR 42-500 Loan/finance/refinanced Debt provider Feb

Wells Fargo capital Finance ACME 1 ATR 42-500 Loan/finance/refinanced Debt provider Dec

Wells Fargo capital Finance Hawaiian Airlines 1 767-300ER Loan/finance/refinanced Debt provider Dec

Wells Fargo equipment Finance Allegiant Air 1 A320 Loan/finance/refinanced Arranger Sep

Westpac|baMl|cZb|nab Qantas 1 787-8 Tax Lease Co-arranger Dec

Westpac|nab Cathay Pacific/BBAM 1 777-300ER Japanese lease Debt provider Mar

Westpac|nordlb Singapore Airlines 2 A330-300 Commercial loan Debt provider Jun

Yamasa Air China 2 737-800 Tax lease Equity provider May

Yamasa Air China 2 A320 Tax lease Equity provider May

Yamasa Air China 1 A321 Tax lease Equity provider May

Yamasa China Southern Airlines 2 737-800 Tax lease Equity provider May

Yamasa China Southern Airlines 1 737-800 Tax lease Equity provider Jun

Yamasa China Southern Airlines 1 737-800 Tax lease Equity provider Jul

Yamasa China Southern Airlines 1 A320 Tax lease Equity provider Apr

Yamasa Lufthansa 1 A380 Tax lease Equity provider Apr

Yamasa TUI 1 787-8 Tax lease Equity provider Dec

NOTE: Aircraft finance new and second-hand deals announced during 2013SOURCE: Aviation Exchange (www.ascendworldwide.com/aviationexchange) and banks

CA-CIB Credit Agricole Corporate and Investment Bank

CBA Commonwealth Bank of Australia

DB Deutsche Bank

DBJ Development Bank of Japan

DBS Deutsche Bank Securities

GEJC GE Japan Corporation

GIB Gulf International Bank

GS Goldman Sachs

GTLK State Transport Leasing Company

ICBC Industrial and Commercial Bank of China

IDB Islamic Development Bank

JPM J.P. Morgan

KGS KGS Alpha Capital Markets

MDAC MD Aviation Capital

MS Morgan Stanley

NAB National Australia Bank

NBFEAU National Bank For Economic Affairs Uzbek

RDFU Reconstruction and Development of Uzbekistan

SCB Summit Commercial Bank

SMBC Sumitomo Mitsui Banking Corporation

ABBREVIATIONS OF COMPANIES



airliner finance deals announced in 2008 With analysis by operator/lessor

aiRcRaft tRansactiOnssecond-hand deals that occurred in 2013The year 2013 saw a total of 3,054 aircraft transactions in the narrowbody, widebody, regional jet and turboprop markets. This represented a 20% increase compared with the previous year, according to Flightglobal’s Ascend Online database.

An estimated 1,649 transactions, or 54% of the total, were aircraft purchases, the data shows. In 2012, about 1,210 purchase deals closed, representing 48% of the total activity.

Ascend data recorded 872 acquisitions in the narrowbody market last year, compared with 594 in 2012. The Boeing Classics accounted for 256 units, or 29% of the narrowbody market transactions. Another 169 transactions featured the Airbus A320 family aircraft, with a notable 109 transactions on the A320 model alone.

According to the data, 163 transactions closed on the Boeing MD-80 and MD-90 models last year, while another 118 deals featured the 757 models. The 737 Next Generation (NG) series represented 136 purchase transactions in 2013, while the 717 model accounted for 30 deals.

There were 221 acquisitions of widebody aircraft in 2013, split between the Airbus and Boeing models. Airbus’s 109

units included 17 A330s, 10 A310s, 47 A330s, 31 A340s and four A380s. On the Boeing side, 48 transactions were concluded for the 767 models, 32 for the 747-400 type, 23 for 777 aircraft and three 787s. Another six deals were closed, covering MD-11 models.

The number of regional jet acquisitions totalled 240 units in 2013, down from 256 in 2012. The Embraer ERJ models accounted for 89 transactions, while another 87 deals closed on Bombardier CRJ models. The BAE Systems’ 146 fleet recorded 22 deals and another 14 transactions closed on the Avro/RJ models.

There was a 45% year-on-year increase in the number of turboprops changing ownership. Last year saw 315 transactions with almost 100 units being ATR products. The Bombardier Q/Dash 8 series recorded 93 deals while the Saab fleets accounted for 83 purchase transactions. Another 29 deals featured the BAE Systems ATP, while the Fokker 50 recorded 11 sales in 2013.

Ascend data recorded 936 lease events last year – 17 units more than the previous year. Narrowbody aircraft represented more than 62% of the total with 583 transactions closed. The most leased aircraft was the A320 with 146 units, equivalent to a 25% narrowbody market share. The 737NG models

narroWbody transactions in 2013 Widebody transactions in 2013

34%

51%

14%

243

583

872

Lease events

Purchase events

Wet lease eventsTotal narrowbody transactions: 1,698

27%

46%

27%

132 130

221

Lease events

Purchase events

Wet lease eventsTotal widebody transactions: 483

Source: Flightglobal’s Ascend Online database Source: Flightglobal’s Ascend Online database



regional Jet transactions in 2013

turboprop transactions in 2013

accounted for 125 lease transactions, or a 21% market share. The 737 Classics accounted for another 110 deals.

