DOCSLIB.ORG

Janfeb 2009.Qxd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Janfeb 2009.Qxd Aviation Strategy Issue No: 155 September 2010 Up, up and ...? CONTENTS he air transport industry is remarkably resilient. It can get knocked Toff its long term growth path by extraneous events, but bounces back. The global recession sparked off by the collapse of Lehman Bros two years ago had a dramatic impact on the industry: 2009 saw a Analysis decline in overall traffic volumes of 3-4%, with a slightly higher rate of decline in international traffic, to mark only the second year in the Traffic and yields industry's history that traffic had actually fallen. Yields however col - in the upturn 1-2 lapsed by an astonishing 13% - the largest annual decline experienced in the industry's history, although partly because fuel prices also fell in the period – and it is estimated that the industry generated an operat - Leasing market in recovery mode: ing loss of $1.2bn and a net loss of nearly $10bn for the year. Annual survey of the major players We are now surely in the upturn of the cycle. Since the beginning and new entrants in aircraft leasing of 2010 the year-on-year rate of growth has been far better than 3-13 many might have expected – with the exception of the disruption caused by the closure of European air-space in April following the eruption of an unpronounceable Icelandic volcano. IATA has report - Briefing ed an average growth in RPKs of 8% on international traffic since January against a relatively muted growth in capacity. Load factors LAN/TAM merger: rebounded to over 80% in July, three points higher than the previous Two local leaders become year, while the average improvement in load factors so far this year global LATAM 14-19 has averaged five percentage points. These increases of course are in light of a comparative period of severe declines but June traffic appeared to have had regained the peak levels of 2008. Databases 20-23 Premium passengers have been coming back in droves as the world economy and business confidence has improved and annual growth in European, US and Asian premium cabins this year is estimated at over 10% (although at times airline traffic and financials in 2009 the rate of decline in some areas was approaching 35%). Intriguingly, premium traffic within Asia has been exhibiting average Regional trends growth of over 20% since December last year. However, even after these increases, total premium traffic volumes appear to be some 7% Orders below the peak levels in 2007 – and in Europe particularly (where busi - ness-class travel has been in decline for many a year as the LCC revolu - tion has developed) still a hefty 25% below the levels in that year. Within this global data however, there are some increasing signs of the disparity in economic performance in differing regions. In the Far East the OAPA reports an average growth in traffic of over 15% since PUBLISHER Y on Y RECENT PREMIUM TRAFFIC TRENDS % change 40 Total Within Int’l Aviation Economics Far East 20 James House, 1st Floor 22/24, Corsham Street 0 London N1 6DR North -20 Within Atlantic Europe Tel: +44 (0)20 7490 5215 -40 Fax: +44 (0)20 7490 5218 Jan June Jan June ‘09 ‘09 ‘10 ‘10 email: [email protected] www.aviationeconomics.com Aviation Strategy Analysis the end of 2009 (and 25% Y on Y % change RECENT REGIONAL TRAFFIC (RPK) TRENDS growth in premium traffic) 30 highlighting that the power - 20 Middle house of China and develop - East Asia/ ing economies in Asia are Pacific 10 ignoring the plight of the Latin America budget deficits of the devel - 0 oped economies. At the same time, carriers in the -10 North Middle East continue to pur - America Europe Aviation Strategy -20 sue their high growth strate - Jan Jan is published 10 times a year by June June ‘09 ‘09 ‘10 ‘10 Aviation Economics gy to develop the Gulf region as competing international hubs. manufacturers to boast a boost to their order Publisher: ATA is the only body to publish timely data books – and gave rise to Airbus comments that Keith McMullan on yields – although the data only relates to a it was doubling its full year forecast of new net [email protected] sample of the top US airlines. As the chart orders. Indeed by the middle of the year the below shows, after the disastrous perfor - two majors had notched up new orders for 530 Contributing Editor: mance of 2009, all route areas operated by the aircraft – equivalent to the total net new orders Nick Moreno [email protected] US carriers selected have shown accelerating achieved in 2009. Boeing used the occasion to improvements in traffic yields – highlighted by publicise its Current Market Outlook in which it Contributing Editor: a near 40% increase in July data on the Pacific uprated average annual traffic growth fore - Heini Nuutinen routes. Of course the yield data is somewhat casts for the next 20 years to over 5% in RPK Production Editor: obscured by the movements in fuel prices terms (upgraded mainly because of the dip in Julian Longin over the past three years and these rates of 2009). Both manufacturers now seem set to [email protected] growth appear high – but Domestic, Atlantic increase production levels – particularly of the and LatAm routes still display average yields 5- 737/A320 industry workhorses – over the next Subscriptions : [email protected] 8% below those achieved in 2008, with only two years to help cover the backlog of orders in the highly marginal Pacific routes showing a this segment. Intriguingly at Farnborough, the Tel: +44 (0)20 7490 5215 recovery in yields to pre-crisis levels. major orders announced were from leasing The airline industry displays various dif - companies – and in