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special REPORt

AIRCRAFT FINANCE 2013

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Aircraft finance 2013

foreword
Welcome to Flightglobal Insights Aircraft Finance Special Report 2013 brought to you in association with CFM International and prepared using information from the extensive Flight Premium portfolio. The report provides an analytical overview of the year 2012 looking at order and transaction activities, the finance and leasing markets, as well as opinions from the appraiser community regarding the year ahead. The year 2012 ended with an Airbus and Boeing order backlog of 9,055 aircraft, up 847 units on the previous year. This is a new record for the year-end commercial aircraft backlog. The previous record was 2010 with 8,502 units. Net orders for Airbus and Boeing totalled 2,036 aircraft in 2012, compared with 2,224 in 2011. Although Airbuss output rose by 10% in 2012 to a record 588 deliveries, its US rival surpassed the European airframers tally by 13 aircraft. Boeings total of 601 deliveries represents the manufacturers second-highest airliner output ever, and is just 14 units shy of its record 620 shipments in 1999. The European manufacturer handed over 455 aircraft singleaisle aircraft last year, representing 88% of total deliveries. In comparison, the 737 represented 69% of Boeings deliveries in 2012. Year-on-year backlog at Airbus increased by 245 aircraft to 4,682 units, while Boeing recorded 4,373 units at year-end, 602 more than in 2011 as the US manufacturer sold 914 Max aircraft. Although Boeing traditionally has been more conservative with single-aisle production rates, it is catching up with Airbus now. During the past two years, 737 production has risen by more than 20% to 38 aircraft. Rates will increase again to 42 a month in the first-half of 2014 and, at that time, 737 production rates will match those of the A320 family. On the longhaul side, the A330/A340 production rate was 9.6 aircraft a month last year, up from 7.25 in 2011. Airbus handed over 30 A380s in 2012, up from 26 in 2011. Boeing delivered 26 767s last year compared with 20 in 2011. The 787 model production rate was 3.8 aircraft a month on average, with the 777 production line almost reached seven aircraft a month, up from 6.1 aircraft in 2011. With the full implementation of the new Aircraft Sector Understanding (ASU) this year, the cost of aircraft financing will become more expensive. The new ASU raises the export credit premium for all borrowers, but the rise is steeper for those with a better credit rating. Higher-risk airlines will still pay more than they do now but not as much proportionally, making export credit less attractive to stronger airlines. Higher pricing under the new ASU will push airlines towards commercial debt financing and operating leases, says Kostya Zolotusky, Boeing Capitals managing director capital markets, leasing. He believes aircraft leasing will continue to be a very strong market, growing at a faster rate than seen in the past decade. Airlines will rent rather than buy aircraft and so we see the number of aircraft in the global fleet that are on operating leases going towards 50% this decade. Leasing companies increased their market share to 40% of new deliveries at Airbus in 2012. The European manufacturer handed over 122 new aircraft directly to operating lessors last year out of a total of 588 aircraft, representing a 21% market share. Another 114 units were acquired by lessors under purchase and leaseback agreements during the year. Operating lessors are expected to represent 23% of Airbus direct deliveries this year. Increased appetite from the capital markets for commercial aircraft will likely see more US Export-Import Bank (Ex-Im) guaranteed bonds and pre-funded bond transactions. According to data compiled by Boeing Capital and Flightglobal, Ex-Im bond issuances totalled $5.6 billion in 2012. This compares with $587 million worth of transactions in 2011 and $2.48 billion in 2010. The final quarter of 2012 was particularly active with 12 transactions worth $2.3 billion. Last year, Latam Airlines Group emerged as the largest ExIm bond issuer with an estimated $1.8 billion in financing. This report ludes a breakdown of aircraft finance transactions which took place in 2012. This information has
Aircraft Finance 2013 | Flightglobal Insight | 3

Aircraft finance 2013

been extracted from the Flightglobal reports and Ascends database. It has been displayed in various ways, enabling you to browse through the deals by operator, aircraft model, month, value and participant. Finally, the report offers opinions from appraisers at Ascend, Collateral Verifications, IBA Group, ICF SH&E and Tailwind Capital, who reflect on 2012 and provide insight into what we might expect this year. We hope that you find this information useful and that the Aircraft Finance Special Report 2013 will be a helpful reference source of closing all your aircraft transactions this year.

flightglobal Finance olivier bonnassies: editor flightglobal insight Antoine Fafard: manager flightglobal data research steven Phipps: flightglobal ascend

Cover photo: WestEnd61/Rex Features

FINANCE INTERACTIVE
Airline Business and aviation finance specialist DVB Bank have teamed up for the third annual interactive special to scrutinise this market. Published in parallel with the annual financing and leasing survey found in the Airline Business February issue, the special report tackles the key issues facing the sector through an interactive format. Topics explored this year lude how the leasing sector is reasing its proportion of the world fleet, and the issue of airliner economic lives. The airlines 2013 financing requirements and the likely changes in funding sources are also examined. Leading experts and analysts in the sector were asked for their views on these major issues. These lude Nigel Taylor of EADS and Boeings Kostya Zolotusky; Bertrand Grabowski and Bert van Leeuwen of DVB Bank and analysts Rob Morris and Paul Sheridan from Flightglobals consultancy arm Ascend. The online special also orporates a range of data presented in interactive format, giving snapshots of the largest lessors, funding sources and financing forecasts by region.

Download the Airline Business finance interactive at:

flightglobal.com/ifinance13

4 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

content
Fleet Watch: 2012 Commercial aviation continues to grow LEASING OUTLOOK Top 10 lessors by fleet value Top 50 lessors and management companies by fleet value Top 50 lessors and management companies by fleet size Top 50 leasing survey Finding the funds Market outlook What appraisers expect in 2013 Deals database 2012 By customer 19 15 9 10 11 12 13 6

Download an extended electronic version of this report at www.flightglobal.com/insight

To find out more about flightglobal insight and report sponsorship opportunities, contact: Flightglobal Insight Quadrant House, The Quadrant Sutton, Surrey, SM2 5AS, UK Tel: + 44 208 652 8724 Email: insight@flightglobal.com Website: www.flightglobal.com/insight

Insight
Aircraft Finance 2013 | Flightglobal Insight | 5

Aircraft finance 2013

fleet watch: 2012


Commercial aviation continues to grow
The year 2012 was another strong year for commercial aviation as a record number of aircraft were delivered and order backlog reached an all-time high at the end of the year. Net orders in 2012 The 2,582 net orders for 2012 represent a decrease of 11% on the previous year. Apart from the regional jet market, each market group received fewer orders. Boeing emerged as the leader in the 2012 commercial order battle with 1,191 net orders, their strongest year se the alltime high of 2007. Airbus totalled 833 net orders, a decrease of 43% on the previous year. Bombardier received 35 orders for the CSeries and 120 for their range of regional aircraft, while Comac took in 115 orders for the C919. Mitsubishi Regional Jet recorded an order of 100 MRJ90s, which are scheduled to be delivered from 2017. Embraer and Irkut received 56 and 35 net orders respectively in 2012. Narrowbody net orders decreased by 11% on the previous year with a total of 2,034 in 2012. Boeing lead with 1,112
AIRLINERmarket MARKET 10-YEAR VIEW - NET ORDERS Airliner 10-year view - net orders
2,500

narrowobody orders, including 914 for the re-engined 737 Max. Airbus received 739 orders of which 478 were for the A320neo. Widebody net orders came in at 173, a decrease of 48% on the previous year. Airbus took in 94 widebody orders while Boeing received 79. Regional jets benefited with a year-on-year increase of more than 100% in 2012. Indonesias Lion Air was responsible for the largest number of orders during the year as the operator ordered a total of 235 aircraft including 201 737 Max aircraft, 29 737 Next Generation (NG) aircraft and five 787s. Budget carrier Norwegian ordered the A320neo and 737 Max aircraft with 100 of each, as well as 22 737s. United Airlines ordered 100 737 Max and 50 737 aircraft while AirAsia ordered 100 A320s including 64 Neo aircraft. The 100 MRJ90 order came from US operator SkyWest Airlines in a deal valued at $8.4 billion at list price. Lessor Air Lease ordered a total of 119 aircraft (75 737 Max, 36 A320neo, four ATR 72s, three A330s and a single Embraer 175) while GECAS ordered 91 aircraft (75 737 Max, 14 737s and two E-195s). Other large orders came in during the year from Pegasus Airlines with 75 A320neo and BOC Aviation with 53 A320s (including 25 Neo) and 20 C919s. Commercial aircraft deliveries in 2012 A total of 1,402 commercial aircraft deliveries took place in 2012 including 850 narrowbody and 305 widebody aircraft, an all-time high for both market groups. Regional jet and turboprop deliveries totalled 128 and 117, respectively. It was an aircraft delivery record year for both Airbus and Boeing. Airbus delivered 577 commercial aircraft, 60 more than the year before. The manufacturer delivered 448 A320s, 97 A330s, 30 A380s and two A340s. Boeing delivered a total of 580 commercial aircraft, a significant 26% increase on the previous year. The company delivered 402 737s, 83 777s, 46 787s, 26 767s and 23 747s. In the regional market, Bombardier and Embraer delivered 50 and 106 commercial aircraft, respectively. ATR also delivered 60 commercial turboprops, an all-time high for the manufacturer.

2,000

Number of aircraft

1,500

1,000

500

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Year ending
Narrowbody Jet Widebody Jet
Source: Ascend Online Fleets (February 2013)

Regional Jet Turboprop

6 | Flightglobal Insight | Aircraft Finance 2013 Narrowbody Jet


Widebody Jet

Aircraft finance 2013

AIRLINERmarket MARKET 10-YEAR VIEW - DELIVERIES Airliner 10-year view - deliveries


1,500

represents an increase of more than 1,000 aircraft on the previous year. At the end of 2012, Malaysian carrier AirAsia topped the backlog by operator listing with 339 A320 family aircraft, 264 of which are for the Neo variant. AirAsia was also the fleet manager leader with 389 aircraft on order. Lion Air followed the listing by operator with 329 737s on order, including 150 Max. Southwest Airlines and United Airlines show an order backlog of 321 and 299 aircraft respectively which they both own and manage. In the leasing market, GECAS, ILFC, Air Lease and Aviation Capital Group showed backlog figures of 286, 225, 244 and 185 respectively.

1,200

Number of aircraft

900

600

300 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Year ending
Narrowbody Jet Widebody Jet Regional Jet Turboprop

Source: Ascend Online Fleets (February 2013)

From an operator region perspective, 44% of the commercial Widebody Jet aircraft delivered in 2012 were for operators based in AsiaRegional Jet Pacific followed by Europe with 23%.
Turboprop

Narrowbody Jet

Order backlog at 31 December 2012 Airliner backlog ended the year at 10,833, including 4,660 for Airbus and 4,380 for Boeing. The total backlog figure
AIRLINER MARKET 10-YEAR VIEW - BACKLOG Airliner market 10-year view - backlog
12,000 10,000

Number of aircraft

8,000 6,000 4,000 2,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Year ending
Narrowbody Jet Widebody Jet
Source: Ascend Online Fleets (February 2013)

Regional Jet Turboprop

Download an extended electronic version of this report including the deals by aircraft type at www.flightglobal.com/insight

Narrowbody Jet Widebody Jet Regional Jet

Aircraft Finance 2013 | Flightglobal Insight | 7

Aircraft finance 2013

Regional overview for commercial aircraft in 2012


europe NORTH AMERICA 2012 net orders: 2012 deliveries: Backlog (31 Dec): 670 167 2,678 2012 net orders: 2012 deliveries: Backlog (31 Dec): 471 319 1,918 middle east 2012 net orders: 2012 deliveries: Backlog (31 Dec): 4 102 873

souTH AMERICA 2012 net orders: 2012 deliveries: Backlog (31 Dec): 270 147 846 asia-pacific africa 2012 net orders: 2012 deliveries: Backlog (31 Dec): 18 48 188 2012 net orders: 2012 deliveries: Backlog (31 Dec): 959 617 3,955

NOTES: Figures extracted from Ascend Online Fleets from Flightglobal (February 2013). Regional split based on operator location (when available).

Read the monthly FleetWatch summaries at: www.flightglobal.com/fleetwatch

8 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013


Extracts from:

Leasing outlook
Top 10 lessors by fleet value
TOP FLIGHT GECAS has kept its impressive lead in the leasing stakes. While its portfolio by fleet value dropped slightly in 2012 to $34.1 billion, there was a sharper decline at its nearest rival International Lease Finance (ILFC). Continued growth during the past 12 months has moved BBAM up to make it the third-largest lessor. HIGH RISERS Air Lease (ALC) marches on and less than three years after launch, a fleet portfolio of 151 valued at $5.6 billion puts it among the top 10 largest lessors in the world. Other rapid risers in 2012 lude Avolon, which grew its fleet value by 61% to $3.4 billion, and AWAS which grew by 19% to $6.1 billion. REGIONAL SHIFT Aircraft lessors hold a 20% share of the narrowbody aircraft backlog, and 12% of widebody orders. The latter is down on the 18% share lessors held five years ago. However, the biggest movement during that period is in regional jets. Lessors account for more than a fifth of the fleet backlog today, compared with only 3% in 2008. EASTERN PROMISE China Aircraft Leasing (CALC), which acquired 36 Airbus A320s last year, aims to build its portfolio to 100 aircraft by 2015, another sign of the growing development of the leasing sector in China. BIG DEALS A busy year for acquisitions in the sector was capped in December when Chinese investors agreed to buy a 90% stake in ILFC from AIG. It marks a further shift to the east in the finance sector after Japanese acquisitions earlier in the year. In October, Mitsubishi UFJ Lease & Finance acquired fast-growing Jackson Square Aviation after Sumitomo Mitsui completed its purchase of RBS Aviation Capital at the start of last year.

GECAS $34.1bn -1.4%

ILFC $26.1bn -6.0%

BBAM $8.7bn 9.8%

AerCap $7.7bn -8.8%

BOC Aviation $7.3bn 7.9%

CIT Aerospace $7.2bn -4.2%

AWAS $6.1bn 18.6%

SMBC Aviation Capital $5.9bn -11.6%

Air Lease $5.6bn 59.7%

Aviation Capital Group $5.6bn 16.7%

1,635

Lessors firm backlog as at the end of 2012, led by GECAS with 285 aircraft, followed by Air Lease with 244, and ILFC with 225

32%

Aircraft lessors shares represent almost a third of the total global fleet and 42% of the Airbus and Boeing narrowbody market

$181bn

The total fleet value of the top 50 aircraft lessors fleet portfolios in 2012, marking an increase of 6% over the previous year
Aircraft Finance 2013 | Flightglobal Insight | 9

