Airfinance Journal China School 2019
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Airfinance Journal China School 2019 首屇中国航空金融学院 China School 11 & 12 June 2019 • 6月11日至12日 Airfinance Journal China 2019 中国航空金融年会 13 & 14 June 2019 • 6月13日至14日 Airfinance Journal China Awards 2018 中国航空金融和租赁颁奖典礼 13 June 2019 • 6月13日 The St. Regis Shanghai Jingan, China Platinum sponsor Gold sponsors China Conference Silver sponsors Bronze sponsors Supporting organisation Charity partner airfinancejournal.com/ChinaAF a news @AirfinanceNews Airfinance Journal Airfinance Journal China School 2019 首屇中国航空金融训练课程 11 & 12 June 2019 • 6月11日至12日 Chinese / English simultaneous translation will be provided 中英文同声传译 In the inaugural Airfinance Journal China School, we will bring together over 15 senior industry professionals to share valuable market updates and equip participants with practical knowledge across spectrums of aviation finance and leasing. During the two-day training, curriculum will cover but not limited to aircraft valuation methodologies, risk management in aircraft financing, fleet management tactics and equity performance assessment. This intensive course is designed for aviation new joiners who wish to gain familiarity with the industry quickly or professionals who hope to refresh existing knowledge. Course leader: 1225 Lunch 1400 Understanding the engine as an asset class • The engine leasing market • The business model th Day 1: Tuesday 11 June • The importance of engine maintenance • Residual values and exit strategies • The engine OEMs in the aftermarket 0815 Registration Shaojun Zhu, CFM Marketing Director, Greater China, GE Aviation 0910 Welcoming remarks by Airfinance Journal 1440 How do lessors choose a tax efficient jurisdiction for aircraft leasing 0915 Overview of aircraft leasing market • Latest developments in tax treaties • Background of aircraft leasing • Evolving tax regimes of tax efficient jurisdictions • Industry fundamentals and key drivers • Key considerations for choosing a tax efficient jurisdiction for • Rise of Chinese lessors and their future growth path registration • Aircraft valuation and residual value risk • Typical structures of the transactions Lune Wang, Director and Deputy General Manager, • Taxation in cross-border leasing Comsys (Tianjin) Leasing Company Pieter Burger, Partner, Financial Services Tax, Deloitte 0955 Risk management for lessors 1520 Networking coffee break • Risk management framework • Asset risk 1550 The application of PRC bankruptcy law in aircraft financing • Airline credit risk and evaluation and leasing in China • Balance between risk & return • Liability risk • Will a default ever happen in China? • Jurisdictional risk and repossession considerations • Lessors’ and lessees’ rights • Liability – lessors vs. lessees Andrew Weixi, Executive Director, Aviation Leasing Department, • Termination of lease term and dispute resolution CMB Financial Leasing Yi Liu, Partner, Rui Bai Law Firm 1035 Networking break 1630 Dispute resolutions 1105 Airline strategy and management • What is a dispute? Documenting dispute resolution procedures • Evolving airline business models • Choice of governing law • How do airlines’ business models affect the selection of aircraft? • Resolving disputes • Key considerations for leasing vs buying • Enforcing securities • Gaining competitiveness through mergers and acquisitions • • Cape town treaties and repossession David Yu, Managing Director, Chief Investment Officer, and • Recent case study Co-Founder, Inception Aviation Holdings Jackson Chow, Partner, Bryan Cave Leighton Paisner 1145 Remarketing of aircraft 1710 End of day one • Asset management strategies for airlines and lessors • Remarket procedures, documentation and records • Negotiation management • Single vs portfolio asset remarketing • Case studies • Remarketing challenges in 2019 Vincent Lam, SVP Asia Pacific – Aircraft Remarketing,Air Partner http://bit.ly/ChinaSchool #AFJChinaSchool Airfinance Journal China School 2019 首屇中国航空金融训练课程 11 & 12 June 2019 • 6月11日至12日 Chinese / English simultaneous translation will be provided 中英文同声传译 Day 2: Wednesday 12th June 0830 Registration 1230 Lunch 0850 Introduction of course by course leader • Welcoming note 1350 Case Study: Bidding on an airline’s RFP • The airline industry today This is an interactive case study inspired by real cases. Guided by • Key drivers of air transport the speakers, the audience will be split into groups to make a bid Pierre Briens, Managing Director, Head of Aviation, Transportation and win an airline RFP. Sector, Investment Banking Asia Pacific,BNP Paribas The objective of the Case Study is to put the participants in an Avi- 0920 Managing the risks in aircraft financing ation Banker’s shoes during the entire RFP process with an airline. In order to win the