particular Steve Udvar- Copyright: ferent cycles of its own – and apart from Hazy's new ILFC look-alike vehicle – hinting that Aviation Economics traffic demand related data one of the more whereas some airlines may not yet have the All rights reserved important is that of the aircraft orders and confidence, the finance professionals believe in delivery cycle; and if we wanted any other the future demand potential (see page 13). Aviation Economics Registered No: 2967706 evidence it is here too that there are distinct There are distinct signs that the economic (England) signs of the upturn. recovery is two-toned; that the performance Farnborough this year allowed the major of the developing economies may well accel - Registered Office: erate the creation of a consumer base James House, 1st Floor Y on Y US YIELDS (cents/RPM) independent of the developed nations 22/24 Corsham St % change London N1 6DR 50 – particularly in Europe and the US - VAT No: 701780947 40 which are likely to be held back by the after effects of the budget deficits fol - ISSN 2041-4021 (Online) 30 Domestic lowing the financial crisis. (IATA indeed 20 The opinions expressed in this publication do is forecasting strong recovery in profit not necessarily reflect the opinions of the edi - 10 tors, publisher or contributors. Every effort is potential this year in all areas except made to ensure that the information con - 0 LatAm tained in this publication is accurate, but no Atlantic Europe). It is almost certain that from legal reponsibility is accepted for any errors -10 now on that the high growth rates will or omissions. -20 Pacific reduce as the year-on-year effects dissi - The contents of this publication, either in -30 pate. It is also possible that the devel - whole or in part, may not be copied, stored or reproduced in any format, printed or elec - -40 oped nations will avoid the dreaded tronic, without the written consent of the Jan July Jan July double-dip recession and the airline publisher. 2009 2009 2010 2010 industry indeed return to profitability. September 2010 2 Aviation Strategy Analysis Leasing market: Rapid adjustment to credit crisis he post-Lehman market has been very difficult joined by private equity investors and others Tfor the leasing industry but the expected fund - looking to enter the industry. New entrants ing gap for new deliveries was not as large or included Sky Holding and Greenstone Aviation, problematical as some analysts feared, thanks to but the biggest new entrant of all is Air Lease (see a number of factors that include extra finance page 13), launched by ILFC founder Steven from the US Export Import Bank, the European Udvar-Hazy, and to which John Plueger and other export credit agencies and the manufacturers ILFC executives have joined. themselves. In addition, the debt and equity mar - Greater long-term challenges to existing kets were not as depressed as many had feared. lessors may come from new, Chinese leasing enti - In fact, Steve Hannahs, chief executive of ties. In a recent speech Wang Changshun, vice Aviation Capital Group, says the impact of the minister of the Civil Aviation Administration of downturn has been “very minor”, as while lease China (CAAC), said that by 2025 China will require rates have dropped by up to 25% over the last 18 a fleet of 3,000 civil aircraft, of which around 60% months, the fall in interest rates has enabled will likely be leased. While this is encouraging yield to remain stable. AWAS too says 2009 was, many Western lessors to beef up their presence financially at least, its best ever year, and it had in the country, Chinese government policy will few repossession or credit problems. But these inevitably favour home-grown lessors, and a flur - lessors, along with the ever-expanding BOC ry of new companies backed by Chinese banks Aviation had one thing some others lessors didn’t and industrial conglomerates is likely to emerge – financially stable owners/parents.
Load more

Recommended publications
  • Flying Outside The
    ISSN 1718-7966 June 26, 2017/ VOL. 596 WEEKLY AVIATION HEADLINES Read by thousands of aviation professionals and technical decision-makers every week www.avitrader.com WORLD NEWS Ryanair launches connecting flights in Milan Ryanair, the largest airline in Italy ex- tended its connecting flights service to Milan Bergamo Airport, providing Ryanair customers with an expanded route choice, and the opportunity to book and transfer directly onto con- necting Ryanair flights. This come following the successful launch of connecting flights at Rome Fiumicino last month. In other news Ryanair (Europe) announced the purchase of 10 more Boeing 737 Max 200 “Ga- mechanger” aircraft, 5 of which will deliver in the first half of 2019, with the second 5 delivering in the first half of 2020. Airbus unveiled new innovations Nasmyth Group opens new met- in Paris. al treatment facility in California Pegasus Nasmyth Group announces Photo: Airbus the opening of a new metal surface treatments facility in the Santa Clarita Flying outside the box Valley (SCV) in Valencia, California, sig- OEMs spread their wings at Paris nificantly expanding Nasmyth TMF’s footprint and ability to deliver services This year’s Paris Air Show was rela- unit), would allow an aircraft fitted unit also sends data automatically to aerospace and defence clients in the tively upbeat in terms of orders espe- with it to taxi without using its jet into efficiency applications such as USA. The processing line will be able to cially by the big two Boeing and Air- engines or requiring airport tractors weather, flight planning, logbooks, operate 24 hours a day, seven days a bus but the common theme across or tugs.