Aircraft finance 2013


Top 50 lessors and management companies by fleet value
Rank 2012 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 (2011) (1) (2) (4) (3) (6) (5) (8) (7) (12) (9) (13) (14) (10) (16) (23) (18) (11) (17) (21) (15) (25) (22) (27) (28) (19) (24) (20) (26) (31) (82) (30) (29) (43) (46) (34) (58) (33) (35) (32) (37) (56) (48) (38) (40) (36) (39) (116) (41) (45) (54) Company GECAS ILFC BBAM AerCap BOC Aviation CIT Aerospace AWAS SMBC Aviation Capital Air Lease Corporation Aviation Capital Group Doric CDB Leasing Aircastle Advisor MC Aviation Partners Avolon Aerospace Lsg Pembroke Group Macquarie AirFinance ICBC Leasing Co Jackson Square Aviation Sumisho Acft Asset Mgt DAE Capital Hong Kong Avn Capital Guggenheim Avn Partners ORIX Aviation Boeing Capital Corp Amentum Capital FLY Leasing ALAFCO Nordic Aviation Capital Changjiang Lsg Co Lease Corporation Int'l SkyWorks Leasing Santos Dumont Acft Mgmt VEB-Leasing JSC Jetscape Novus Aviation Aircraft Leasing & Mgmt Investec Global Acft Fund Penerbangan Malaysia Cargo Aircraft Mgmt China Aircraft Lsg AVIC International Lsg Banc of America Lsg Dragon Aviation Lsg Co Volito Avn Services GOAL BoCom Leasing VTB-Leasing Aircraft Purchase Fleet Aldus Aviation TOTAL Total fleet value $m Change 34,096 -1.4% 26,123 -6.0% 8,622 9.8% 7,707 -8.8% 7,276 7.9% 7,179 -4.2% 6,131 18.6% 5,913 -11.6% 5,618 59.7% 5,582 16.7% 4,046 35.6% 3,795 32.1% 3,769 1.1% 3,529 25.0% 3,414 61.3% 3,395 33.8% 3,179 -12.2% 3,174 21.5% 2,762 25.2% 2,621 -8.5% 2,528 23.1% 2,301 4.6% 2,278 29.4% 2,232 56.4% 2,135 -11.0% 2,067 -1.6% 2,024 -8.4% 1,566 -18.8% 1,478 46.4% 1,156 668.6% 970 -7.8% 962 -21.8% 961 87.7% 867 82.2% 853 8.7% 786 157.8% 738 -7.4% 676 2.0% 666 -24.0% 645 3.2% 607 94.6% 587 35.6% 540 -12.1% 537 -8.8% 509 -18.7% 502 -15.9% 499 1248.4% 494 -14.5% 463 -4.0% 457 41.8% 181,015 6.1% Total fleet 1,742 1,033 332 297 198 268 244 232 151 270 35 91 158 110 89 97 149 82 65 86 51 73 66 120 236 45 110 51 174 50 12 84 25 41 43 17 35 19 37 75 16 33 36 17 36 33 15 39 16 21 7,355 Average value $m Change 19.6 -0.7% 25.3 -6.2% 26.0 8.2% 25.9 0.2% 36.7 -2.4% 26.8 -6.0% 25.1 8.9% 25.5 -6.3% 37.2 2.6% 20.7 5.9% 115.6 4.6% 41.7 1.6% 23.9 -10.4% 32.1 -1.1% 38.4 -5.8% 35.0 3.4% 21.3 -8.1% 38.7 -6.7% 42.5 -11.4% 30.5 -5.3% 49.6 13.5% 31.5 -2.6% 34.5 0.0% 18.6 14.7% 9.0 -8.7% 45.9 -3.8% 18.4 -9.2% 30.7 -4.4% 8.5 26.2% 23.1 -23.1% 80.9 -0.1% 11.5 -8.8% 38.5 20.1% 21.1 -2.2% 19.8 6.2% 46.2 127.5% 21.1 11.1% 35.6 -8.8% 18.0 -13.7% 8.6 6.0% 37.9 21.7% 17.8 2.7% 15.0 0.1% 31.6 -8.8% 14.1 8.3% 15.2 4.5% 33.3 79.8% 12.7 -16.7% 28.9 -10.0% 21.7 8.0% 24.6 1.0% Managed only $m Share 1,162 3.4% 946 3.6% 7,602 88.2% 1,937 25.1% 702 9.6% 68 0.9% 116 1.9% 0 0.0% 0 0.0% 170 3.0% 4,046 100.0% 0 0.0% 55 1.4% 788 22.3% 0 0.0% 145 4.3% 350 11.0% 124 3.9% 0 0.0% 989 37.8% 0 0.0% 1,688 73.4% 0 0.0% 323 14.5% 185 8.6% 2,067 100.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 970 100.0% 962 100.0% 0 0.0% 0 0.0% 325 38.1% 515 65.6% 738 100.0% 172 25.5% 0 0.0% 13 2.0% 0 0.0% 6 0.9% 17 3.1% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 297 60.3% 0 0.0% 0 0.0% 27,477 15.2%

Notes: Fleet value based on Ascend estimates 2012. FLY Leasing aircraft managed by BBAM, but not luded in BBAM figures to avoid double counting. 2011 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 Flightglobals Ascend Online Fleets and Values databases for December 2012 and 2011. 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.

10 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013


top 50 lessors and management companies by fleet size
Rank 2012 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 30 32 33 34 34 34 37 37 39 39 41 42 43 44 45 45 47 48 49 50 (2011) (1) (2) (3) (4) (7) (5) (9) (8) (6) (10) (12) (13) (17) (11) (15) (20) (16) (14) (22) (24) (28) (29) (21) (18) (26) (23) (27) (33) (25) (34) (19) (40) (48) (32) (36) (30) (38) (63) (31) (37) (42) (71) (45) (39) (47) (43) (44) (35) (50) (57) Company GECAS ILFC BBAM AerCap Aviation Capital Group CIT Aerospace AWAS Boeing Capital Corp SMBC Aviation Capital BOC Aviation Nordic Aviation Capital Aircastle Advisor Air Lease Corporation Macquarie AirFinance ORIX Aviation MC Aviation Partners FLY Leasing Falko Avmax Aircraft Leasing Pembroke Group CDB Leasing Avolon Aerospace Lsg Sumisho Acft Asset Mgt SkyWorks Leasing ICBC Leasing Co Cargo Aircraft Mgmt Hong Kong Avn Capital Guggenheim Avn Partners Sky Holding Jackson Square Aviation Saab Aircraft Lsg AerSale ECC Leasing Co Apollo Aviation Group DAE Capital ALAFCO Changjiang Lsg Co GA Telesis Aergo Capital Amentum Capital Jetscape VEB-Leasing JSC JetFleet Mgmt Corp World Star Aviation VTB-Leasing Penerbangan Malaysia Banc of America Lsg Volito Avn Services Ilyushin Finance Co Doric TOTAL number 1,742 1,033 332 297 270 268 244 236 232 198 174 158 151 149 120 110 110 105 99 97 91 89 86 84 82 75 73 66 66 65 59 54 54 52 51 51 50 48 47 45 43 41 40 40 39 37 36 36 36 35 7,796 Total fleet change units +/-0.7% -13 0.2% +2 1.5% +5 -8.9% -29 10.2% +25 1.9% +5 8.9% +20 -2.5% -6 -5.7% -14 10.6% +19 16.0% +24 12.9% +18 55.7% +54 -4.5% -7 36.4% +32 26.4% +23 0.9% +1 -16.7% -21 19.3% +16 29.3% +22 30.0% +21 71.2% +37 -3.4% -3 -14.3% -14 30.2% +19 -2.6% -2 7.4% +5 29.4% +15 -8.3% -6 41.3% +19 -46.8% -52 42.1% +16 50.0% +18 10.6% +5 8.5% +4 -15.0% -9 8.7% +4 92.0% +23 4.4% +2 2.3% +1 2.4% +1 86.4% +19 5.3% +2 -11.1% -5 2.6% +1 -11.9% -5 -12.2% -5 -25.0% -12 9.1% +3 29.6% +8 3.8% +286 Fleet by category Wide Narrow RJ/Prop 194 1,102 446 277 756 33 297 2 44 246 7 11 259 39 217 12 50 192 2 18 209 9 2 218 12 27 166 5 12 162 60 96 2 28 85 38 12 133 4 17 100 3 28 82 6 104 105 99 15 82 23 49 19 7 76 6 6 77 3 17 46 21 22 53 7 44 31 17 50 6 33 33 12 54 6 59 59 18 36 54 16 33 3 20 31 4 47 32 18 15 21 12 44 3 14 26 5 6 37 19 12 10 40 2 38 14 23 2 20 17 8 20 8 36 7 20 9 27 8 1,232 5,334 1,230 Fleet ($m) 34,096 26,123 8,622 7,707 5,582 7,179 6,131 2,135 5,913 7,276 1,478 3,769 5,618 3,179 2,232 3,529 2,024 280 327 3,395 3,795 3,414 2,621 962 3,174 645 2,301 2,278 408 2,762 98 430 368 427 2,528 1,566 1,156 387 97 2,067 853 867 107 92 494 666 540 509 62 4,046 176,316 Value Rank Average ($m) 1 19.6 2 25.3 3 26.0 4 25.9 10 20.7 6 26.8 7 25.1 25 9.0 8 25.5 5 36.7 29 8.5 13 23.9 9 37.2 17 21.3 24 18.6 14 32.1 27 18.4 64 2.7 61 3.3 16 35.0 12 41.7 15 38.4 20 30.5 32 11.5 18 38.7 40 8.6 22 31.5 23 34.5 56 6.2 19 42.5 85 1.7 52 8.0 58 6.8 53 8.2 21 49.6 28 30.7 30 23.1 57 8.1 86 2.1 26 45.9 35 19.8 34 21.1 84 2.7 89 2.3 49 12.7 39 18.0 43 15.0 45 14.1 101 1.7 11 115.6 22.6

NOTES: Figures based on fleet data from Flightglobals Ascend Online database for December 2012. Total fleet is owned and managed. 2011 data recalculated on basis of top 50 lessors by fleet size, and not top 50 lessors by fleet value ranked by their fleet size, as published previously. SMBC Aviation Capital was formerly RBS Aviation Capital

Aircraft Finance 2013 | Flightglobal Insight | 11

Aircraft finance 2013

top 50 leasing survey


Our annual review of the lessors provides a snapshot of the global fleet that they own and manage, compiled from Flightglobals Ascend Online database as of December 2012
mainline aircraft: Leased fleet
Manufacturer/category Airbus narrowbody Type Value ($m) 331 9,903 38,285 7,872 56,390 356 115 23,279 2,568 3,047 29,365 85,756 1,049 16 2,549 13 49,809 2,994 43 1 293 60 56,827 5,592 5,407 24,193 105 5 681 35,983 92,809 178,565 Fleet 23 637 1,632 300 2,592 32 21 395 100 18 566 3,158 128 24 756 59 1,841 293 28 6 177 12 3,324 167 334 271 1 7 41 821 4,145 7,303 Av. value ($m) 14.4 15.5 23.5 26.2 21.8 11.1 5.5 58.9 25.7 169.3 51.9 27.2 8.2 0.7 3.4 0.2 27.1 10.2 1.5 0.1 1.7 5.0 17.1 33.5 16.2 89.3 105.0 0.7 16.6 43.8 22.4 24.5

turboprops: leased fleet


Manufacturer ATR Type ATR 42 ATR 72 Value Fleet Av. value ($m) ($m) 254 64 1,704 152 1,958 216 79 54 1,778 219 17 13 84 48 275 133 173 68 4,364 751 193,383 9,058 4.0 11.2 9.1 1.5 8.1 1.3 1.7 2.1 2.5 5.8 21.3

A318 A319 A320 A321 airbus Narrowbody total Airbus widebody A300 A310 A330 A340 A380 Airbus Widebody total Airbus total Boeing narrowbody 717 727 737 CFMI 737 JT8D 737 NG 757 DC-8 DC-9 MD-80 MD-90 boeing Narrowbody total Boeing widebody 747 767 777 787 DC-10 MD-11 boeing Widebody total Boeing Total mainline aircraft grand total

ATR total BAe Systems ATP/Jetstream 31/41 Bombardier Twin Otter/Dash 8 Embraer EMB-120 Fokker 50 Saab 340/2000 Others TOTAL mainline/regional grand total

Narrowbody lessors by fleet value


Rank 1 2 3 4 5 6 7 8 9 10 Company GECAS ILFC BBAM SMBC Aviation Capital Aviation Capital Group AerCap CIT Aerospace BOC Aviation AWAS Avolon Aerospace Leasing Value ($m) 20,716 13,902 6,450 5,647 5,362 5,161 4,994 4,660 4,106 2,690 Fleet 1,102 756 297 218 259 246 217 166 192 76 Change -21 +6 -1 -12 +25 -31 -1 +14 +24 +28

Widebody lessors by fleet value


Rank 1 2 3 4 5 6 7 8 9 10 Company ILFC GECAS Doric BOC Aviation AerCap Aircastle Advisor Air Lease Corporation BBAM AWAS CIT Aerospace Value ($m) 12,222 9,504 3,867 2,461 2,442 2,380 2,203 2,126 2,018 1,938 Fleet 277 194 27 27 44 60 28 33 50 39 Change -4 +7 +6 +2 +2 +6 +11 +4 -3 +0

regional jets: leased fleet


Manufacturer Bombardier Type CRJ CRJ700/900/1000 Value ($m) Fleet 285 75 360 80 205 189 474 76 60 34 1,004 Av. value ($m) 3.6 12.7 5.5 18.0 25.0 6.3 16.4 3.1 3.2 8.2 10.4

1,030 956 Bombardier total 1,986 Embraer E-170/175 1,440 E-190/195 5,128 ERJ-145 family 1,199 Embraer total 7,766 BAe Systems BAe 146/Avro RJ 234 Fokker Fokker F.28/70/100 189 Others 279 regional jet Grand total 10,454

Regional aircraft lessors by fleet size


Rank Company

Notes: Embraer data ludes Harbin Chinese production; Others ludes 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 Flightglobals 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 as previously published.

1 2 3 4 5 6 7 8 9 10

GECAS
Nordic Aviation Capital

Falko Avmax Aircraft Lsg


Saab Aircraft Leasing

ECC Leasing Co
JetFleet Management Corp

Air Lease Corporation

Jetscape Erik Thun AB

Value $m 3,876 1,442 280 327 98 368 107 1,008 806 163

Fleet 446 162 105 99 59 54 40 38 37 33

Jets 418 5 69 32 0 53 7 30 35 1

Tprops Change 28 -3 157 +25 36 -28 67 +14 59 -34 1 +17 33 -1 8 +24 2 +4 32 +1

12 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

finding the funds


Record production means that airlines delivery finance requirements will increase by 15% this year to $100 billion, with banking activity likely to grow significantly
The major airframers are set to deliver almost $100 billion worth of aircraft in 2013 as production rates in Airbus and Boeings plants surpass the record output of 1,190 units set last year. According to projections based on data from the Flightglobals Ascend Online database, almost $96 billion worth of aircraft will be delivered by Airbus and Boeing this year (applying 2013 full-life base values). A further $3 billion worth of metal will be shipped by Bombardier and Embraer. We estimate that demand for finance is up by 15% this year over 2012, says Flightglobal Ascend senior aviation analyst Rob Morris. Airbus will again be shaded by its US rival, shipping $42 billion of assets, compared with $53 billion from Seattle. Airbus will earn more from single-aisles, delivering $24.7 billion worth of A320 family aircraft against $22.6 billion worth of 737s. But Toulouse looks set to be beaten fair and square in the more lucrative widebody market, delivering $17.7 billion worth of A330s and A380s against an impressive tally of $30.8 billion in 747s, 767s 777s and 787s by Boeing. Well over two-fifths of the 2013 financing requirements will be from Asia-Pacific airlines, which will take $45 billion worth of airliners. Thats 18% greater than last year, Morris points out. Europe accounts for around a fifth ($20 billion) of the delivery financing needs, while North American carriers will need to find almost $15 billion in financing this year. Morris says that the North American figure is around 40% greater than 2012. Deliveries to Middle Eastern carriers will account for around $10 billion this year. Morris expects that export credit agency (ECA) activity will be broadly the same as 2012: We estimate around $24.5 billion worth of ECA financings, despite the potential increase in cost, he says. Bank activity is expected to grow significantly, with Asia Pacific driving much of that growth due to its greater funding requirements. Capital market activity is set to increase by as much as 50%. This will be driven by the increased value of deliveries to North American airlines, Morris says. As for the assets, around 80% of deliveries will be types Ascend classes as liquid, and thus relatively easy to finance. Thats around the same ratio as last year and on this basis we expect finance will be found for the other 20%, as it was in 2012.

2013 delivery values by airframer

2013 delivery values by category and region

Aircraft Finance 2013 | Flightglobal Insight | 13

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Aircraft finance 2013

market outlook
What appraisers expect in 2013
Five appraisers review the market in 2012 and take a look ahead in 2013
Will there be a lot of order reshuffling this year? Collateral Verifications VP Commercial Aviation Services Gueric Dechavanne: This will depend greatly on the state of the industry throughout the year. Should things keep moving at the same pace, we could see some deferrals from operators that were expecting 2013 to show more significant improvements that might be seen. This may be region specific though as some of the regions, such as North America, will most likely continue to take delivery of new aircraft, which are predominantly used as replacement aircraft versus growth aircraft. ICF SH&E VP Ken de Jaeger: ICF SH&E does not anticipate a material amount of order reshuffling in 2013 above and beyond what is typical in most years. IBA Groups head of valuations and modelling Stuart Hatcher: As the market continues to evolve then understandably airlines and operating lessors will want the freedom to shuffle some of their orders around, where possible. The backlog of Airbus A319s and Boeing 737700s is quite smaller now, but there is plenty of room to move A320/737-800s up to the A321/737-900ER models. Likewise, we might expect to see the same for the A350 as well as the programme gathers momentum. Ascend director of valuations Les Weal: Probably some. We expect some airlines will push deliveries to the right and airlines with major fleet replacement needs (US airlines?) step in. Do you expect a pullback in orders for the 787 due to recent concerns? Will values be impacted? Dechavanne: I dont believe we will see much pullback unless the current issues create a very significant delay. Values should also not get greatly impacted unless the issues found become more permanent, which is not expected. Boeing has too much invested in this aircraft to not do what is necessary to get the aircraft back up and flying. I am confident that once the full issues have been identified, they will be fixed and the programme will continue as planned. I believe that in todays environment, there is a lot of pressure from operators to have the original equipment manufacturers (OEM) produce more technologically advanced aircraft and due to this, there will always be issues that need to be worked out in the initial deliveries of these aircraft. This is what we are currently experiencing with the 787. De Jaeger: ICF SH&E would not anticipate any significant new orders being signed until the root cause of the 787 battery issues have been identified. The investigation is still early and any commentary on the valuation impact would be pure speculation at this point. Hatcher: Providing Boeing can sort this problem out, get the current fleet flying and prevent any long-term delays then a value crisis should be averted. But can it be done quickly and effectively to prevent further delays? The early line numbers already have big question marks above them as analysts try to assess their true capability versus those built further down the line this could just be another reason why the majority of these early builds will not attract the lessors in the same way as the later builds. Once you couple the issues of weight, engine mod level and now battery issues, these early-build aircraft will have a different value treatment anyway but that is no different to any other new programme in history either! Once the issues are sorted (still early days on when that will be) and the latest engines are in full production then it will be time for Boeing to prove just how good the design is. If this is part of a more serious issue, then we would expect to see some value impact. Given the bad press, I would expect to see more A350 orders this year particularly for those who have been sitting on the fence. Some 787 orders will fall away but we may possibly see more reshuffling towards the larger variant(s?). Tailwind Capital Bryson Monteleone: Pullbacks only if there is a significant re-design to the aircraft similar to the A380 programme, and operators cannot wait for additional lift should the program be paused. Weal: Too early to say and probably not.
Aircraft Finance 2013 | Flightglobal Insight | 15