The A319 model recorded 78 lease transactions last year while the A321 aircraft accounted for 31 deals. There were also 22 leases for the 717 model, 39 for 757s and 25 concerning MD-80/90 variants.

The number of lease transactions recorded on widebody aircraft totalled 130 units in 2013, compared with 83 in 2012.

A total of 67 deals, or 51% of the total, closed on the 767 models, the data shows. There were also 35 lease transactions that closed on the A330 models and 10 for the A340 variants. The 747-400 recorded 12 leases, while the data shows three transactions closed for the 777 and MD-11 models each.

The regional markets experienced less activity last year. There were 120 operating lease deals that closed on regional jets, compared with 132 the previous year. The majority of the regional activity centred around the 50-seat market with Bombardier recording 46 transactions and Embraer 24 deals. Another 32 transactions closed on E-Jets while BAE Systems and Fokker recorded nine transactions.

The turboprop market saw a 23% decline in operating lease transactions between 2012 and 2013. Last year the ATR fleets accounted for 40 deals, nine on the ATR 42 models and 31 on the 70-seat ATR 72 series. There were also 36 operating leases closed on the Bombardier Q/Dash 8 series and 24 Saab aircraft.

30%

60%

10%

38

120

240

Lease events

Purchase events

Wet lease eventsTotal regional jet transactions: 398

22%

67%

12%

56103

315

Lease events

Purchase events

Wet lease eventsTotal turboprop transactions: 474

purchase events in 2013

aircraft number of transactions

narrowbody 872airbus a318 8airbus a319 31airbus a320 109airbus a321 21boeing 717 30boeing 737 classic 256boeing 737 nG 136boeing 757 118boeing Md-80 & Md-90 family 163Widebody 221airbus a300 17airbus a310 10airbus a330 47airbus a340 31airbus a380 4boeing 747-400s 32boeing 767-300s 48boeing 777 23boeing 787 3boeing Md-11 6regional jets 240bae systems 146 22bae systems rJ70/85/100 14bombardier crJ 87embraer e-Jet 9embraer erJ 89Fokker 70/100 19turboprops 315atr 42 35atr 72 64bae systems atP 29bombardier dash 8 93Fokker 50 11saab 340/2000 83

Source: Flightglobal’s Ascend Online database

Source: Flightglobal’s Ascend Online database



lease events in 2013


narrowbody 583airbus a318 7airbus a319 78airbus a320 146airbus a321 31boeing 717 22boeing 737 classic 110boeing 737 nG 125boeing 757 39boeing Md-80 & Md-90 family 25Widebody 130airbus a330 35airbus a340 10boeing 747-400 12boeing 767-300 67boeing 777 3boeing Md-11 3regional jets 120bae systems 146 3bae systems rJ70/85/100 6bombardier crJ 46embraer e-Jet 32embraer erJ 24Fokker 70/100 9turboprops 103atr 42 9atr 72 31bae systems atP 1bombardier dash 8 36Fokker 50 2saab 340/2000 24

The wet-lease market recorded 469 transactions in 2013, compared with 406 the previous year.

The majority of the activity centred around narrowbody aircraft, which accounted for 52% of the market. The A320 model was once again the most traded aircraft with 96 transactions recorded during the year. Another 11 deals closed on the A319 model.

The 737 Classic led the Boeing camp with 54 transactions, ahead of the 737NG with 41 deals. Another 29 deals closed on the MD-80/90s, while the 757 model had 11 transactions.

The widebody wet-lease market saw a 30% increase in activity last year with an estimated 132 transactions closed. The 747-400 was the most popular wet-leased model with 43 units, while the A330 recorded 36 transactions. The 767 models represented 25 transactions.

Wet lease events in 2013


narrowbody 243airbus a319 11airbus a320 96airbus a321 1boeing 737 classic 54boeing 737 nG 41boeing 757 11boeing Md-80 & Md-90 family 29Widebody 132airbus a300 4airbus a310 4airbus a330 36airbus a340 9boeing 747-400 43boeing 767-300 25boeing 777 9boeing 787 1boeing Md-11 1regional jets 38bae systems 146 5bae systems rJ70/85/100 8bombardier crJ 11embraer e-Jet 8embraer erJ 4Fokker 70/100 2turboprops 56atr 42 7atr 72 34bombardier dash 8 3Fokker 50 7saab 340/2000 5

The data also shows four transactions recorded on the A300 models, four on the A310 series and nine on the A340s. Another nine wet-lease deals closed last year on the 777 models, while one transaction was recorded on each of the 787 and the MD-11 models.

Wet-lease activity on regional jets totalled 38 transactions in 2013, against 40 in 2012. The 146/Avro aircraft were the most traded aircraft with 13 deals. Embraer recorded 12 transactions, while Bombardier had 11 wet-lease deals closed. Another two deals featured the Fokker models.

The turboprop recorded a 51% increase in activity in 2013 compared with the previous year with 56 wet-lease deals closed. The 70-seat ATR 72 model represented 60% of the turboprop activity with 34 transactions closed. Another seven deals closed on the ATR 42 model. Seven deals closed on the Fokker 50 model, three on the Q/Dash 8 and five on Saab turboprops.

Source: Flightglobal’s Ascend Online database Source: Flightglobal’s Ascend Online database

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