    [Show full text]
  • Annual Report 2008
    Annual Report 2008 BABCOCK & BROWN AIR LIMITED Babcock & Brown Air Limited (B&B Air) acquires and leases modern, high- demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. B&B Air is managed and serviced by Babcock & Brown Aircraft Management (BBAM), the world’s fourth largest aircraft leasing company. As our servicer, BBAM arranges and manages the leases of our fleet and acquires and divests our aircraft. BBAM has more than 20 years of experience in aircraft and lease origination, re-marketing, administration, technical management and disposition. BBAM manages a fleet of approximately 300 commercial aircraft valued at more than $7.8 billion, leased to 80 airlines in 35 countries. BBAM’s established leadership position in the aircraft leasing industry, its experienced senior management team and its extensive relationships throughout the world allow us to maximize the value of our portfolio throughout its life cycle by acquiring aircraft economically, accessing the most attractive markets, re-marketing our aircraft efficiently when leases expire and disposing of our aircraft for the best value when market conditions warrant. 1 LETTER From THE CHAIRMAN AND THE CEO Dear Fellow Shareholders, We are pleased to report on B&B Air’s first year as a public company. In 2008, B&B Air produced strong financial results. Our net income was $48.1 million, or $1.44 per share, on revenues of $236.1 million. During the year our unrestricted cash balance increased by $41.2 million to $56.8 million, after returning nearly $74 million to shareholders through a combination of dividends and share repurchases.
    [Show full text]
  • UBS Business Services, Leisure and Transport Conference 2018
    UBS Business Services, Leisure and Transport Conference 2018 London September 2018 Disclaimer This presentation contains general background information about the activities of BOC Aviation Limited (“BOC Aviation”), current as at the date hereof. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. The information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. None of BOC Aviation or any of its affiliates, advisers or representatives (including directors, officers and employees) shall have any liability whatsoever for any loss whatsoever arising from any use of this document or its contents or otherwise arising in connection with this document (whether direct, indirect, consequential or other). No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
    [Show full text]
  • UBS Virtual Transport and Logistics Day 2021
    UBS Virtual Transport and Logistics Day 2021 18 MAY 2021 Disclaimer This presentation contains information about BOC Aviation Limited (“BOC Aviation”), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities. Certain of the information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this presentation. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
    [Show full text]
  • Daiwa Investment Conference Hong Kong 2020
    Daiwa Investment Conference Hong Kong 2020 30 NOVEMBER 2020 Disclaimer This presentation contains information about BOC Aviation Limited (“BOC Aviation”), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities. Certain of the information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this presentation. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
    [Show full text]
  • Financial Institutions BOC Aviation Limited Credit Report
    Financial Institutions Singapore BOC Aviation Limited Credit Report Ratings Overview LTICR ............................................. A- We have assigned a first-time global-scale long-term issuer credit rating (LTICR) of ‘A-’ to BOC Aviation Limited (BOC Aviation) with a Stable Outlook. Outlook ................................... Stable The rating incorporates a standalone credit profile (SACP) of ‘bbb’, which reflects BOC Aviation’s strong operating profile, robust funding capabilities, resilient earnings outlook, and seasoned management. In addition, the rating considers the extraordinary support from the company’s parent, Bank of China Ltd (BOC). We are of the view that BOC has a strong willingness to support BOC Aviation in a distressed scenario, given the latter’s status within the group and potential reputation risks associated with any failure of this subsidiary. Contents These strengths are partially offset by BOC Aviation’s asset-heavy balance sheet, increasing cost of debt as it adjusts its funding structure, and uncertainties around Overview .......................................... 1 Boeing 737 MAX deliveries. However, we note that many of these credit characteristics are intrinsic to the aircraft leasing industry and BOC Aviation’s Financial Summary........................... 1 standalone profile compares favorably with its peers’ globally. Key Rating Factors ........................... 2 The Stable Outlook reflects our opinion that, despite a potentially more challenging NBFI Industry Credit Index (NICI) .... 3 global economic environment, the company’s profitability, capitalization and asset quality are likely to remain commensurate with our expectations for the current rating Business Profile Assessment ........... 5 level in the next 12 months. Capital Formation ............................. 6 We would consider a downgrade if BOC Aviation’s financial profile is materially Capital Adequacy ............................