Aircraft finance 2013

Do you anticipate more aircraft to be parked in 2013? Why? Dechavanne: Yes. Unless traffic picks up significantly this year, operators will continue to replace older less efficient aircraft with newer aircraft, which means that more aircraft will be parked, perhaps indefinitely. De Jaeger: ICF SH&E does not anticipate an increase in the fleet of parked aircraft in 2013; as always, bankruptcies and unpredictable exogenous events can and do cause spikes. Hatcher: It is still tough out there and despite the expectation that fuel prices will stabilise, certain aircraft types will be parked up. Certainly the A340s and 747s will continue to feel the pain, likewise the smaller members of large families will continue to move to the desert. As passenger demand continues to rise, we may actually see more aircraft returning to service. Many airlines have become savvier to managing their available seat kilometres and operating lessors will be pushing hard to return many of their parked aircraft back into service. The overall number parked will remain the same, but the inmates will change. Undoubtedly some young aircraft will make their way into the desert as funding remains tight but new investors will continue to emerge and return a little confidence back to the market. Monteleone: As long as OEMs continue to pump out new aircraft en masse at aggressive production rates, and financing/leasing for new aircraft remains more compelling, many used aircraft will have no place to go but be parked. Weal: More important question are the permanent retirements and Ascend is interested to see if the youthfulness of the retirements we have seen last year continues in 2013. Do you believe the new ASU will see airlines rethink the amount of new aircraft they order? Dechavanne: This will not have much of an impact. Although the cost of financing new aircraft has and will go up, it is still less expensive than trying to finance used aircraft. De Jaeger: Export credit financing has certainly provided a significant amount for new deliveries, and one consequence has been a migration of demand toward new aircraft, at the expense of used equipment. As the new ASU comes into effect, the relative attractiveness of used equipment will likely increase again, but we will still continue to see
16 | Flightglobal Insight | Aircraft Finance 2013

significant new orders as the industry grows. Hatcher: Nothing seems to affect how airlines think about new orders. Judging by recent activity, the game is centred on flooding the market with capacity, which is inevitable given that OEMs will raise production in order to reduce its backlog quicker or simply at the same rate that it is filling up! Having said that, airlines cannot continue in this way infinitum and we may see some reduction in orders from some of the main culprits of recent years but there are still countless operators out there who have yet to place their order. Providing the airline has a reasonable business case then funding will appear from new avenues in the Middle East and Asia. Monteleone: Not as long there remains an abundance of easy financing, especially by lessors willing to less than stellar credits. Which aircraft saw the greatest recovery in 2012? Dechavanne: I wouldnt say that any aircraft saw a recovery. There were several new aircraft that remained stable, such as the 777-300ER and the A330-300 but the market still remained soft for most aircraft. On the used outof-production side, the 757 remained the most stable aircraft compared to others. De Jaeger: We really did not see much recovery in any of the aircraft types, but if we have to choose one aircraft, it would be the 737-900ER. Hatcher: This is probably too strong a statement for any aircraft in 2012 as the market continues to remain flat and depressed. Specific types continue to move around in relatively large numbers that does provide some encouragement, although a single operator or specific regions are usually behind it i.e. MD-90s, 757s and Fokker 70/100s although the latter two have been holding their own for a number of years now. Monteleone: Large turboprops. Weal: Not sure anything really recovered in the jet sector. Which aircraft performed the worst in 2012? Dechavanne: Whilst most markets remained soft in 2012, the values of the 767-300ERs, older 737-800s, and A340s were hit the most.

Aircraft finance 2013

De Jaeger: The ERJ-135/140/145 family. Hatcher: Any A340! Monteleone: 737 Next Generation aircraft and intermediate widebodies. Weal: Not a sensible question, different yobs have vastly different result, I would suspect late build 747-400Fs were pretty weak and the A340-300 is in a tailspin. Do you see the second-hand market for narrowbodies improving this year? Dechavanne: Unfortunately no. There might be some stability if traffic numbers are better than expected but due to the fact that the OEMs have continued to ramp up production and financing of used aircraft remains difficult, this will continue to negatively impact second-hand aircraft. De Jaeger: ICF SH&E expects the market for used but young (5-15 years old) narrowbody aircraft to improve this year, as more airlines and investors see the relative value in the aircraft at current trading levels. Hatcher: Difficult to imagine. Too many new aircraft are due for delivery to spark any sudden surge and they will take all the financing up too! We expect to see more lessorlessor sales as new investors emerge to play the game. We will expect to see a slight return of lease rates first (despite low interest rates) before any pricing will return. Monteleone: Narrowbodies will remain in-flux as there remains both a technological sunset for the Next Generation aircraft and perhaps a built-in obsolescence for the Neo and Max variants. Airlines seem to be happy with operating lessors taking on the residual risk as lessors continue to fill up their order books with large orders. Weal: We need to see improved volumes of trades before we can call this. Do you see the second-hand market for widebodies improving this year? Dechavanne: No. My answer is similar to the one for narrowbody aircraft. There might be some level of stability with some aircraft should the cargo market improve thereby reasing the demand for converted freighters. Otherwise, 2013 will not be too dissimilar from 2012.

De Jaeger: ICF SH&Es baseline expectation is that the second-hand widebody market would not improve in 2013 given the planned production levels; however, if the 787 battery issues are not resolved quickly, we would anticipate some increased demand from airlines to extend existing leases of medium widebody aircraft, providing support for elevated lease rates. Such support would not necessarily translate to improvements in values. Hatcher: Some types will move about but they will be older variants as the new types dont trade outside of the sale and leaseback market or post-repossession. If fuel prices does remain intact for 2013, then we could see a rise in freight traffic but I still believe there are too many big freighters parked up to spur any sudden conversion frenzy this year although it would be good to see the low-cost freighter programme come to fruition. Feel stock are looking good but they may not be let go at market pricing if their book values remain too high. A340s will continue to trade this year but appraisers will struggle to keep up with the dropping values. Part-outs will probably drop away as well as that market reaches saturation. The year 2013 will also see an reasing number of A330s on the market. Off-lease, the pricing may appear scary, but providing they can find new homes or conversion prospects, the amount of desert time will hopefully remain short. Monteleone: Yes, only if the 787 continues to have problems and operators require immediate lift. Otherwise intermediate widebodies might soften. Weal: The 787 grounding could give the lease rates a fillip. Book value depreciation would be a good outcome for any aircraft.

Aircraft Finance 2013 | Flightglobal Insight | 17

Aircraft finance 2013

deals database 2012


Airliner finance deals announced in 2008 with analysis by operator/lessor By customer
Aircraft finance deals announced in 2012
Customer 1time Airline AerCap AerCap AerCap AerCap AerCap Aero Capital Solutions Aero Capital Solutions Aeroflot Russian Airlines Aeroflot Russian Airlines Aeromexico Aerovision Aircraft Services AerSale AerSale AerSale AerSale AerSale AerSale AerSale AerSale AerSale AerSale AerSale African Holding Co of America Air Arabia Air Arabia Air Arabia Air Arabia Air Astana Air Astana Air Capital Group Air China Air China Air China Air China Air China Air China Air China Air China Air China Air China Air China Air China Air France Air France Air France Country South Africa Netherlands Netherlands Netherlands Netherlands Netherlands USA USA Russia Russia Mexico USA USA USA USA USA USA USA USA USA USA USA USA USA UAE UAE UAE UAE Kazakhstan Kazakhstan USA China China China China China China China China China China China China France France France Month Feb Jun Aug Oct Oct Dec Jan Mar Jul Aug May Aug Jan Jan Mar May Oct Nov Dec Dec Dec Dec Dec Dec Apr May Jun Jun Oct Nov Sep Jan Jan Feb Mar Mar Mar May May May Jul Aug Sep Jan Jan Mar Number of aircraft 1 1 2 1 5 10 1 1 2 3 3 10 2 6 9 1 1 1 2 1 1 1 1 1 2 2 4 2 2 2 1 1 1 6 4 1 1 1 1 1 2 2 1 1 1 1 Aircraft model MD-87 A320-200 737-800 A330-300 737-800 737-800 737-500 737-500 A330-300 A330-300 737-800 ERJ-145 737-300 747-400 MD-90 737-400 747-400 747-400 Combi 737-400 737-400 747-400 767-300ER MD-90 A320-200 A320-200 A320-200 A320-200 A320-200 190 A321-200 MD-82 A320-200 A330-200 A321-200 A320-200 737-800 777-300ER A320-200 A320-200 777-300ER 777-300ER 777-300ER 737-800 A318-100 A380-800 777-300ER Engine type JT8D CFM56 CFM56 Trent CFM56 CFM56 CFM56 CFM56 Trent Trent CFM56 AE 3007 CFM56 CF6 V2500 CFM56 PW4000 CF6 CFM56 CFM56 PW4000 RB211 V2500 CFM56 CFM56 CFM56 CFM56 CFM56 CF34 V2500 JT8D CFM56 Trent V2500 CFM56 CFM56 GE90 CFM56 V2500 GE90 GE90 GE90 CFM56 CFM56 GP7200 GE90 Deal structure Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM Finance Lease ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Tax Lease| Loan/Finance/Refinanced Loan/Finance/Refinanced| Tax Lease Tax Lease| ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Tax Lease Capital Markets Capital Markets Capital Markets Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Tax Lease

Aircraft Finance 2013 | Flightglobal Insight | 19

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer Air France Air France Air France Air France Air France Air India Air India Air New Zealand Air New Zealand Air Tahiti AirAsia AirAsia AirAsia AirBridgeCargo Aircastle Advisor Airlinair Airlink - SA Airlink Alaska Airlines All Nippon Airways All Nippon Airways All Nippon Airways Allegiant Air Allegiant Air Allegiant Air Allegiant Air Allegiant Air Allegiant Air American Airlines American Airlines AMRA Leasing Apollo Aviation Group Archway Aviation Archway Aviation Asiana Airlines ASL Aviation Group Atlas Air Atlas Air Atlas Air Atlas Air Atlas Air Atlas Air Atlas Air Avianca Avianca Avianca
Avianca| TACA International Airlines

Country France France France France France India India New Zealand New Zealand French Polynesia Malaysia Malaysia Malaysia Russia USA France South Africa USA Japan Japan Japan USA USA USA USA USA USA USA USA Ireland USA UK UK South Korea Ireland USA USA USA USA USA USA USA Colombia Colombia Colombia USA USA USA USA China Canada Canada

Month Apr Apr Nov Nov Nov Apr Oct Jul Dec Jun Jun Jul Sep Jan Apr Apr Aug Sep Feb Jul Oct Jan Jan Jun Jun Jul Oct Oct Oct Sep Sep Dec Dec Jun Aug Jan Mar Mar Jun Jul Oct Dec Apr Nov Nov Aug May May Jun Mar Jul Feb May

Number of aircraft 1 1 1 1 1 2 1 4 3 2 1 2 1 5 1 1 3 2 1 1 1 1 2 2 2 2 2 8 2 1 1 2 2 1 3 6 2 3 1 1 1 1 1 2 1 4 3 6 1 1 2 2 2

Aircraft model A380-800 A380-800 A318-100 A319-100 777-300ER 787-8 787-8 ATR 72-600 A320-200 ATR 42-600 A320-200 A320-200 A320-200 747-8F A330-200 ATR 72-500 ERJ-135 737-400 767-300ER 777-200ER 777-200ER MD-87 MD-88 757-200 MD-87 MD-87 MD-87 737-800 777-200 Q400 757-200 A319-100 A321-200 777-200ER 737-800 747-8F 747-400ER 767-300ER 747-8F 747-8F 747-8F 747-8F A319-100 A320-200 A330-200F A320-200 737-800 737-800 A320-200 737-400 CRJ900 Dash 8-100 Dash 8-200

Engine type GP7200 GP7200 CFM56 CFM56 GE90 GEnx GEnx PW100 V2500 PW100 CFM56 CFM56 CFM56 GEnx Trent PW100 AE 3007 CFM56 CF6 PW4000 PW4000 JT8D JT8D RB211 JT8D JT8D JT8D CFM56 Trent PW100 PW2000 V2500 V2500 PW4000 CFM56 GEnx CF6 CF6 GEnx GEnx GEnx GEnx CFM56 CFM56 Trent TBC CFM56 CFM56 V2500 CFM56 CF34 PW100 PW100

Deal structure ECA / EXIM| Tax Lease ECA / EXIM| Tax Lease Tax Lease Tax Lease Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Tax Lease Tax Lease Loan/Finance/Refinanced Finance Lease Loan/Finance/Refinanced Finance Lease ECA / EXIM Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Tax Lease Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Capital Markets Capital Markets Capital Markets ECA / EXIM ECA / EXIM ECA / EXIM Pre Delivery Payment Capital Markets ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced

Aviation Capital Group Aviation Capital Group Aviation Capital Group Aviation Technologies AVIC International Leasing Avmax Aircraft Leasing Avmax Aircraft Leasing

20 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing Avolon Aerospace Leasing AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS AWAS BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation BOC Aviation Country Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Month Jan Jan Feb Feb Feb Feb Mar Apr Apr May Jun Jul Sep Oct Dec Jan Feb Feb Feb Feb Feb Feb Feb Mar Apr Apr Jun Jun Jun Jun Jun Jun Jun Sep Sep Sep Oct Oct Nov Nov Nov Dec Dec Jan Mar Mar Apr Apr Apr Apr Apr Jun Jun Number of aircraft 1 1 1 3 1 4 2 1 1 2 2 1 1 1 3 1 2 2 1 5 3 1 5 7 1 1 1 1 8 20 1 1 3 1 1 2 1 1 2 1 2 3 5 1 1 2 2 3 1 1 2 1 2 Aircraft model A320-200 A320-200 A320-200 A320-200 A330-200 737-800 190 A320-200 A320-200 737-800 A320-200 A321-200 A321-200 777-300ER 737-800 737-800 A319-100 A320-200 A320-200 A320-200 A320-200 A321-200 737-800 A320-200 A320-200 737-700 A320-200 A320-200 A320-200 A320-200 A320-200 737-800 737-800 A320-200 737-800 737-800 A330-200 737-800 A320-200 A320-200 737-800 737-800 737-800 737-700 A320-200 737-700 A320-200 A320-200 A321-200 737-700 195 A330-200F 777-300ER Engine type CFM56 V2500 CFM56 V2500 Trent CFM56 CF34 CFM56 V2500 CFM56 V2500 V2500 V2500 GE90 CFM56 CFM56 V2500 CFM56 CFM56 TBC V2500 V2500 CFM56 TBC CFM56 CFM56 CFM56 CFM56 TBC TBC V2500 CFM56 CFM56 CFM56 CFM56 CFM56 CF6 CFM56 TBC V2500 CFM56 CFM56 CFM56 CFM56 V2500 CFM56 CFM56 V2500 CFM56 CFM56 CF34 Trent GE90 Deal structure Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM| Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM| Tax Lease ECA / EXIM| Tax Lease Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Loan/Finance/Refinanced ECA / EXIM Pre Delivery Payment Capital Markets Capital Markets ECA / EXIM Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM

Aircraft Finance 2013 | Flightglobal Insight | 21

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer BOC Aviation BoCom Leasing BoCom Leasing BoCom Leasing BoCom Leasing British Airways British Airways British Airways Buddha Air Cargolux Cargolux Cathay Pacific Cathay Pacific Cathay Pacific Cathay Pacific CDB Leasing Company CDB Leasing Company CDB Leasing Company CDB Leasing Company CDB Leasing Company CDB Leasing Company CDI Cargo Airlines Cebu Pacific Air Cebu Pacific Air Cemair Changjiang Leasing Company China Aircraft Leasing China Aircraft Leasing China Aircraft Leasing China Cargo Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Eastern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China Southern Airlines China World Aviation Leasing CIAF-Leasing CIT Aerospace Country Singapore China China China China UK UK UK Nepal Luxembourg Luxembourg Hong Kong Hong Kong Hong Kong Hong Kong China China China China China China China Philippines Philippines South Africa China Hong Kong Hong Kong Hong Kong China China China China China China China China China China China China China China China China China China China China China Ireland Egypt USA Month Nov May Sep Sep Sep Mar Nov Nov Jul Nov Dec Feb Apr Sep Nov May Jul Sep Sep Sep Sep Aug Jan Jul Mar Oct Jan Jan Jun Sep Mar May May Jun Jun Oct Oct Dec Dec Dec Feb Feb Feb Mar Mar May Jun Jun Jul Nov Jun Mar May Number of aircraft 4 1 2 2 1 1 1 1 1 1 1 2 2 2 1 2 3 4 1 1 3 1 7 3 1 1 1 2 1 1 4 1 1 1 1 2 1 1 3 2 1 2 3 1 1 3 1 2 2 1 2 1 1 Aircraft model A320-200 A320-200 A320-200 737-800 777-200LRF 777-300ER A320-200 A320-200 ATR 72-500 747-8F 747-8F A330-300 777-300ER A330-300 A330-300 737-800 A320-200 A319-100 A320-200 A330-200 737-800 737-300 A320-200 A320-200 CRJ100 A320-200 A320-200 737-800 737-800 777-200LRF A320-200 A320-200 A330-300 A319-100 A319-100 737-700 737-800 A320-200 A321-200 A330-200 A319-100 A330-200 737-800 737-700 737-800 737-800 A320-200 737-800 A320-200 A321-200 A320-200 737-800 737-800 Engine type V2500 V2500 CFM56 CFM56 GE90 GE90 V2500 V2500 PW100 GEnx GEnx Trent GE90 Trent Trent CFM56 V2500 TBC TBC TBC CFM56 CFM56 CFM56 CFM56 CF34 CFM56 CFM56 CFM56 CFM56 GE90 CFM56 CFM56 Trent CFM56 V2500 CFM56 CFM56 CFM56 V2500 Trent CFM56 PW4000 CFM56 CFM56 CFM56 CFM56 V2500 CFM56 V2500 V2500 CFM56 CFM56 CFM56 Deal structure Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Tax Lease Tax Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Pre Delivery Payment ECA / EXIM Loan/Finance/Refinanced ECA / EXIM ECA / EXIM ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Finance Lease Finance Lease Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM| Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease ECA / EXIM| Tax Lease Tax Lease Tax Lease Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM

22 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer CIT Aerospace CIT Aerospace CIT Aerospace Comair (South Africa) Comair (South Africa) Comair (South Africa) Comair (South Africa) Comtran International Continental Airlines Continental Airlines Continental Airlines Continental Airlines Conviasa Czech Airlines DAE Capital DAE Capital DAE Capital DAE Capital DAE Capital DAE Capital DAE Capital Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines Deucalion Aviation Funds Easyjet El Al Emirates Airline Emirates Airline Emirates Airline Emirates Airline Emirates Airline Emirates Airline Emirates Airline Emirates Airline Emirates Airline Emirates Airline Emirates Airline Ethiopian Airlines Ethiopian Airlines Country USA USA USA South Africa South Africa South Africa South Africa USA USA USA USA USA Venezuela Czech Republic UAE UAE UAE UAE UAE UAE UAE USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Germany UK Israel UAE UAE UAE UAE UAE UAE UAE UAE UAE UAE UAE Ethiopia Ethiopia Month Jun Jun Jun Feb Jun Sep Oct Feb Mar Mar Sep Sep Sep Apr Nov Dec Dec Dec Dec Dec Dec Mar Mar Mar Mar Mar Mar Apr Jun Jun Jun Jun Jun Jul Sep Oct Oct May Mar Jan Jan Jan Jan Feb May Jun Jul Jul Sep Dec Dec Jul Nov Number of aircraft 3 1 1 2 2 1 1 1 17 4 18 3 2 4 1 5 2 5 2 2 2 4 6 3 2 17 8 1 9 7 1 8 6 10 6 4 13 4 6 2 1 1 2 1 1 4 4 1 1 1 1 1 4 Aircraft model A320-200 A321-200 A330-200 737-400 737-800 737-300 737-300 A320-200 737-900 787-8 737-900 787-8 190 A320-200 777-200LRF A319-100 A320-200 A320-200 737-700 737-800 777-300ER A320-200 757-200 767-300ER 767-300ER MD-88 MD-90 757-200 A319-100 A320-200 757-200 767-300ER 767-400ER MD-88 MD-90 CRJ200 CRJ900 747-400 A320-200 737-900 A380-800 A380-800 777-300ER A380-800 777-300ER A380-800 777-300ER 777-300ER 777-300ER A380-800 A380-800 787-8 787-8 Engine type CFM56 V2500 CF6 CFM56 PW100 CFM56 CFM56 V2500 CFM56 GEnx CFM56 GEnx CF34 CFM56 GE90 CFM56 CFM56 V2500 CFM56 CFM56 GE90 CFM56 PW2000 CF6 PW4000 JT8D V2500 PW2000 CFM56 CFM56 PW2000 PW4000 CF6 JT8D V2500 CF34 CF34 CF6 CFM56 CFM56 GP7200 GP7200 GE90 GP7200 GE90 GP7200 GE90 GE90 GE90 GP7200 GP7200 GEnx GEnx Deal structure ECA / EXIM ECA / EXIM ECA / EXIM Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Capital Markets Capital Markets Capital Markets ECA / EXIM Tax Lease| ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Pre Delivery Payment Loan/Finance/Refinanced Tax Lease Tax Lease Finance Lease ECA / EXIM Capital Markets Capital Markets ECA / EXIM Capital Markets Finance Lease ECA / EXIM Loan/Finance/Refinanced Capital Markets

Aircraft Finance 2013 | Flightglobal Insight | 23

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer Etihad Airways Etihad Airways Etihad Airways Etihad Airways Etihad Airways European Aviation ExpressJet Airlines ExpressJet Airlines Fayard Enterprises FedEx Flybe Flydubai Frontier Alaska Aviation Trust Frontier Alaska Aviation Trust GECAS GECAS GECAS GECAS GECAS GECAS GECAS GECAS GECAS GECAS GECAS Germania Global Knafaim Leasing GoAir Guggenheim Aviation Partners Guggenheim Aviation Partners Guggenheim Aviation Partners Guggenheim Aviation Partners Guggenheim Aviation Partners Gulf Air Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hainan Airlines Hawaiian Airlines Hawaiian Airlines Hong Kong Aviation Capital Hong Kong Aviation Capital ICBC Leasing Country UAE UAE UAE UAE UAE UK USA USA USA USA UK UAE USA USA USA USA USA USA USA USA USA USA USA USA USA Germany Israel India USA USA USA USA USA Bahrain China China China China China China China China China China China China China China USA USA Hong Kong Hong Kong China Month Jan Feb Apr Jun Dec Jan Jul Jul Sep Jan Nov Sep Jul Oct Jul Nov Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar Jul Aug May Sep Nov Dec Dec Jul Jan Jan Apr Apr Jun Jul Aug Aug Aug Sep Nov Dec Dec Dec Oct Dec May Dec Jan Number of aircraft 1 1 1 1 1 1 5 2 1 4 1 3 1 1 2 1 3 7 20 10 3 3 57 7 27 1 1 72 11 2 1 1 2 2 1 3 1 2 2 1 1 2 1 2 2 2 1 3 1 1 1 1 1 Aircraft model 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 737-300 CRJ200 CRJ700 Dash 8-100 MD-11F 175 737-800 Dash 8-100 Dash 8-100 737-800 767-200ERF A320-200 A320-200 737-700 737-800 747-400F 777-200ER CRJ200 CRJ700 190 A319-100 757-200 A320-200neo 757-300 A330-200 A330-300HGW A330-200 777-300ER A321-200 A320-200 737-800 A320-200 737-800 190 737-800 A319-100 737-800 737-800 737-400 190 A319-100 A320-200 737-800 A330-200 A330-200 A330-200 A320-200 A320-200 Engine type GE90 GE90 GE90 GE90 GE90 CFM56 CF34 CF34 PW100 CF6 CF34 CFM56 PW100 PW100 CFM56 CF6 CFM56 V2500 CFM56 CFM56 CF6 PW4000 CF34 CF34 CF34 CFM56 RB211 PW1000G RB211 Trent PW4000 Trent GE90 V2500 V2500 CFM56 V2500 CFM56 CF34 CFM56 V2500 CFM56 CFM56 CFM56 CF34 V2500 CFM56 CFM56 Trent Trent Trent V2500 CFM56 Deal structure Capital Markets Capital Markets ECA / EXIM Capital Markets Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Finance Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Finance Lease Loan/Finance/Refinanced Finance Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Finance Lease Loan/Finance/Refinanced Finance Lease Finance Lease Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced

24 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC ILFC Interjet Interjet Interjet Intrepid Aviation Group Intrepid Aviation Group Investec Aircraft Syndicate Investec Aircraft Syndicate Investec Global Aircraft Fund Island Air Jackson Square Aviation Jackson Square Aviation Jackson Square Aviation Australia USA USA USA USA Country USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Mexico Mexico Mexico USA USA Month Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Dec May Jun Nov Sep Sep Nov Dec Jun Oct Jan Mar May Number of aircraft 2 6 2 2 1 1 2 4 5 1 1 1 1 14 6 7 2 3 1 2 2 2 2 2 1 1 1 2 2 4 1 1 3 7 2 1 2 3 1 1 2 2 20 2 1 2 1 2 2 1 2 2 1 Aircraft model A319-100 A320-200 A320-200 A321-200 A321-200 A330-200 A330-300 A330-300 A340-300 A340-600 737-700 747-400 747-400ERF 757-200 757-200 767-300ER 767-300ER 777-200ER 777-200ER A319-100 A320-200 A320-200 A321-100 A321-200 A321-200 A330-200 A330-200 A330-200 737-300 737-400 737-500 737-700 737-800 737-800 757-200 757-200 767-300ER 767-300ER 777-200ER 777-300ER 777-300ER A320-200 Superjet 100 A320-200 A330-200 A330-300 777-200LRF 737-800 737-800 Dash 8-100 A321-200 A320-200 737-800 Engine type CFM56 CFM56 V2500 CFM56 V2500 Trent PW4000 Trent CFM56 Trent CFM56 CF6 CF6 PW2000 RB211 CF6 PW4000 GE90 PW4000 V2500 CFM56 V2500 V2500 CFM56 V2500 CF6 PW4000 Trent CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 PW2000 RB211 CF6 PW4000 GE90 GE90 GE90 CFM56 SaM146 CFM56 Trent Trent GE90 CFM56 CFM56 PW100 V2500 V2500 CFM56 Deal structure Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Loan/Finance/Refinanced Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets Capital Markets ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Pre Delivery Payment Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced

Aircraft Finance 2013 | Flightglobal Insight | 25

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer Jackson Square Aviation Jackson Square Aviation Jackson Square Aviation Jazeera Airways Jazz Jet Midwest Jet Midwest Jet Midwest Jet Midwest JetBlue Airways JetBlue Airways JetBlue Airways JetBlue Airways JetBlue Airways JetBlue Airways JetBlue Airways JetBlue Airways Jetran International Jetran International Jetran International Jetran International Jetran International Jetstar Japan Juliet Romeo Aviation Juneyao Airlines Kenya Airways Kenya Airways Kenya Airways KLM Royal Dutch Airlines KLM Royal Dutch Airlines KLM Royal Dutch Airlines Korean Air Korean Air Korean Air Korean Air Korean Air Korean Air KV Aviation LAN Airlines LAN Airlines LAN Airlines LAN Airlines LAN Airlines LAN Airlines Lion Air Lion Air Lion Air Lion Air LOT Polish Airlines Lufthansa Lufthansa Lufthansa Lufthansa Country USA USA USA Kuwait Canada USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Japan USA China Kenya Kenya Kenya Netherlands Netherlands Netherlands South Korea South Korea South Korea South Korea South Korea South Korea Australia Chile Chile Chile Chile Chile Chile Indonesia Indonesia Indonesia Indonesia Poland Germany Germany Germany Germany Month Jun Jun Jul Jun Aug Nov Nov Nov Nov Jan Jun Jun Jun Jun Oct Nov Dec Jan Jun Jul Oct Dec Nov Apr Aug Jun Jun Jun Feb Jul Oct Jan Jan Jan Dec Dec Dec Jan Mar Mar Jun Aug Aug Oct Jan Feb Dec Dec Nov Mar Apr May Jun Number of aircraft 2 1 2 1 6 1 3 1 7 1 2 1 2 3 1 1 1 2 1 1 2 2 1 1 1 1 9 10 2 1 3 3 1 2 1 1 2 1 1 2 9 6 1 2 1 4 2 2 5 1 1 2 1 Aircraft model A320-200 737-800 737-900 A320-200 Q400 767-300ER MD-82 MD-83 Fokker 100 190 A320-200 A320-200 190 190 190 A320-200 A320-200 737-400 737-400 MD-83 737-500 737-500 A320-200 737-400 A320-200 777-300ER 787-8 190 737-700 777-300ER 737-800 737-800 747-400ERF 777-300 A380-800 747-8F 777-300ER 747-400SF A319-100 767-300ER 767-300ER A320-200 787-8 787-8 737-800 737-900 ATR 72-500 ATR 72-600 787-8 A380-800 747-8I A380-800 747-8I Engine type V2500 CFM56 CFM56 CFM56 PW100 PW4000 JT8D JT8D RB.183 Tay CF34 V2500 V2500 CF34 CF34 CF34 V2500 V2500 CFM56 CFM56 JT8D CFM56 CFM56 V2500 CFM56 CFM56 GE90 GEnx CF34 CFM56 GE90 CFM56 CFM56 PW4000 PW4000 GP7200 GEnx GE90 CF6 CFM56 CF6 CF6 CFM56 Trent Trent CFM56 CFM56 PW100 PW100 Trent Trent GEnx Trent GEnx Deal structure ECA / EXIM Loan/Finance/Refinanced ECA / EXIM ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Loan/Finance/Refinanced Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced
Pre Delivery Payment| Loan/Finance/Refinanced Pre Delivery Payment| Loan/Finance/Refinanced Pre Delivery Payment| Loan/Finance/Refinanced

Tax Lease ECA / EXIM| Finance Lease Tax Lease Finance Lease Finance Lease Finance Lease ECA / EXIM ECA / EXIM ECA / EXIM Loan/Finance/Refinanced ECA / EXIM Finance Lease ECA / EXIM ECA / EXIM Finance Lease Finance Lease ECA / EXIM Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Tax Lease Finance Lease ECA / EXIM Tax Lease

26 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer Luxair Luxair Luxair Malaysia Airlines Malaysia Airlines Middle East Airlines Nippon Cargo Airlines Nordic Aviation Capital Nordic Aviation Capital Norwegian Novus Aviation Novus Aviation Novus Aviation Novus Aviation Orix Aviation Pegasus Airlines Philippine Airlines Precision Air Qantas Qantas Regional Equipment Trust Regourd Aviation Republic Airlines Rostechnologii Group Rostechnologii Group Rostechnologii Group Royal Air Maroc RwandAir Ryanair Ryanair Safair Lease Finance SAS Saudi Arabian Airlines SF Airlines SF Airlines Shandong Airlines Shandong Airlines Shenzhen Airlines Shenzhen Airlines Shenzhen Airlines Shenzhen Airlines Shenzhen Airlines Shenzhen Airlines Sichuan Airlines Sichuan Airlines Sichuan Airlines Sichuan Airlines Sichuan Airlines Sky Airline Sky Airline SkyWest Airlines SkyWest Airlines Solenta Aviation Country Luxembourg Luxembourg Luxembourg Malaysia Malaysia Lebanon Japan Denmark Denmark Norway Lebanon Lebanon Lebanon Lebanon Ireland Turkey Philippines Tanzania Australia Australia USA France USA Russia Russia Russia Morocco Rwanda Ireland Ireland South Africa Multi-National (Europe) Saudi Arabia China China China China China China China China China China China China China China China Chile Chile USA USA South Africa Month Aug Nov Dec Jan May Jan Dec Apr Jul Dec Jan May Jun Nov Sep Jan Jun Dec Mar Mar Aug Oct Aug Jan Jan Jan Mar Nov Mar Jul Oct Dec Jan Mar Mar May Nov Jan Mar Jun Aug Dec Dec May Aug Aug Aug Aug May Jul Jul Dec Feb Number of aircraft 2 1 1 1 4 1 1 5 3 2 1 1 1 1 1 2 1 1 1 1 2 1 2 15 25 10 2 2 2 7 1 3 1 2 2 1 4 1 4 2 3 2 4 1 1 1 1 3 1 1 2 1 1 Aircraft model Q400 Q400 737-800 A330-200F A330-300HGW A320-200 747-8F ATR 72-600 Dash 8-300 787-8 A330-300HGW 777-300ER 777-300ER 777-300ER A330-200 737-800 777-300ER ATR 42-600 A320-200 737-800 Q400 ERJ-145 Q400 737-700 737-800 737-900 737-800 CRJ900 737-800 737-800 737-400 A330-300 A321-200 737-300 757-200F 737-800 737-800 737-800 737-800 A320-200 737-800 A320-200 737-800 A320-200 A319-100 A320-200 A321-200 A321-200 A319-100 A319-100 CRJ200 CRJ200 ATR 42-300 Engine type PW100 PW100 CFM56 PW4000 PW4000 V2500 GEnx PW100 PW100 Trent PW4000 GE90 GE90 GE90 Trent CFM56 GE90 PW100 V2500 CFM56 PW100 AE 3007 PW100 CFM56 CFM56 CFM56 CFM56 CF34 CFM56 CFM56 CFM56 Trent CFM56 CFM56 RB211 CFM56 CFM56 CFM56 CFM56 V2500 CFM56 V2500 CFM56 V2500 V2500 V2500 V2500 V2500 CFM56 CFM56 CF34 CF34 PW100 Deal structure Finance Lease Finance Lease Finance Lease Finance Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM| Tax Lease Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM Finance Lease Tax Lease Tax Lease Loan/Finance/Refinanced Finance Lease Loan/Finance/Refinanced Pre Delivery Payment Pre Delivery Payment Pre Delivery Payment ECA / EXIM ECA / EXIM Tax Lease Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Tax Lease Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced

Aircraft Finance 2013 | Flightglobal Insight | 27

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Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer South African Airways South African Airways South African Airways Southwest Airlines Spring Airlines Spring Airlines Spring Airlines Synergy Aerospace Synergy Aerospace TACA International Airlines TACA International Airlines TAM Linhas Aereas TAM Linhas Aereas TAM Linhas Aereas TAM Linhas Aereas TAM Linhas Aereas TAM Linhas Aereas TAM Linhas Aereas Thai Airways International Thai Airways International Thai Airways International Thai Airways International Thomas Cook Airlines Titan Aviation Leasing TUI Aviation TUI Aviation TUI Aviation Turkish Airlines Turkish Airlines Turkish Airlines Turkish Airlines Turkish Airlines Turkish Airlines Turkish Airlines United Airlines United Airlines United Airlines United Airlines UPS Airlines UPS Airlines UPS Airlines UPS Airlines UPS Airlines UPS Airlines US Airways US Airways US Airways US Airways US Airways US Airways US Airways US Airways Country South Africa South Africa South Africa USA China China China Brazil Brazil El Salvador El Salvador Brazil Brazil Brazil Brazil Brazil Brazil Brazil Thailand Thailand Thailand Thailand UK USA Germany Germany Germany Turkey Turkey Turkey Turkey Turkey Turkey Turkey USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA Month Jan Mar Jul Feb Jan Jan Mar Nov Nov Apr Sep Mar Jun Jun Jul Jul Jul Sep Apr Sep Nov Nov Dec May Nov Nov Dec Jan Jan Jan Feb Feb Mar May Mar Mar Oct Dec Jan Feb Mar Apr May Dec Apr Apr Apr Aug Oct Nov Nov Nov Number of aircraft 3 2 1 1 1 2 3 6 3 1 1 2 2 2 6 2 2 4 3 2 2 1 2 1 1 2 10 1 3 7 2 2 2 2 1 1 1 15 1 1 1 2 1 1 4 10 2 1 1 7 3 1 Aircraft model A340-200 A320-200 A330-200 737-700 A320-200 A320-200 A320-200 A330-200 A330-200F A320-200 A319-100 A320-200 A320-200 777-300ER A320-200 A320-200 777-300ER A319-100 A380-800 A330-300 A330-300 A380-800 A330-200 737-800 A330-300 737-800 737-800 A330-200F A330-300 737-900 A321-200 A321-200 A321-200 737-800 737-800 777-200ER 737-800 757-200 767-300ERF 767-300ERF 767-300ERF 767-300ERF 767-300ERF 767-300ERF A321-200 A321-200 A321-200 A321-200 190 A321-200 A330-200 190 Engine type CFM56 V2500 Trent CFM56 CFM56 CFM56 CFM56 Trent Trent V2500 V2500 CFM56 CFM56 GE90 V2500 V2500 GE90 V2500 Trent Trent Trent Trent Trent CFM56 Trent CFM56 CFM56 Trent Trent CFM56 V2500 V2500 V2500 CFM56 CFM56 GE90 CFM56 PW2000 CF6 CF6 CF6 CF6 CF6 CF6 CFM56 V2500 V2500 V2500 CF34 V2500 Trent CF34 Deal structure Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Finance Lease Loan/Finance/Refinanced Pre Delivery Payment Pre Delivery Payment Loan/Finance/Refinanced ECA / EXIM Tax Lease ECA / EXIM ECA / EXIM ECA / EXIM Finance Lease Capital Markets Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced| Tax Lease Tax Lease| Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Pre Delivery Payment ECA / EXIM| Tax Lease ECA / EXIM| Tax Lease ECA / EXIM Tax Lease Tax Lease| ECA / EXIM Tax Lease Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Finance Lease Finance Lease Finance Lease Finance Lease Finance Lease Capital Markets Capital Markets Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Capital Markets Loan/Finance/Refinanced

Aircraft Finance 2013 | Flightglobal Insight | 29

Aircraft finance 2013

Aircraft finance deals announced in 2012


Customer UTair UTair Uzbekistan Airways VEB-Leasing Vietnam Airlines Vietnam Airlines Vietnam Airlines Vietnam Airlines Vietnam Airlines Virgin Australia Virgin Australia Virgo Volito Aviation Services Volito Aviation Services Volito Aviation Services Volito Aviation Services Volito Aviation Services Volito Aviation Services Vx Capital Partners Vx Capital Partners WealthCap WestJet Xiamen Airlines Sweden Sweden Sweden Sweden Sweden Sweden USA USA Germany Canada China Country Russia Russia Uzbekistan Russia Vietnam Vietnam Vietnam Vietnam Vietnam Australia Australia Month Jun Oct Feb Nov Jun Aug Nov Dec Dec Jun Jun Oct Jun Jun Jun Jun Jun Jun Jul Nov Oct Jan Dec Number of aircraft 4 20 2 4 4 4 1 1 1 2 2 2 5 2 2 1 2 2 2 3 1 2 1 Aircraft model 737-800 A321-200 767-300ER 777-300ER A321-200 A321-200 A321-200 A321-200 A321-200 737-800 190 737-700 A319-100 A319-100 A320-200 A321-200 737-700 737-800 MD-88 MD-88 A380-800 737-800 737-800 Engine type CFM56 CFM56 PW4000 GE90 V2500 V2500 V2500 V2500 V2500 CFM56 CF34 CFM56 CFM56 V2500 V2500 V2500 CFM56 CFM56 JT8D JT8D Trent CFM56 CFM56 Deal structure ECA / EXIM Pre Delivery Payment Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced

NOTE: Aircraft finance deals announced during 2012 with analysis by customer, financier and aircraft type. The aircraft transaction information contained in this section includes new and second-hand deals. Deals with unknown customers have not been included. SOURCE: Aviation Exchange (www.ascendworldwide.com/aviationexchange)

30 | Flightglobal Insight | Aircraft Finance 2013

Precision asset valuations from the Aircraft Appraiser of the Year 2013*

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Aircraft finance 2013

deals database 2012


By aircraft model
Aircraft finance deals announced in 2012
Aircraft model Engine type Month Number of Customer aircraft
175 175 175 175 175 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 190 195 195 195 195 195 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 Jun-12 Jun-12 Jul-12 Sep-12 Nov-12 Jan-12 Mar-12 Mar-12 Mar-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Sep-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Apr-12 May-12 Oct-12 Nov-12 Dec-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 1 3 4 1 1 1 2 1 2 2 2 2 2 3 10 2 5 2 2 1 1 1 1 2 1 1 27 2 1 2 2 2 1 1 1 1 1 1 1 1 22 2 1 1 2 AerSale European Aviation GECAS BOC Aviation Hainan Airlines US Airways Conviasa Air Astana JetBlue Airways US Airways Hainan Airlines JetBlue Airways JetBlue Airways Kenya Airways Virgin Australia Avolon Aerospace Leasing Flybe JetBlue Airways

Deal structure
Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Finance Lease Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase - Lease Attached Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase - Lease Attached Loan/Finance/Refinanced Capital Markets Loan/Finance/Refinanced Pre Delivery Payment| Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase - Lease Attached ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Capital Markets Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase - Lease Attached Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase

Arrangers

(HEH) Hamburger EmissionsHaus & Cie BNDES - Brazilian Development Bank

Helaba Landesbank Hessen Thuringen

Afriexim Bank CIC Bank| Deutsche Bank

BNDES - Brazilian Development Bank

DVB Bank

Wells Fargo Bank

32 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

NOTE: Pages 32 to 79 should be viewed by selecting View, Page Display, Two Page View and Show Cover Page in Two Page View in Acrobat Reader

Debt provider

Equity providers

Buyer
Aldus Aviation Jetscape CIT Aerospace Aldus Aviation

Seller
Flybe Alitalia Alitalia Flybe

NordLB

Air Lease Corporation Macquarie AirFinance

KLM Royal Dutch Airlines Jetscape

Avolon Aerospace Leasing Avolon Aerospace Leasing Industrial and Commercial Bank of China (ICBC)

Virgin Australia JetBlue Airways

Undisclosed Bank / Broker / Lessor

US Airways

Republic Airlines

BNDES - Brazilian Development Bank Undisclosed Bank / Broker / Lessor Undisclosed Bank / Broker / Lessor Undisclosed Bank / Broker / Lessor US Airways China Development Bank Undisclosed Bank / Broker / Lessor US Airways Republic Airlines Linhas Aereas de Mocambique Republic Airlines

ORIX Aviation Aircastle Advisor CIT Aerospace Aircastle Advisor AerSale Cara Capital Corp GRAF1 (Aviation) WSA Infinity Trading & Solutions Jet Time Jet2 Swiftair AerCap ORIX Aviation

Azul CIT Aerospace Azul Azul The Connecticut National Bank AFT 1999-1 ABS Portfolio Undisclosed Bank / Broker / Lessor N302AW/N303AW Holdings ORIX Aviation Boeing Capital Jetscape AERCO 2000-1 ABS Portfolio GECAS

Erste Bank GHS Trade FZE Source One Aircraft Repair DGI II Magnolia Investment

Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)


Aircraft Finance 2013 |Flightglobal Insight | 33

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-300 737-400 737-400 737-400 737-400 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Jan-12 Jan-12 Jan-12 Jan-12 1 1 2 3 1 1 2 1 1 1 1 1 2 1 1 1 1 1 1 1 1 4 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 Comair (South Africa) Comair (South Africa) CDI Cargo Airlines ILFC SF Airlines SF Airlines

Deal structure
Purchase - Lease Attached Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Finance Lease Finance Lease Purchase Purchase Purchase Capital Markets Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase

Arrangers

34 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
Kahala Aviation Cargo Air CDI Cargo Airlines Innova Investments Jet2 Jet2 Undisclosed Bank / Broker / Lessor

Seller
First Greenwich Kahala Boeing Capital Air China China Beijing Gahsm Aviation Supplies Science-Tech GECAS Sojitz Aircraft Leasing AWAS

Xunlian Investment Xunxiang Investment Aergo Capital Classic 500 G Rentals Automatic Nordavia - Regional Airlines Undisclosed Bank / Broker / Lessor Jet2 Northern Air Cargo Trigana Air Contrails Capital ILFC Infinity Trading & Solutions Infinity Trading & Solutions Zephyrus Capital Boeing Aircraft Holding Global Pripal Finance Company Jetran International Undisclosed Bank / Broker / Lessor Bank of Beijing AeroTurbine Jetran International MidAmerican Aerospace Investec Bank Air Lease Corporation Air New Zealand Air New Zealand Aircraft N532AU Astra Holdings Engage Aviation Undisclosed Bank / Broker / Lessor Vx Capital Partners Aquiline International Corporation Investec Bank Aergo Capital Aergo Capital AeroTurbine Bulgaria Air FL Technics (Lithuania) Infinity Trading & Solutions MidAmerican Aerospace Small Planet Airlines (Lithuania) Magna Tech Aviation TAG Aviation (Stansted) Airwork (NZ) CSDS Aircraft Sales & Leasing Jetran International TAG Aviation (Stansted) AIRPT 2001-1 ABS Portfolio LIFT 2001-1 ABS Portfolio Aircraft Statutory Trust N533AU CIT Aerospace AerCap Southwest Airlines ACAP 2003-2 ABS Portfolio Volito Aviation Services AeroTurbine AFT 1999-1 ABS Portfolio Aurora Leasing Aircastle Advisor AIRPT 2001-1 ABS Portfolio GECAS Air China AFT 1999-1 ABS Portfolio ORIX Aviation AeroTurbine Engage Aviation Jet Trading And Leasing AirTrust Capital Air Lease Corporation Source One Aircraft Repai Aircraft Statutory Trust N532AU BBAM Jetran International LIFT 2001-1 ABS Portfolio Lufthansa Varde Partners AirTrust Capital Sojitz Aircraft Leasing European Aviation Aergo Capital AAG VII Aurora Aviation Group Aircastle Advisor SWA Southwest Airlines Zephyrus Capital ACAP 2000-1 ABS Portfolio Air Lease Corporation Pacific Enterprises Leasing BBAM AWAS

Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)


Aircraft Finance 2013 |Flightglobal Insight | 35

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-400 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 1 5 2 1 1 2 4 1 1 1 1 4 1 1 1 1 1 1 1 1 1 1 2 3 1 1 1 1 1 2 2 1 1 1 2 1 1 10 1 1 1 2 1 1 1 4 2 4 2 1 1 1 1 5 1 1 2 Aero Capital Solutions Aero Capital Solutions AerSale AerSale Safair Lease Finance Alaska Airlines Hainan Airlines Jetran International AerSale ILFC Juliet Romeo Aviation Aviation Technologies Comair (South Africa) Jetran International

Deal structure
Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Purchase Purchase - Lease Attached Loan/Finance/Refinanced Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Capital Markets Loan/Finance/Refinanced Purchase - Lease Attached Purchase - Lease Attached Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Purchase Purchase Loan/Finance/Refinanced Finance Lease Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase

Arrangers

Wells Fargo Bank

Wells Fargo Bank Wells Fargo Bank

36 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
KAL Aviation ORIX Aviation

Seller
AAR Aircraft Sales & Leasing GECAS CSDS Aircraft Sales & Leasing First Greenwich Kahala MC Aviation Partners/Mitsubishi Corporation Boeing Capital AWAS AAR Aircraft Sales & Leasing

Grand Bank of Texas Juliet Romeo Aviation Kahala Aviation Investec Bank Japan TransOcean Air Jet Aviation FZC Jim Gallagher S.S ELTA Electronics KAL Aviation Plainscapital Bank VEB-Leasing VEB-Leasing Undisclosed Bank / Broker / Lessor Batavia Air Jetran International Undisclosed Bank / Broker / Lessor Trustmark National Bank (Texas) Aero Nusantara Indonesia AAR Aircraft Sales & Leasing ASL Aviation Group Enter Air SF Airlines VEB-Leasing AAR Aircraft Sales & Leasing Allied Air Citibank China Construction Bank China Postal Airlines Cosmos Posts&Telecommunications Intl Lsg GainJet Aviation Grandmax Group Investec Bank Aergo Capital Malaysian Airlines Reliance Aircraft International SF Airlines Undisclosed Bank / Broker / Lessor AIRPT 2001-1 ABS Portfolio AAR Aircraft Sales & Leasing Penerbangan Malaysia Berhad Fast Spread Investment Aircraft Solutions Cosmos Posts&Telecommunications Intl Lsg ILFC KLM Royal Dutch Airlines Japan TransOcean Air TAG Aviation (Stansted) AERCO 2000-1 ABS Portfolio Qantas Volito Aviation Services Speed Star ( Hong Kong ) BBAM EAST 2000-1 ABS Portfolio Prudential Retirement Insurance & Annuity Company AerCap Aergo Capital EAST 2000-1 ABS Portfolio AERCO 2000-1 ABS Portfolio GECAS Qantas

Aero Capital Solutions BLF BLF MidAmerican Aerospace United Airlines ORIX Aviation The Frost National Bank Av-Air Aero Capital Solutions GHS Trade FZE Nordavia - Regional Airlines United Airlines The Frost National Bank Universal Asset Management

Volito Aviation Services GECAS United Airlines Apollo Aviation Group Undisclosed Bank / Broker / Lessor GECAS All Nippon Airways Volito Aviation Services Aerovista AIRPT 2001-1 ABS Portfolio Undisclosed Bank / Broker / Lessor United Airlines

Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)


Aircraft Finance 2013 |Flightglobal Insight | 37

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-500 737-600 737-600 737-600 737-600 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-700 737-800 737-800 737-800 737-800 737-800 737-800 737-800 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 Apr-12 May-12 May-12 May-12 Jun-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Dec-12 Dec-12 May-12 Jun-12 Aug-12 Dec-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 May-12 Jun-12 Jun-12 Jun-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 1 1 1 2 5 1 1 1 1 1 1 1 4 2 2 1 2 2 1 1 1 1 1 1 15 1 1 1 1 2 1 1 1 1 3 1 1 2 2 2 1 2 2 2 2 1 1 1 2 20 1 3 5 1 1 1 1 AWAS DAE Capital GECAS China Eastern Airlines Virgo Volito Aviation Services BOC Aviation China Southern Airlines AWAS BOC Aviation ILFC BOC Aviation ILFC Rostechnologii Group KLM Royal Dutch Airlines KLM Royal Dutch Airlines Southwest Airlines Jetran International Jetran International ILFC

Deal structure
Capital Markets Purchase Purchase Purchase Operating Lease - Sale and Lease Back Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Loan/Finance/Refinanced Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Capital Markets Pre Delivery Payment Tax Lease Tax Lease Loan/Finance/Refinanced Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Operating Lease - Sale and Lease Back Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Capital Markets Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced

Arrangers

BBAM BBAM | DVB Bank CIC Bank| Credit Agricole Corporate and Investment Bank

Goldman Sachs & Co DVB Bank

DVB Bank

DVB Bank| PK AirFinance

Helaba Landesbank Hessen Thuringen

38 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer

Seller

ARC Avionics Corp BLF Universal Asset Management Sberbank Leasing Marsland All Nippon Airways Buraq Air European Aviation Marana Aerospace Solutions Sibit.1 Aero Capital Solutions airBaltic Jetran International Grand Bank of Texas Air North BLF Jione Financial AMES-CAMO Apollo Aviation Group Infinity Aviation Capital Apollo Aviation Group NordLB Bank of Moscow Nomura Babcock & Brown Nomura Babcock & Brown BBAM Development Bank of Japan Bank of China

CIT Aerospace United Airlines United Airlines UTair Aerovista BBAM GECAS Jeritt ARC Avionics Sojitz Aircraft Leasing Volito Aviation Services Marron Ventures GECAS AERCO 2000-1 ABS Portfolio United Airlines Austrian First Greenwich Kahala Lease Corporation International BBAM

CIT Aerospace

Citicorp North America Banc of America Leasing & Capital MD Aviation Capital GE Japan Magellan Group Air Do Intertrade Virgo China Development Bank GA Innovation China Undisclosed Bank / Broker / Lessor BOC Aviation BOC Aviation

Alaska Airlines GECAS FLY Leasing Bavaria Intl Aircraft Leasing & Co All Nippon Airways PALS 1999-1 ABS Portfolio Guggenheim Aviation Partners

Apollo Aviation Group Q Aviation Continuity Air Finance VII Continuity Air Finance VII

Avolon Aerospace Leasing China Aircraft Leasing MC Aviation Partners/Mitsubishi Corporation VEB-Leasing Grus Liability Undisclosed Bank / Broker / Lessor

Ryanair Shandong Airlines Jet Airways Aircraft Leasing & Management Sumisho Aircraft Asset Management Volito Aviation Services

Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)


Aircraft Finance 2013 |Flightglobal Insight | 39

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 2 3 3 1 2 25 1 2 1 1 1 1 1 5 2 4 5 3 2 2 1 1 1 1 1 1 1 2 2 1 3 1 1 1 1 2 3 7 2 1 2 1 2 1 1 3 3 1 2 2 2 1 1 1 1 1 2 Aeromexico Aviation Capital Group Aviation Capital Group Avolon Aerospace Leasing CDB Leasing China Southern Airlines China Southern Airlines CIT Aerospace Jackson Square Aviation Shandong Airlines Titan Aviation Leasing Turkish Airlines Hainan Airlines ILFC ILFC Air China China Southern Airlines CIAF-Leasing Qantas Royal Air Maroc Ryanair Shenzhen Airlines Shenzhen Airlines United Airlines Avolon Aerospace Leasing AWAS China Southern Airlines China Aircraft Leasing Hainan Airlines Korean Air Lion Air Pegasus Airlines Rostechnologii Group Shenzhen Airlines WestJet

Deal structure
ECA / EXIM Loan/Finance/Refinanced Finance Lease ECA / EXIM ECA / EXIM Pre Delivery Payment Loan/Finance/Refinanced ECA / EXIM Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Purchase - Lease Attached ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease ECA / EXIM Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached ECA / EXIM Capital Markets Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached ECA / EXIM Capital Markets ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Tax Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease

Arrangers
China Exim Bank Deutsche Bank AG| Korea Development Bank| CIC Bank JP Morgan Chase Bank

TD Bank

DVB Bank Credit Agricole Corporate and Investment Bank Sumitomo Mitsui Banking (SMBC) BBAM | DVB Bank

China Exim Bank DVB Bank

HSBC Bank Mitsubishi UFJ Financial Group

BBAM BBAM KfW IPEX-Bank|Credit Agricole Corporate and Investment Bank|BNP Paribas

DVB Bank

40 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer

Seller

China Development Bank Korea Development Bank| Deutsche Bank AG| CIC Bank Northern Sky Investments 1F JP Morgan Chase Bank Bank of Moscow Bank of China AWAS BBAM GECAS MC Aviation Partners/Mitsubishi Corporation SpiceJet AWAS Santos Dumont Aircraft Management TD Bank NordLB| Wells Fargo Bank Bank of China Goiania Comercio E Servicos Internacionais Lda Jackson Square Aviation Aircastle Advisor CIAF-Leasing Mitsubishi UFJ Lease & Finance Bank of China Bank of China Credit Agricole Corporate and Investment Bank Nomura Babcock & Brown Bank of China Industrial and Commercial Bank of China (ICBC) Undisclosed Bank / Broker / Lessor MC Aviation Partners/Mitsubishi Corporation SpiceJet ORIX Aviation SpiceJet Air Berlin RBS Aviation Capital Aerosvit Airlines Virgin Australia GECAS ACAP 2005-3 ABS Portfolio RBS Aviation Capital GOL Linhas Aereas Inteligentes TUI Aviation American Airlines SpiceJet Air Berlin GECAS RBS Aviation Capital

Avolon Aerospace Leasing GECAS Pembroke Group VTB-Leasing ICBC Leasing ORIX Aviation ORIX Aviation Citibank| HSBC Bank | Banco Nacional de Mexico

Jet Airways Lion Air FlyDubai BBAM RBS Aviation Capital Aviation Capital Group SMBC Aviation Capital

DVB Bank Shanghai Pudong Development Bank Nomura Babcock & Brown DBS Bank PEFCO Industrial and Commercial Bank of China (ICBC) Helaba Landesbank Hessen Thuringen Nomura Babcock & Brown

Source: Aviation Exchange (www.ascendworldwide.com/aviationexchange)


Aircraft Finance 2013 |Flightglobal Insight | 41

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 2 1 2 1 2 2 1 1 1 1 3 1 2 2 2 1 4 2 2 1 1 2 3 1 2 1 7 1 4 2 2 3 2 1 3 5 2 5 1 2 1 1 1 2 2 3 3 1 1 4 3 6 1 1 5 8 1 AerCap American Airlines AWAS Air China AWAS AWAS BoCom Leasing CDB Leasing FlyDubai Aviation Capital Group AerCap ASL Aviation Group Hainan Airlines Hainan Airlines Shenzhen Airlines GECAS Hainan Airlines Ryanair Aviation Capital Group AWAS AWAS China Aircraft Leasing China Southern Airlines Comair (South Africa) Investec Global Aircraft Fund Jackson Square Aviation UTair Virgin Australia Volito Aviation Services Aviation Capital Group

Deal structure
Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Capital Markets ECA / EXIM ECA / EXIM Tax Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets ECA / EXIM Operating Lease - Sale and Lease Back Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease ECA / EXIM ECA / EXIM Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced

Arrangers

Natixis China Exim Bank

DVB Bank| Investec Bank DVB Bank

Mitsubishi UFJ Financial Group

DVB Bank| Dubai Islamic Bank China Exim Bank Mitsubishi UFJ Financial Group

UBS China Exim Bank China Exim Bank

JP Morgan Chase Bank Deutsche Bank AG| CIC Bank Mitsubishi UFJ Financial Group

Commonwealth Bank of Australia|NordLB|DVB Bank|Landesbank Hessen Thuringen Gironzentrale

DVB Bank DVB Bank

42 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
CDB Leasing GECAS Jackson Square Aviation Blade Leasing Orenair Aircastle Advisor Aircastle Advisor ORIX Aviation Santos Dumont Aircraft Management

Seller
Lion Air Lion Air Air Berlin Mitsui Bussan Aerospace Air Berlin CIT Aerospace Santos Dumont Aircraft Management SMBC Aviation Capital DEFAG Leasing

PEFCO Commerzbank PEFCO Yamasa Co

PEFCO Credit Agricole Corporate and Investment Bank GE Japan CIT Aerospace GECAS Pembroke Group Hainan Airlines GOL Linhas Aereas Inteligentes Air Berlin Malaysia Airlines ICBC Leasing

Aircastle Advisor FLY Leasing FirstRand Bank

Jet Airways BBAM

China Everbright Bank Avolon Aerospace Leasing CCB Financial Leasing Corporation GECAS Hebei Airlines BoCom Leasing Orix Bank of China PEFCO Bank of China Deutsche Bank AG PEFCO GECAS GECAS Macquarie AirFinance Sojitz Aircraft Leasing AWAS Chishima Real Estate RPK Capital Management Group Air Berlin GOL Linhas Aereas Inteligentes Austrian Transavia Airlines CIT Aerospace ORIX Aviation American Airlines Shenzhen Airlines Lion Air Xiamen Airlines GECAS Avolon Aerospace Leasing

Source: Aviation Exchange


Aircraft Finance 2013 |Flightglobal Insight | 43

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-800 737-900 737-900 737-900 737-900 737-900 737-900 737-900 737-900 737-900 747-400 747-400 747-400 747-400 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CF6 CF6 CF6 PW4000 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Jan-12 Jan-12 Jan-12 Feb-12 Mar-12 Jul-12 Aug-12 Sep-12 Nov-12 Jan-12 Jan-12 Jan-12 Feb-12 1 1 1 1 1 1 8 6 2 1 1 1 1 1 2 4 2 1 4 1 3 3 1 4 1 1 1 1 1 2 1 10 2 1 3 5 2 10 3 2 1 4 10 1 2 10 7 4 17 2 2 18 3 2 6 1 1 AerSale ILFC Continental Airlines AerCap Avolon Aerospace Leasing Avolon Aerospace Leasing AWAS AWAS DAE Capital GECAS Hainan Airlines Investec Aircraft Syndicate Luxair Shenzhen Airlines TUI Aviation Xiamen Airlines El Al Rostechnologii Group Turkish Airlines Lion Air Continental Airlines Jackson Square Aviation AWAS Shandong Airlines TUI Aviation Aviation Capital Group China Eastern Airlines KLM Royal Dutch Airlines KLM Royal Dutch Airlines KLM Royal Dutch Airlines United Airlines Aviation Capital Group

Deal structure
Loan/Finance/Refinanced Tax Lease Tax Lease Tax Lease Loan/Finance/Refinanced ECA / EXIM Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase Purchase - Lease Attached Purchase - Lease Attached Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease ECA / EXIM Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Pre Delivery Payment Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Capital Markets Pre Delivery Payment Loan/Finance/Refinanced Finance Lease Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Pre Delivery Payment Pre Delivery Payment ECA / EXIM Capital Markets Capital Markets ECA / EXIM Operating Lease - Sale and Lease Back Capital Markets Operating Lease - Sale and Lease Back Purchase Loan/Finance/Refinanced Capital Markets Purchase

Arrangers

BNP Paribas| DBS Bank Credit Agricole Corporate and Investment Bank Credit Agricole Corporate and Investment Bank|Korea Development Bank Mitsubishi UFJ Financial Group

DVB Bank BBAM | Natixis Mitsubishi UFJ Financial Group

Deutsche Bank|BNP Paribas|Credit Agricole Corporate and Investment Bank|UBS|KfW IPEX-Bank

DVB Bank Credit Agricole Corporate and Investment Bank DVB Bank| PK AirFinance

DVB Bank

ING Bank|NordLB

TD Bank

Wells Fargo Bank

44 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider
China Development Bank BOT Lease
Credit Agricole Corporate and Investment Bank| Korea Development Bank

Equity providers

Buyer

Seller

Undisclosed Bank / Broker / Lessor BOC Aviation BOC Aviation SMBC Aviation Capital Killick Aerospace ST Aerospace Engines AWAS ORIX Aviation BoCom Leasing DVB Bank China Development Bank Nomura Babcock & Brown Avolon Aerospace Leasing AWAS AWAS Hong Kong Aviation Capital Hebei Airlines Japan Airlines Killick Aerospace AWAS AWAS AWAS ICBC Leasing Investec Aircraft Syndicate Pembroke Group DBS Bank Commonwealth Bank of Australia Ryanair Air Berlin KLM Royal Dutch Airlines Hainan Airlines Hainan Airlines GECAS Austrian BBAM CIT Aerospace Undisclosed Bank / Broker / Lessor SMBC Aviation Capital GECAS SMBC Aviation Capital GOL Linhas Aereas Inteligentes Lion Air GOL Linhas Aereas Inteligentes Austrian Jet Airways Undisclosed Bank / Broker / Lessor AWAS Hainan Airlines

Hong Kong Aviation Capital NordLB Ellege Lgit Bank of China China Development Bank ING Bank Bank of Moscow ING Bank| NordLB

Jackson Square Aviation BOC Aviation Deucalion Aviation Funds

Lion Air Lion Air Lufthansa

Scaled Composites

United Airlines

Source: Aviation Exchange


Aircraft Finance 2013 |Flightglobal Insight | 45

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 747-400 Combi 747-400 Combi 747-400 Combi 747-400 Combi 747-400 Combi 747-400BCF 747-400ER 747-400ERF 747-400ERF 747-400F 747-400F 747-400SF 747-400SF 747-400SF 747-400SF 747-8F 747-8F 747-8F 747-8F 747-8F 747-8F 747-8F 747-8F 747-8F 747-8I 747-8I 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 PW4000 CF6 CF6 PW4000 CF6 PW4000 PW4000 CF6 PW4000 PW4000 RB211 PW4000 RB211 RB211 PW4000 PW4000 RB211 PW4000 PW4000 PW4000 CF6 CF6 CF6 CF6 CF6 PW4000 CF6 CF6 PW4000 CF6 CF6 CF6 CF6 PW4000 CF6 GEnx GEnx GEnx GEnx GEnx GEnx GEnx GEnx GEnx GEnx GEnx PW2000 RB211 PW2000 RB211 RB211 RB211 RB211 RB211 RB211 PW2000 PW2000 Mar-12 May-12 May-12 May-12 May-12 Jun-12 Jun-12 Aug-12 Aug-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Jul-12 Aug-12 Oct-12 Nov-12 Nov-12 Apr-12 Mar-12 Jan-12 Jan-12 Jun-12 Dec-12 Jan-12 Jan-12 May-12 Dec-12 Jan-12 Jan-12 Jun-12 Jul-12 Oct-12 Nov-12 Dec-12 Dec-12 Dec-12 Apr-12 Jun-12 Jan-12 Jan-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 1 4 1 1 4 1 2 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 3 1 1 1 3 5 6 1 1 1 1 1 1 1 1 1 14 6 1 1 1 1 1 1 2 6 1 Delta Air Lines AirBridgeCargo Atlas Air Atlas Air Atlas Air Atlas Air Cargolux Atlas Air Korean Air Nippon Cargo Airlines Lufthansa Lufthansa ILFC ILFC KV Aviation GECAS Atlas Air ILFC Korean Air AerSale AerSale AerSale Deucalion Aviation Funds

Deal structure
Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase - Lease Attached Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Loan/Finance/Refinanced Capital Markets Finance Lease Purchase - Lease Attached Capital Markets Purchase Loan/Finance/Refinanced Purchase Purchase - Lease Attached Finance Lease ECA / EXIM Capital Markets Capital Markets Capital Markets ECA / EXIM Capital Markets ECA / EXIM Operating Lease - Sale and Lease Back Finance Lease Tax Lease Capital Markets Capital Markets Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Purchase

Arrangers

DVB Bank

Wells Fargo Bank

Wells Fargo Bank

Wells Fargo Bank CIT Aerospace Deutsche Bank AG|Korea Development Bank|CIC Bank

DVB Bank

Citibank| DVB Bank| HSBC Bank | NordLB

Goldman Sachs & Co| Credit Agricole Corporate and Investment Bank BNP Paribas BBAM

JP Morgan Chase Bank

46 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
Scaled Composites Deucalion Aviation Funds Orient Thai Airlines VEB-Leasing

Seller
United Airlines All Nippon Airways ILFC Singapore Airlines Rabobank Q Aviation AWAS Singapore Airlines Korean Air Cathay Pacific Penerbangan Malaysia Berhad Hong Kong Aviation Capital AWAS Aircastle Advisor Hong Kong Aviation Capital Penerbangan Malaysia Berhad United Airlines Lufthansa Lufthansa Lufthansa EVA Air Korean Air

DVB Bank Air Atlanta Icelandic Undisclosed Bank / Broker / Lessor EirTrade Aviation Ireland VEB-Leasing Boeing Aircraft Holding GA Telesis AerSale Av-Air GA Telesis Midair Undisclosed Bank / Broker / Lessor AerSale Universal Asset Management Deucalion Aviation Funds Deucalion Aviation Funds Deucalion Aviation Funds AerSale Boeing Aircraft Holding CIT Bank Korea Development Bank| Deutsche Bank CIC Bank Aircastle Advisor KV Aviation Air China Cargo Undisclosed Bank / Broker / Lessor Apple Bank Deucalion Aviation Funds Deucalion Aviation Funds Cathay Pacific CDB Leasing

PEFCO

The Bank of Mitsubishi Tokyo BNP Paribas Nomura Babcock & Brown

United States Air Force PrivatAir Icelandair Jet2 Omni Air International TES Parts Aerolease International FedEx

L-3 Communications Advanced Aviation British Airways American Airlines ACAP 2000-1 ABS Portfolio Aviation Capital Group El Al Volito Aviation Services Aerolease International