mandate, each team will have to juggle with the • Credit risk: Assessing the solvability of an airline to meet its LT requirements imposed by airline on the transaction structure, their debt and lease obligations internal constrains and the competition. • Asset risk: Understanding liquidity, life cycles and market values of aircraft and engines • Structural risks: Getting LTV, security package and structural cash Pierre Briens, Managing Director, Head of Aviation, Transportation flows right Sector, Investment Banking Asia Pacific,BNP Paribas • Repossession & remarketing risk: Legal & practical considerations Pierre Briens, Managing Director, Head of Aviation, Transportation , Vice President, Transportation Sector, Investment Bank- Sector, Investment Banking Asia Pacific,BNP Paribas Vivien Guo ing Asia Pacific,BNP Paribas 1000 A focus on commercial debt: The core option for most air- lines & lessors 1520 Networking coffee break • Financing menu for airlines and lessors • Secured vs unsecured debt 1540 Distribution of aviation assets to the bank and fixed income • Financing airlines vs lessors markets • Single aircraft vs portfolios • Reason for distributing aviation assets • Managing contingent currency and interest rate risk • Finding liquidity and matching it with the appropriate risk profile • PDP financing • Recent dynamics on the loan market Vivien Guo, Vice President, Transportation Sector, Investment Bank- Alexis Postel-Vinay, Head of Loan & Structured Credit Syndicate, ing Asia Pacific,BNP Paribas Asia Pacific,BNP Paribas 1040 Networking coffee break 1620 M&A and IPOs in the aviation sector • Types of M&A deals 1100 Debt capital markets • Common tension points between buyers and sellers • Transaction, private vs public placements • Why do airlines IPOs • Senior unsecured and secured notes • Typical valuation methods • ABS and EETCs Sylvain Magne, Managing Director, Head of Advisory and Capital • ECA guaranteed bonds Markets, Transportation & Infrastructure Sector, Investment Banking Andy Lai, Managing Director, Head of Origination & Structuring, Asia Pacific,BNP Paribas Asset Finance & Securitisation, Asia Pacific,BNP Paribas 1700 Cape Town Convention – why is it one of the key internation- 1130 Derivatives for the aviation industry al treaties affecting aviation • Interest rate risk: Fixed vs floating • What is Cape Town Convention • Fuel price volatility • Cape Town Convention’ advantages to aircraft financiers, lessors • Currency risk and airlines Brian Tsoi, Managing Director, Head of Corporate FXLM Sales China, • Insolvencies and default remedies Global Markets, BNP Paribas • How has it evolved over the last decade? Paul Ng, Partner, Milbank 1200 Japanese operating lease with call option • JOLCO fundamentals 1740 Course summary and close of day two • Key considerations • NK vs TK investors • What will happen tomorrow? Norio Besshi, Director, Optimization, Structured Leasing & Transpor- tation, BNP Paribas http://bit.ly/ChinaSchool #AFJChinaSchool Airfinance Journal China 2019 中国航空金融年会 13 & 14 June 2019 • 6月13日至14日 Chinese / English simultaneous translation will be provided 中英文同声传译 Air passenger traffic volume in China has grown extensively and the country is expected to dominate the world’s aviation market by 2022. Slowing economic growth, escalating fuel prices and heightened customer expectations are some reasons for increasingly fierce competition within the aviation industry. Join us atAirfinance Journal China 2019 to identify business opportunities and explore solutions to the challenges below: › How will trade uncertainty affect the aviation industry in China? › What are the implications of rising fuel price for airlines fleet planning strategies? › What is the outlook for various sources of capital available in the market? › How can Chinese lessors and airlines prepare for currency turbulence? › Will we see more Asian and Chinese lessors making use of aircraft securitization? 2018 Attendees By Sector Our two days programme will bring together over 700 2% 1% senior executives from airlines, leasing companies, 4% 4% 4% financial institutions and investment houses to examine the most pressing issues and opportunities of the 9% 40% aviation finance landscape with at least 62% of senior 8% executives and their direct reports. 27% Lessor Airline Bank OEM Advisory firm Government agency Law firm Servise provider Investor Asset management firm Apprasier Consultancy Trader Rating agency Over 44 airlines now registered for Airfiannce Journal China: • Air Bridge Cargo Airlines • Himalaya Airlines • Sichuan Airlines • Air Canada • Hong Kong Airlines • Sino-LAC Airlines • Air China • IndiGo Airlines • Spring Airlines • Air Macau • Jet Airways • Star Jet China • Air Premia • Jiangxi Airlines • Suparna Airlines • Airfrance/KLM • Juneyao Airlines • Tianjin Airlines