    [Show full text]
  • Aviation Industry Leaders Report 2021: Route to Recovery
    The Aviation Industry Leaders Report 2021: Route to Recovery www.aviationnews-online.com www.kpmg.ie/aviation KPMG REPORT COVERS 2021.indd 1 20/01/2021 14:19 For what’s next in Aviation. Navigating Change. Together. Your Partner For What’s Next KPMG6840_Aviation_Industry_Leaders_Report REPORT COVERS 2021.indd 2021 2 Ads x 4_Jan_2021.indd 4 19/01/202120/01/2021 15:37:29 14:19 CONTENTS 2 List of 10 Regional Review 24 Airline Survivorship 36 Return of the MAX 54 Chapter Four: The Contributors and Post-Covid World Acknowledgements Chapter One Assessing which Boeing’s 737 MAX incorporates a regional airlines will survive the aircraft was cleared for The recovery from 4 Foreword from Joe review of the aviation immediate health crisis return to service after the devastation the O’Mara, Head of market. and the subsequent the US Federal Aviation coronavirus pandemic Aviation, KPMG recovery period has Administration officially has wrought on the 18 Government rescinded the grounding world is expected to be Ireland become an essential Lifelines skill for lessors, lenders order. Industry experts slow but how will the 6 Chapter One: and suppliers. discuss the prospects new world environment This section takes a for the aircraft type and impact demand for air Surviving the Crisis deep dive into the levels 28 Chapter Two: Fleet how it will be financed. travel. This chapter also of government support considers the impact This chapter considers Focus for the aviation industry 44 Chapter Three: The of climate change the macroeconomic and around the world and Airlines are likely to Credit Challenge concerns on the aviation geopolitical shock of the considers its impact emerge from the crisis coronavirus pandemic industry.
    [Show full text]
  • Aircraft Financing (US): Overview
    Resource ID: W-001-5042 Aircraft Financing (US): Overview PRACTICAL LAW FINANCE WITH RICHARD FUREY, HOLLAND & KNIGHT LLP, BASED ON AN ORIGINAL ARTICLE BY MARA ABOLS, DARCY BINDER, JAMES HAYDEN AND CHRISTIAN HANSEN OF WHITE & CASE LLP Search the Resource ID numbers in blue on Westlaw for more. An overview of aircraft financing and the The different national and sub-national laws and regulations and challenges posed by these transactions. international treaties and conventions that must be taken into account when structuring and documenting aircraft financing This Note also discusses the parties typically transactions. The interrelationship among these different laws, involved in aircraft financing transactions and regulations, and treaties create significant complexity that must be considered when negotiating these transactions. For more their roles, including manufacturers, owner information on these issues, see Practice Note, Aircraft Financing: trustees, lessees, export credit agencies, and US and International Laws, Regulations and Registration Requirements (W-001-6310). development banks. The potential liability for participants involved in aircraft financing transactions in case of an accident or other loss event. The illiquid nature of the aviation market. There are not many Aircraft or aviation financing is the financing of the purchase and potential buyers of the aircraft if there is a default under the loan operation of one or more aircraft and related assets, by an airline, agreement, indenture or lease, as applicable. Even if a buyer can aircraft lessor or other entity using one of a variety of financing be secured: structures. Depending on the needs of the participants, the financing zthe cost of transferring ownership to that buyer may be may be structured as a secured loan, a debt offering, or a lease significant; and (whether an operating lease or finance lease).
    [Show full text]
  • Weekly Aviation Headline News
    ISSN 1718-7966 JuLy 8, 2019/ VOL. 697 www.avitrader.com Weekly Aviation Headline News WORLD NEWS Pegasus teams up with Expedia Partner Solutions Low-cost Turkish carrier Pegasus Airlines is joining forces with Expe- dia Partner Solutions (EPS), the B2B brand of Expedia Group, to offer its travellers access to competitive ac- commodation and package rates in order to keep up with Turkey’s rapid increase in both domestic and inter- national tourism. Through Hotels. com for Partners, Pegasus’s travellers will have access to competitive pack- age rates (where accommodation is bundled with a flight) saving them 15% on average when compared SAA’s with booking these separately. A340-600s will be phased out of the Etihad lanches A380s to Seoul JFK route. Etihad launched its first Airbus A380 Photo: Airbus ‘super jumbo’ on its scheduled dai- ly services to Seoul, Korea. Robin Kamark, Etihad Aviation Group Chief South African codeshares with GOL Commercial Officer, said: “We are de- And aims to bring A350 operations to New York lighted to include Seoul as one of our most important destinations on the South African Airways (SAA) has GOL in the domestic Brazilian mar- operated by SAA to Africa, Asia and Etihad network with the increased ca- signed codeshare and frequent fly- ket extends SAA’s reach throughout Australia, and Voyager members pacity and flagship flying experience er agreements with Brazilian airline Brazil. can accrue and redeem Voyager only the A380 can provide. The move Gol - Linhas Aéreas (GOL). miles on flights operated by GOL.