Source: Aviation Exchange


Aircraft Finance 2013 |Flightglobal Insight | 47

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 757-200 Combi 757-200F 757-200F 757-200F 757-200F 757-300 757-300 767-200 767-200ER 767-200ER 767-200ER 767-200ER 767-200ER 767-200ER 767-200ERF RB211 RB211 PW2000 PW2000 RB211 PW2000 RB211 RB211 RB211 RB211 RB211 RB211 RB211 RB211 RB211 RB211 PW2000 RB211 RB211 RB211 RB211 PW2000 RB211 RB211 PW2000 PW2000 RB211 RB211 PW2000 PW2000 PW2000 RB211 RB211 RB211 PW2000 RB211 RB211 RB211 RB211 RB211 RB211 PW2000 RB211 RB211 RB211 RB211 RB211 RB211 RB211 JT9D JT9D PW4000 PW4000 JT9D CF6 CF6 CF6 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 May-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Mar-12 Mar-12 Jun-12 Aug-12 Apr-12 May-12 Apr-12 Feb-12 Mar-12 Mar-12 Apr-12 May-12 Jun-12 Nov-12 1 1 1 2 1 1 1 2 1 1 1 1 1 1 1 2 1 1 1 6 1 1 1 1 2 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 2 15 3 1 1 1 1 11 11 10 1 1 1 7 8 1 1 GECAS Guggenheim Aviation Partners SF Airlines SF Airlines United Airlines Apollo Aviation Group Global Knafaim Leasing Allegiant Air Delta Air Lines Delta Air Lines ILFC ILFC

Deal structure
Purchase Purchase Loan/Finance/Refinanced Capital Markets Capital Markets Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Capital Markets Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Operating Lease - Sale and Lease Back Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Purchase Finance Lease Finance Lease Purchase - Lease Attached Purchase Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced

Arrangers

DVB Bank| Deutsche Bank

PK AirFinance

48 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
CIT Aerospace FedEx

Seller
UnionBanCal Leasing ILFC

Wells Fargo Equipment Finance

Undisclosed Bank / Broker / Lessor American Airlines FedEx GA Telesis Jet2 Undisclosed Bank / Broker / Lessor FedEx FedEx Wendell R Parish GA Telesis Wells Fargo Equipment Finance FedEx L-3 Communications Advanced Aviation United Airlines Union Bank of Israel FedEx L-3 Communications Advanced Aviation Wendell R Parish Aerolease International United Airlines FedEx US Bank Undisclosed Bank / Broker / Lessor FedEx United Airlines FedEx FedEx FedEx Undisclosed Bank / Broker / Lessor Brickell Asset Management FedEx FedEx Icelandair JALUX Americas GA Telesis Lease Aircraft Trust Series 2012-1 Cargo Aircraft Management Xunlian Investment Xunyin Investment DHL Aviation (Netherlands) SF Airlines Guggenheim Aviation Partners Jet Midwest Atom Airways Aeromexico AeroTurbine Jet Midwest BLF Aircraft Solutions

WWTAI AirOpCo 1 Bermuda Dougherty Equipment Finance ILFC Security Pacific Equipment Leasing Aviation Leasing Aircastle Advisor ILFC PALS 1999-1 ABS Portfolio Bay 2 Bay Leasing Gaucho 2

AWAS Wendell R Parish Philip Morris Capital PALS 2000-1 ABS Portfolio Wendell R Parish GA Telesis SkyWorks Leasing CIT Aerospace PALS 1999-1 ABS Portfolio Undisclosed Bank / Broker / Lessor Aerolease International CIT Aerospace ILFC Omni Air International ILFC United Airlines US Bank AERCO 2000-1 ABS Portfolio TES Parts US Bank US Bancorp Equipment Finance US Bank National Airlines

Boeing Capital Air China Condor Air Canada West Dover LAN Airlines AWAS Air Canada United Airlines Aisling Airlease (No 5)

Source: Aviation Exchange


Aircraft Finance 2013 |Flightglobal Insight | 49

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
767-300 767-300 767-300 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ER 767-300ERF 767-300ERF 767-300ERF 767-300ERF 767-300ERF 767-300ERF 767-400ER 777-200 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200ER 777-200LRF 777-200LRF 777-200LRF 777-200LRF 777-200LRF PW4000 CF6 JT9D PW4000 CF6 PW4000 CF6 CF6 CF6 PW4000 CF6 CF6 CF6 PW4000 CF6 CF6 PW4000 CF6 PW4000 CF6 CF6 PW4000 RB211 PW4000 CF6 RB211 RB211 CF6 PW4000 PW4000 PW4000 RB211 RB211 CF6 CF6 CF6 CF6 CF6 CF6 CF6 Trent GE90 PW4000 GE90 Trent GE90 GE90 PW4000 PW4000 PW4000 PW4000 PW4000 GE90 GE90 GE90 GE90 GE90 Jan-12 Mar-12 Sep-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Aug-12 Aug-12 Sep-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Dec-12 Jun-12 Oct-12 Jan-12 Jan-12 Mar-12 Mar-12 Mar-12 Apr-12 Jun-12 Jul-12 Oct-12 Dec-12 Dec-12 Jun-12 Sep-12 Sep-12 Sep-12 Sep-12 2 1 1 1 7 2 1 1 1 2 1 3 3 2 1 1 6 2 3 2 2 2 1 8 9 1 1 1 1 1 2 1 1 1 1 1 2 1 1 6 2 3 1 1 1 1 1 1 1 1 1 3 1 1 1 1 1 BoCom Leasing China Cargo Airlines GECAS United Airlines ILFC Asiana Airlines All Nippon Airways (MRO) All Nippon Airways (MRO) AerSale UPS Airlines UPS Airlines UPS Airlines UPS Airlines UPS Airlines UPS Airlines Delta Air Lines American Airlines ILFC ILFC Jet Midwest Delta Air Lines LAN Airlines ILFC ILFC Atlas Air Delta Air Lines Delta Air Lines LAN Airlines LAN Airlines All Nippon Airways Uzbekistan Airways ILFC ILFC

Deal structure
Purchase Purchase Purchase Purchase - Lease Attached Capital Markets Capital Markets Purchase Purchase Finance Lease Loan/Finance/Refinanced Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Finance Lease Operating Lease - Sale and Lease Back Capital Markets Capital Markets Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Purchase - Lease Attached Capital Markets ECA / EXIM Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Purchase Loan/Finance/Refinanced Purchase - Lease Attached Purchase Loan/Finance/Refinanced Finance Lease Finance Lease Finance Lease Finance Lease Finance Lease Finance Lease Capital Markets Loan/Finance/Refinanced Capital Markets Capital Markets Operating Lease - Sale and Lease Back Purchase Loan/Finance/Refinanced Capital Markets ECA / EXIM Tax Lease Finance Lease Purchase Capital Markets Purchase - Lease Attached Operating Lease - Sale and Lease Back Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced

Arrangers

National Bank for Foreign Economic Affairs Uzbek CIT Aerospace JP Morgan Chase Bank JP Morgan Chase Bank

JP Morgan Chase Bank

Wells Fargo Bank

DVB Bank

Natixis

CIC Bank| Deutsche Bank

50 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
Deucalion Aviation Funds Air Do Grandmax Group BoCom Leasing

Seller
Air China All Nippon Airways Japan Airlines North American Aircraft Leasing

Cargo Aircraft Management Cargo Aircraft Management Bellview Leasing Reconstruction and Development Fund of Uzbekistan Atlas Air CIT Bank

Qantas Royal Air Maroc

GECAS

Bacacina Leasing Mirlo Leasing Aircastle Advisor Condor

Guggenheim Aviation Partners Thomas Cook Airlines Undisclosed Bank / Broker / Lessor Opal Leasing

Thomas Cook Airlines Airfleet Credit Q Aviation G-BNWK Aircraft Pty

Boeing Capital Qantas Automatic Jet Midwest Amur Finance 1 Undisclosed Bank / Broker / Lessor AerSale CC & EI CC & EI CC & EI CC & EI CC & EI CC & EI RPK Capital Management Group

Qantas Boeing Capital Sumisho Aircraft Asset Management Aviation Leasing CDB Leasing Qantas

Aircraft Purchase Company No. 12 ILFC Undisclosed Bank / Broker / Lessor Korea Development Bank GL Super Leasing Saffron Leasing + 4 others TPG Capital BBAM GECAS BoCom Leasing Bank of China

Alitalia Singapore Airlines

Air Austral GECAS Ethiopian Airlines GECAS

Aircraft Finance 2013 |Flightglobal Insight | 51

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
777-200LRF 777-200LRF 777-200LRF 777-300 777-300 777-300 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER 777-300ER GE90 GE90 GE90 PW4000 Trent Trent GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 GE90 Oct-12 Nov-12 Nov-12 Jan-12 Mar-12 Nov-12 Jan-12 Jan-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 1 1 1 2 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 3 1 3 1 1 1 1 1 2 1 1 1 1 2 1 2 4 1 1 2 2 4 2 1 1 1 1 1 1 1 4 1 2 1 2 2 1 DAE Capital Etihad Airways Guggenheim Aviation Partners ILFC Korean Air Air France Novus Aviation VEB-Leasing Emirates Airline Avolon Aerospace Leasing Air China Air China Emirates Airline Emirates Airline KLM Royal Dutch Airlines TAM Linhas Aereas BOC Aviation Etihad Airways Kenya Airways Novus Aviation Philippine Airlines TAM Linhas Aereas Air China Emirates Airline Novus Aviation Cathay Pacific Cathay Pacific Etihad Airways ILFC Air China Air France British Airways Emirates Airline Etihad Airways Etihad Airways DAE Capital Investec Aircraft Syndicate Korean Air

Deal structure
Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Operating Lease - Sale and Lease Back Purchase Tax Lease Capital Markets Capital Markets Purchase Loan/Finance/Refinanced Tax Lease Tax Lease Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase - Lease Attached Tax Lease Tax Lease ECA / EXIM Capital Markets ECA / EXIM Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Capital Markets ECA / EXIM Loan/Finance/Refinanced Operating Lease - Sale and Lease Back ECA / EXIM Capital Markets Pre Delivery Payment| Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM Operating Lease - Sale and Lease Back Capital Markets Capital Markets ECA / EXIM ECA / EXIM| Finance Lease Capital Markets Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Capital Markets Operating Lease - Sale and Lease Back Capital Markets Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Tax Lease Loan/Finance/Refinanced ECA / EXIM Purchase - Lease Attached Loan/Finance/Refinanced Capital Markets Loan/Finance/Refinanced Capital Markets ECA / EXIM

Arrangers

CIT Aerospace Deutsche Bank | Korea Development Bank| CIC Bank

Dubai Islamic Bank| Al Hilal Bank| Ajman Bank

BNP Paribas| CIC Bank| Natixis| Sumitomo Mitsui Finance & Leasing Co BBAM | DVB Bank

BBAM BBAM HSBC Bank

Afriexim Bank DVB Bank HSBC Bank Citibank| Santander

Apple Bank| Credit Agricole Corporate and Investment Bank

DVB Bank

BNP Paribas DVB Bank Credit Agricole Corporate and Investment Bank| Goldman Sachs & Co DVB Bank

BNP Paribas

52 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
Investec Aircraft Syndicate

Seller
GECAS

CIT Bank| NordLB NordLB Korea Development Bank| Deutsche Bank AG| CIC Bank VEB-Leasing VEB-Leasing Transaero Airlines Lionstar Leasing

BBAM Bank of China Nomura Babcock & Brown Air Lease Corporation GECAS Air Lease Corporation Nomura Babcock & Brown
Westpac Banking| ANZ Bank

GECAS

Air France Air France Macquarie AirFinance

Nomura Babcock & Brown

PEFCO

Air Lease Corporation GECAS Novus Aviation


JP Morgan Chase Bank Undisclosed Bank / Broker / Lessor| Undisclosed Bank / Broker / Lessor

Cathay Pacific Emirates Airline Emirates Airline

Novus Aviation Apple Bank| Soverign Bank| Flashing Bank

Emirates Airline

Unconfirmed Saudi Arabia Bank ING Bank BBAM Emirates Airline

JP Morgan Chase Bank

Guggenheim Aviation Partners VEB-Leasing Avolon Aerospace Leasing

American Airlines Aeroflot Russian Airlines American Airlines

Novus Aviation GECAS BNP Paribas| Unconfirmed Japanese Bank Unconfirmed Middle Eastern Bank Apple Bank BBAM ChinaTrust Commercial Bank Undisclosed Bank / Broker / Lessor

Emirates Airline Emirates Airline

Emirates Airline

Aircraft Finance 2013 |Flightglobal Insight | 53

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
777-300ER 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-8 787-9 A318-100 A318-100 A318-100 A318-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 A319-100 GE90 GEnx TBC Trent GEnx GEnx GEnx Trent GEnx GEnx GEnx Trent GEnx Trent Trent TBC CFM56 PW6000 PW6000 CFM56 CFM56 CFM56 CFM56 V2500 V2500 CFM56 V2500 V2500 CFM56 CFM56 CFM56 V2500 CFM56 CFM56 CFM56 CFM56 CFM56 V2500 CFM56 V2500 CFM56 CFM56 CFM56 V2500 CFM56 CFM56 V2500 V2500 TBC V2500 V2500 CFM56 CFM56 CFM56 V2500 CFM56 V2500 Dec-12 Mar-12 Apr-12 Apr-12 Apr-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Dec-12 Apr-12 Jan-12 Aug-12 Oct-12 Nov-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Oct-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 1 4 4 1 2 9 1 1 3 1 1 2 4 5 2 8 1 1 4 1 2 2 2 2 2 1 2 2 1 1 1 2 1 1 2 2 1 1 1 1 9 3 2 2 1 1 1 1 4 1 4 1 1 1 2 5 2 Archway Aviation DAE Capital Hainan Airlines Air France Sky Airline Hainan Airlines Sichuan Airlines CDB Leasing TACA International Airlines TAM Linhas Aereas China Eastern Airlines China Eastern Airlines Delta Air Lines Volito Aviation Services Volito Aviation Services Volito Aviation Services Sky Airline Germania LAN Airlines Avianca ILFC AWAS China Southern Airlines ILFC Air France Air France Air India LAN Airlines Ethiopian Airlines LOT Polish Airlines Norwegian Air India Kenya Airways Ethiopian Airlines LAN Airlines Continental Airlines Korean Air Continental Airlines

Deal structure
ECA / EXIM Capital Markets Operating Lease - Sale and Lease Back Purchase Loan/Finance/Refinanced Pre Delivery Payment| Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Capital Markets Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Finance Lease Capital Markets ECA / EXIM Pre Delivery Payment Purchase - Lease Attached Tax Lease Purchase Purchase Tax Lease Purchase - Lease Attached Capital Markets Purchase Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase - Lease Attached Loan/Finance/Refinanced ECA / EXIM ECA / EXIM Capital Markets Operating Lease - Sale and Lease Back Tax Lease Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase - Lease Attached Operating Lease - Sale and Lease Back Finance Lease Finance Lease Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase - Lease Attached Tax Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Tax Lease Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease

Arrangers
Citibank

Standard Chartered Bank Afriexim Bank

Helaba Landesbank Hessen Thuringen

DVB Bank Credit Agricole Corporate and Investment Bank

ING Bank

Helaba Landesbank Hessen Thuringen Mitsubishi UFJ Financial Group Natixis

China Exim Bank

CIC Bank ING Bank

DVB Bank| PK AirFinance

54 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer

Seller

VTB-Leasing Undisclosed Bank / Broker / Lessor Standard Chartered Bank


ING Bank| Emerging Africa Infrastructure Fund| Infrastructure Crisis Facility Debt Pool| The Netherlands Development Finance Company

Transaero Airlines AWAS

Fragata Leasing Qatar Aviation Lease Boeing Capital Qatar Airways

Nippon Export and Investment Insurance| Apple Bank Air Lease Corporation Credit Agricole Corporate and Investment Bank Avianca (Brazil) Airbus Asset Management China World Aviation Leasing China United Airlines AWAS NordLB| Wells Fargo Bank Bank of China GECAS Asset Management Services ICBC Leasing Cyprus Airways RBS Aviation Capital LAN Airlines LAN Airlines GECAS China Aviation Supplies GECAS Vietnam Aircraft Leasing

CDB Leasing NBB Flex BoCom Leasing MC Aviation Partners/Mitsubishi Corporation ORIX Aviation BoCom Leasing CMB Financial Leasing CMB Financial Leasing GE Japan NordLB GE Japan ICBC Leasing NBB Elm China Development Bank DVB Bank JP Morgan Chase Bank CCB Financial Leasing Apollo Aviation Group Frost Bank Agricultural Bank of China

Alitalia China Eastern Airlines Germania Aircraft Purchase Fleet China Eastern Airlines

