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Differences Between Commercial and Corporate Aircraft Finance

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Differences Between Commercial and Corporate Aircraft Finance DIFFERENCES BETWEEN COMMERCIAL AND CORPORATE AIRCRAFT FINANCE Mark Bisset 23 September 2011 The world’s Global Aviation Law Firm of the Year by Who’s Who premier aviation Legal for the past 7 years (2005-2011). law firm Law Firm of the Year 2011 (Legal Business Awards). Over 150 dedicated aviation lawyers, including finance, litigation, insurance & regulatory specialists. Over 1,400 staff based in 25 offices around the world, including in China: INTRODUCTION What are the financing requirements? Who is in the market? Structuring a business jets transaction What are the terms? WHAT ARE THE FINANCING REQUIREMENTS? BUSINESS JETS FINANCING Business jets 11,167 REQUIREMENTS Jetliners/regional jets 585 2011-2020 Business turboprops 3,153 _________ TOTAL 14,905 ========= Value $296 bn CHINA – c.100 aircraft in service “A permanent shift in favour of more expensive models” Source: Teal Group DELIVERIES BY TYPE, 2011-2020 Cessna 3,567 Embraer 2,227 Bombardier 1,579 Gulfstream 1,284 Dassault 1,261 Hawker 1,040 Airbus 141 Boeing 86 Others 539 HOW MANY DELIVERIES ARE PAID IN CASH? “Almost 90 per cent” (V-ref aircraft price guide) “85% of customers at the top half of the market” [$25m + range] (Teal group) “75% (Bank of America) 2006-7 20 – 30% cash COMMERCIAL AIRCRAFT Single aisle 17,870 FINANCING REQUIREMENTS Twin aisle 6,240 Very large 1,740 2009-2029 _________ TOTAL 25,850 ========= Value $3.2 trillion CHINA – 1,386 in service aircraft; backlog of 565 REGIONAL DEMAND BUSINESS JETS 2011-2015 North America Europe Latin America Asia Africa/ME REGIONAL DEMAND COMMERCIAL AIRCRAFT 2009-2029 North America Europe Latin America Asia Africa/ME WHO IS IN THE MARKET? COMMERCIAL SECTOR Credit Agricole TOP 10 BANKS Citi “BEST PERFORMING”) Goldman Sachs BNP Paribas J P Morgan HSBC Credit Suisse Natixis Transport Finance SMBC DVB Source: Airline Economics COMMERCIAL SECTOR ILFC TOP 10 LESSORS GECAS (“BEST AerCap PERFORMING”) BOC Aviation AWAS ELFC Guggenheim Aviation Partners ORIX Aviation SAAM Fly Leasing Source: Airline Economics SWITZERLAND Credit Suisse Zurich and Lausanne CIC Bank Neuchatel JP Morgan Geneva UBS Leasing Zurich LONDON Barclays Wealth Close Aviation Finance Deutsche Bank Lloyds Banking Group Lombard JOHANNESBURG Investec Nedbank Capital Rand Merchant Bank Via Capital Westbank EUROPE GA Finance Amsterdam SG Equipment Finance Europe Credit Agricole Paris, Geneva USA Airfinance Leasing Corporation – San Francisco Bank of America Merrill Lynch – Charlotte, Frankfurt, London CIT Aerospace Citi Private Bank SE Corporate Aircraft Finance – Connecticut Guggenheim Aero Capital – Connecticut, New York Milestone Aviation Group – Dublin and Columbus Private Export Capital Corporation (Pefco) – New York Singlepoint Finance - Oklahoma CHINA ICBC Leasing Beijing Kunlin Financial Leasing Beijing Minsheng Financial Leasing Tianjin MIDDLE EAST Abu Dhabi National Leasing MANUFACTURER SUPPORT Cessna Finance Corporation EXPORT CREDIT BNDES EDC Ex-Im Bank WHAT ARE THE TERMS? GUARANTEE GUARANTOR [MORTGAGE] DIRECT OR INDIRECT OWNERSHIP OWNER LOAN / LEASE BANK MANAGEMENT AGREEMENT / SUB-LEASE OPERATOR FINANCE TERMS Cash deposits of 20-40% Substantial banking relationship Interest spreads still high but reducing (average 2.5 → 3%) Larger transactions favoured ($15m +) Maturities reduced (average 5-8 yrs) Balloon payments restricted “Most aircraft buyers today are choosing fixed rates” (Siemens Financial Services) ASSET FOCUS LTV no higher than 75% Margin calls Quality operators, or consultancy services Quality maintenance providers Continuous asset monitoring Financing for older aircraft (8 yrs +) challenging [email protected] +44 20 7876 4854 (direct) +44 7810 557 841 (mobile) Clyde & Co LLP is a limited Please verify that the liability partnership correct copyright registered in England and statement is used for Wales. your country / legal Regulated by the Solicitors entity. Regulation Authority. The copyright year must © Clyde & Co LLP 2008 be updated to the current year. .
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