    [Show full text]
  • Présentation Powerpoint
    Chorus Aviation Overview February 14 , 2020 Delivering regional aviation to the world TSX: CHR Caution regarding forward-looking information This presentation contains “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information relates to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking information, by its nature, is based on assumptions and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, among other things, external events, changing market conditions and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed in forward-looking information. Factors that could cause results to differ materially from those expressed in this presentation include those identified in Chorus’ public disclosure record available at www.sedar.com and the risk factors identified in Chorus’ Annual Information Form dated February 12, 2020. Statements containing forward-looking information in this presentation represent Chorus' expectations as of the date of this presentation (or as of the date they are otherwise stated to be made) and are subject to change after such date.
    [Show full text]
  • 757 Celebrates 33 Years
    ISSN 1718-7966 MARch 2, 2015/ VOL. 479 WEEKLY AVIATION HEADLINES Read by thousands of aviation professionals and technical decision-makers every week www.avitrader.com WORLD NEWS VLM adds Italian links Belgian operator VLM Airlines will this May be launching scheduled flights between Bologna (Italy) to Liège (Belgium). The move not only marks VLM Airlines’ first routes from Liège but also the airline’s first ser- vices in northern Italy. Arthur White, cEO of VLM Airlines, says: “With these new scheduled flights, we are focusing on both leisure and busi- ness travellers. These new destina- tions not only appeal to tourists but are also important business centres in their respective regions.” Shanghai Airlines took delivery Proflight teams up with super- of the last market chain passenger 757 in 2005. Zambian regional carrier Proflight has signed a new sales agreement Photo: Boeing with supermarket chain Shoprite. The deal allows shoppers to book 757 celebrates 33 years and pay for flights along with their But adding new engines is a non-starter groceries at the 23 Shoprite stores The Boeing 757 made its first and materials. The pioneering two- missed outright by U.S airframer. across the country – particularly con- flight on February 19, 1982. U.S crew computerised flight decks or venient in remote locations that have carrier Eastern Air Lines operated “glass cockpits” of the 757 and 767 According to Flightglobal, Boeing no IATA travel agents to purchase the first commercial 757 flight in are nearly identical, so pilots could VP Randy Tinseth said the com- tickets. c“ ombined with Proflight’s January the following year on the easily qualify to fly both.
    [Show full text]
  • Semi-Annual Report
    Amundi S.F. Unaudited semi-annual report R.C.S. Luxembourg K 651 For the period from 01/01/21 to 30/06/21 No subscriptions can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document (“KIID”), accompanied by a copy of the latest annual report including audited financial statements and a copy of the latest semi-annual report, if published thereafter. Table of Contents Page Organisation 6 Accounts: Statement of Net Assets 68 Portfolios details as at 30/06/2021: Statement of Unit Statistics 80 Bond Sub-Funds Notes to the Financial Statements as at 30/06/21 86 Amundi S.F. - Diversified Short-Term Bond 8 1 Introduction 86 Amundi S.F. - Emerging Markets Bond 2024 10 2 Principal Accounting Conventions 86 3 Exchange Rates used as of 30 June 2021 87 Amundi S.F. - Emerging Markets Bond 2025 13 4 Management, Investment Management and Distribution Fees 88 Amundi S.F. - Euro Curve 1-3year 17 5 Performance Fee 89 6 Depositary and Paying Agent, Administrator, Registrar and Transfer Agent 90 Amundi S.F. - Euro Curve 3-5year 18 7 Taxation of the Fund - Taxe d’abonnement 90 Amundi S.F. - Euro Curve 7-10year 19 8 Open Positions on Futures Contracts 91 9 Open Positions on Forward Foreign Exchange Contracts 97 Amundi S.F. - Euro Curve 10+year 20 10 Statement of Portfolio Movements 101 Amundi S.F. - Global High Yield Opportunities 2025 21 11 Dividends 101 12 Options 102 Amundi S.F.
    [Show full text]