SMBC Aviation Capital

China Eastern Airlines Macquarie AirFinance

Aircraft Finance 2013 |Flightglobal Insight | 55

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 V2500 V2500 CFM56 CFM56 V2500 CFM56 CFM56 V2500 CFM56 CFM56 V2500 V2500 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 V2500 CFM56 CFM56 TBC V2500 V2500 CFM56 CFM56 CFM56 CFM56 CFM56 V2500 CFM56 TBC V2500 CFM56 CFM56 CFM56 CFM56 V2500 V2500 V2500 V2500 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 V2500 V2500 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 1 1 1 1 2 4 2 1 1 1 1 7 1 1 1 6 2 1 1 1 1 1 5 1 3 2 1 5 3 1 2 1 1 1 1 5 4 7 1 4 4 2 4 1 1 1 2 3 2 1 2 2 1 1 1 6 1 Air China AWAS BOC Aviation China Eastern Airlines Delta Air Lines Easyjet Easyjet Jackson Square Aviation Jackson Square Aviation Qantas South African Airways Spring Airlines TAM Linhas Aereas Avolon Aerospace Leasing Avolon Aerospace Leasing AWAS AWAS AWAS AWAS Comtran International Air China Avolon Aerospace Leasing Avolon Aerospace Leasing Cebu Pacific Air China Aircraft Leasing Hainan Airlines ICBC Leasing ILFC ILFC Middle East Airlines Spring Airlines Spring Airlines Spring Airlines

Deal structure
Operating Lease - Sale and Lease Back Purchase Purchase Purchase Purchase - Lease Attached Purchase - Lease Attached Operating Lease - Sale and Lease Back Purchase Tax Lease| Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Pre Delivery Payment ECA / EXIM Finance Lease Loan/Finance/Refinanced Capital Markets Capital Markets Loan/Finance/Refinanced ECA / EXIM Finance Lease Finance Lease Purchase - Lease Attached Purchase - Lease Attached ECA / EXIM ECA / EXIM ECA / EXIM| Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM| Tax Lease Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase Purchase Purchase Purchase Operating Lease - Sale and Lease Back ECA / EXIM Pre Delivery Payment Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase Purchase Operating Lease - Sale and Lease Back Purchase

Arrangers

Credit Agricole Corporate and Investment Bank


KfW IPEX-Bank| BNP Paribas| Credit Agricole Corporate and Investment Bank| Deutsche Bank | UBS

China Exim Bank DVB Bank

China Exim Bank NordLB| Standard Chartered Bank

Helaba Landesbank Hessen Thuringen Helaba Landesbank Hessen Thuringen KfW IPEX-Bank Undisclosed Bank / Broker / Lessor KfW IPEX-Bank

Natixis KfW IPEX-Bank JP Morgan Chase Bank Commonwealth Bank of Australia Santander KfW IPEX-Bank| DVB Bank| Credit Agricole Corporate and Investment Bank| BNP Paribas Credit Agricole Corporate and Investment Bank

Natixis

56 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
GECAS Intertrade Santos Dumont Aircraft Management SouthJet Two China World Aviation ORIX Aviation Pembroke Group Aeronautics Fund

Seller
GoAir CIT Aerospace GOAL German Operating Aircraft Leasing Wallis Trading GECAS GECAS Tiger Airways ACAP 2005-3 ABS Portfolio

Wells Fargo Bank Citibank| BDO Unibank China Development Bank| Changjiang Leasing

Bank Audi CMB Financial Leasing| Bank of China NordLB| Standard Chartered Bank Aircastle Advisor AWAS PALS 2001-1 ABS Portfolio GECAS

NordLB| Wells Fargo Bank International Bank of Commerce Bank of America Leasing & Capital GA Telesis GA Telesis Infinity Trading & Solutions Sargent Avborne MC Aviation Partners/Mitsubishi Corporation JP Morgan Chase Bank Natixis Commerzbank Yamasa Lease Easyjet AFT 1999-1 ABS Portfolio AIRPT 2001-1 ABS Portfolio GA Telesis GA Telesis Tiger Airways

NordLB| Unicredit

Commonwealth Bank of Australia China Development Bank Natixis Nomura Babcock & Brown GECAS MC Aviation Partners/Mitsubishi Corporation MC Aviation Partners/Mitsubishi Corporation Air Salvage International Avion Capital Partners FL Technics (Lithuania) Century Tokyo Leasing Interjet Air France Gulf Air Niki RPK Capital Management Group AERLS 2007-1 ABS Portfolio AERCO 2000-1 ABS Portfolio Jetstar Japan Aviation Capital Group

Aircraft Finance 2013 |Flightglobal Insight | 57

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 CFM56 CFM56 V2500 CFM56 CFM56 V2500 CFM56 V2500 CFM56 V2500 V2500 CFM56 CFM56 V2500 V2500 V2500 CFM56 CFM56 V2500 V2500 CFM56 CFM56 V2500 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 V2500 CFM56 CFM56 CFM56 CFM56 V2500 V2500 V2500 CFM56 CFM56 TBC TBC V2500 V2500 CFM56 CFM56 CFM56 V2500 CFM56 V2500 V2500 V2500 CFM56 V2500 CFM56 CFM56 V2500 V2500 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 2 1 1 1 2 3 4 1 2 2 1 1 1 1 1 2 2 1 1 1 1 2 1 1 1 2 1 1 2 2 1 4 2 1 1 1 1 1 1 8 20 1 1 2 3 7 2 1 2 1 2 2 2 1 1 3 6 AerCap Air Arabia Air Arabia AirAsia Aviation Capital Group Avolon Aerospace Leasing Avolon Aerospace Leasing AWAS AWAS AWAS AWAS AWAS China Southern Airlines China World Aviation Leasing CIT Aerospace Delta Air Lines Jackson Square Aviation Jazeera Airways JetBlue Airways JetBlue Airways Shenzhen Airlines TAM Linhas Aereas Volito Aviation Services Air Arabia Air China Air China BoCom Leasing China Eastern Airlines Interjet Sichuan Airlines Air Arabia Avolon Aerospace Leasing Avolon Aerospace Leasing AWAS BOC Aviation BOC Aviation CSA Czech Airlines Hainan Airlines ILFC ILFC TACA International Airlines

Deal structure
Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease| ECA / EXIM Finance Lease Capital Markets Capital Markets Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase - Lease Attached Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase ECA / EXIM Tax Lease Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM ECA / EXIM Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Operating Lease - Sale and Lease Back Loan/Finance/Refinanced ECA / EXIM Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Loan/Finance/Refinanced ECA / EXIM Pre Delivery Payment Capital Markets ECA / EXIM| Tax Lease Loan/Finance/Refinanced ECA / EXIM Capital Markets ECA / EXIM ECA / EXIM Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back

Arrangers
Sumitomo Mitsui Banking (SMBC)
KfW IPEX-Bank| Credit Agricole Corporate and Investment Bank| BNP Paribas| Deutsche Bank | UBS KfW IPEX-Bank| BNP Paribas| Credit Agricole Corporate and Investment Bank| Deutsche Bank | UBS

BNP Paribas DVB Bank DVB Bank CIC Bank| Credit Agricole Corporate and Investment Bank

Credit Agricole Corporate and Investment Bank| Credit Suisse

China Exim Bank

KfW IPEX-Bank KfW IPEX-Bank Credit Agricole Corporate and Investment Bank BNP Paribas

Helaba Landesbank Hessen Thuringen KfW IPEX-Bank Investec Bank Credit Agricole Corporate and Investment Bank

Credit Agricole Corporate and Investment Bank Natixis

HSBC Bank

58 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer

Seller

China Development Bank| Changjiang Leasing

Undisclosed Bank / Broker / Lessor Chishima Real Estate Plane Business Leasing BoCom Leasing GECAS Gomera Trading Standard Chartered Bank BNP Paribas| Sumitomo Mitsui Banking (SMBC) BNP Paribas| Sumitomo Mitsui Banking (SMBC) Unconfirmed Chinese Bank Bank of China BNP Paribas BNP Paribas Air France AerCap Shenzhen Airlines Spirit Airlines AWAS

Aeronautics Fund ILFC ILFC Jordan Aviation Undisclosed Bank / Broker / Lessor Airfleet Credit JJJ1 Undisclosed Bank / Broker / Lessor

Macquarie AirFinance Air Salvage International Mitsui Sumitomo Trust Panasonic Finance FG Wing Leasing ILFC FLY Leasing Jetstar Japan

Credit Agricole Corporate and Investment Bank| Tokyo Star Bank Commonwealth Bank of Australia Undisclosed Bank / Broker / Lessor

Investec Bank CIC Bank| Sumitomo Mitsui Banking (SMBC) GE Japan Undisclosed Bank / Broker / Lessor Credit Agricole Corporate and Investment Bank Gulf Bank CIC Bank China Development Bank GE Japan Deucalion Aviation Funds GECAS CDB Leasing GECAS Monarch Airlines GoAir IndiGo Jetstar Japan

Aircraft Finance 2013 |Flightglobal Insight | 59

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 V2500 V2500 V2500 CFM56 V2500 CFM56 V2500 V2500 V2500 CFM56 CFM56 V2500 TBC CFM56 CFM56 V2500 CFM56 CFM56 CFM56 CFM56 V2500 V2500 V2500 V2500 CFM56 CFM56 CFM56 TBC CFM56 CFM56 CFM56 V2500 V2500 V2500 V2500 CFM56 CFM56 CFM56 CFM56 V2500 V2500 V2500 V2500 V2500 V2500 V2500 V2500 CFM56 TBC V2500 V2500 V2500 V2500 CFM56 V2500 V2500 CFM56 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 4 3 5 2 3 3 2 6 2 1 1 1 4 1 6 1 1 2 2 1 3 2 2 1 1 1 2 1 1 1 1 4 2 3 2 1 2 1 1 1 1 3 1 1 2 2 1 2 2 1 4 1 1 2 1 1 1 Avianca AWAS AWAS BOC Aviation British Airways British Airways Interjet JetBlue Airways Jetstar Japan Changjiang Leasing AirAsia AWAS BoCom Leasing CDB Leasing Avianca| TACA International Airlines Juneyao Airlines LAN Airlines Sichuan Airlines AirAsia CDB Leasing Cebu Pacific Air China Southern Airlines TAM Linhas Aereas TAM Linhas Aereas

Deal structure
Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Finance Lease Loan/Finance/Refinanced ECA / EXIM Tax Lease ECA / EXIM Finance Lease Purchase - Lease Attached Purchase - Lease Attached Purchase Pre Delivery Payment Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached Operating Lease - Sale and Lease Back Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase ECA / EXIM Operating Lease - Sale and Lease Back Purchase Purchase Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase - Lease Attached ECA / EXIM ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease Purchase

Arrangers

Korea Development Bank| KfW IPEX-Bank KfW IPEX-Bank| Sumitomo Mitsui Banking (SMBC)
BNP Paribas| Development Bank of Japan| Korea Development Bank| Mega Bank

BNP Paribas DVB Bank

Natixis

DVB Bank

China Exim Bank

Natixis Natixis Credit Agricole Corporate and Investment Bank Credit Agricole Corporate and Investment Bank BNP Paribas

60 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
Hong Kong Aviation Capital Jackson Square Aviation MC Aviation Partners/Mitsubishi

Seller
Jetstar Japan Jetstar Japan Jetstar Japan

Red Angels

Development Bank of Japan| Korea Development Bank| Mega Bank

Arab Leasing International Finance Craentex Investments ATA Air Bank of Communications Tenca Leasing China Development Bank Airfinancial Management BoCom Leasing ICBC Leasing ORIX Aviation Hong Kong Aviation Capital Meraj Air Undisclosed Bank / Broker / Lessor Mitsubishi UFJ Lease & Finance KTB Leasing Company Development Bank of Japan Bank of China DVB Bank Changjiang Leasing Undisclosed Bank / Broker / Lessor FGL Aircraft Ireland GECAS Pembroke Group Pembroke Group Intertrade ORIX Aviation AAR Parts Trading Asian Express Airline BoCom Leasing CCB Financial Leasing Corporation MC Aviation Partners/Mitsubishi Corporation Qatar Aviation Lease Company MidAmerican Aerospace Pembroke Group Pembroke Group Undisclosed Bank / Broker / Lessor Citibank Apple Bank Apple Bank Westpac Banking NTT Finance Unconfirmed US Bank JJJ2 Aeronautics Fund

Avion Capital Partners AERCO 2000-1 ABS Portfolio Khors Aircompany

AerCap GECAS SMBC Aviation Capital AWAS IndiGo Undisclosed Bank / Broker / Lessor Air Mart Capital MC Aviation Partners/Mitsubishi

Hong Kong Airlines Iberia Avolon Aerospace Leasing Volaris IndiGo Tiger Airways CIT Aerospace Avianca GECAS Aerostar Leasing Shenzhen Airlines China Eastern Airlines Spirit Airlines Qatar Airways EAST 2000-1 ABS Portfolio Q Aviation SMBC Aviation Capital AWAS

Air Sweden

Aircraft Finance 2013 |Flightglobal Insight | 61

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200 A320-200neo A321-100 A321-100 A321-100 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 CFM56 CFM56 CFM56 CFM56 CFM56 V2500 V2500 V2500 CFM56 V2500 CFM56 CFM56 V2500 CFM56 V2500 CFM56 V2500 V2500 V2500 PW1000G V2500 CFM56 CFM56 V2500 CFM56 V2500 V2500 CFM56 V2500 V2500 V2500 V2500 V2500 CFM56 CFM56 V2500 CFM56 V2500 V2500 V2500 V2500 V2500 CFM56 V2500 V2500 V2500 V2500 V2500 V2500 V2500 V2500 V2500 V2500 CFM56 V2500 V2500 V2500 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Aug-12 Apr-12 Aug-12 Dec-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Feb-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Oct-12 Nov-12 Nov-12 Nov-12 1 9 1 1 2 3 1 5 1 3 1 2 5 3 7 1 1 1 2 72 2 1 5 2 2 1 2 1 6 1 2 2 2 1 2 1 4 10 2 1 4 1 2 2 1 2 1 3 1 2 2 2 1 20 1 2 1 Air Astana China Southern Airlines Avolon Aerospace Leasing UTair Avolon Aerospace Leasing Gulf Air Sichuan Airlines Sichuan Airlines US Airways Vietnam Airlines Vietnam Airlines ILFC ILFC Jackson Square Aviation Saudi Arabian Airlines Air China AWAS Turkish Airlines Turkish Airlines Turkish Airlines BOC Aviation ILFC ILFC US Airways US Airways US Airways CIT Aerospace Vietnam Airlines Volito Aviation Services African Holding Co of America Air New Zealand China Eastern Airlines DAE Capital DAE Capital GECAS GECAS Hainan Airlines Hong Kong Aviation Capital JetBlue Airways Shenzhen Airlines GoAir ILFC

Deal structure
Purchase Purchase Purchase Purchase Purchase - Lease Attached Operating Lease - Sale and Lease Back Purchase Purchase - Lease Attached Loan/Finance/Refinanced Tax Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Capital Markets Capital Markets Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Pre Delivery Payment Capital Markets Purchase Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Capital Markets Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease| ECA / EXIM ECA / EXIM| Tax Lease Tax Lease Tax Lease| ECA / EXIM Tax Lease Loan/Finance/Refinanced Capital Markets Capital Markets Capital Markets Capital Markets Finance Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase - Lease Attached Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Finance Lease ECA / EXIM Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Loan/Finance/Refinanced Pre Delivery Payment Purchase - Lease Attached ECA / EXIM Tax Lease

Arrangers

The Bank of Mitsubishi Tokyo DVB Bank| PK AirFinance DVB Bank| PK AirFinance

DVB Bank

Natixis| KfW IPEX-Bank KfW IPEX-Bank Standard Chartered Bank| BBAM CIC Bank ING Bank DVB Bank

DVB Bank| Goldman Sachs & Co

Natixis China Exim Bank

Cathay United Bank


Deutsche Bank | UBS| Credit Agricole Corporate and Investment Bank| BNP Paribas| KfW IPEX-Bank

Royal Bank of Scotland BBAM

62 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
African Holding Co of America Allegiant Air Av-Air Infinity Trading & Solutions Pembroke Group MC Aviation Partners/Mitsubishi Corporation Aerotron Pembroke Group

Seller
AeroTurbine Undisclosed Bank / Broker / Lessor All Nippon Airways Aircastle Advisor SMBC Aviation Capital Wizz Air ACST 2006-1 ABS Portfolio SMBC Aviation Capital

AeroTurbine The Bank of Mitsubishi Tokyo| Australia & New Zealand Banking Group Bank of China

China Development Bank Industrial and Commercial Bank of China (ICBC) Bank of Communications United Technologies Asian Wings Airways Century Tokyo Leasing Jackson Square Aviation Alitalia Air France Monarch Airlines

NordLB| Unicredit Saudi Arabian Monetary Agency BPCE| Siemens Bank| KfW IPEX-Bank Standard Chartered Bank ING Bank| NordLB ING Bank Nomura Babcock & Brown BNP Paribas BNP Paribas

Undisclosed Bank / Broker / Lessor Vietnam Export Import Bank GE Japan Apollo Aviation Group Pembroke Group Gulf International Bank China Development Bank Undisclosed Bank / Broker / Lessor Citibank| Development Bank of Japan Trade Bank of Iraq
VEB-Leasing

A321 Partners Gulf Air

Alphastream

Pembroke Group Nomura Babcock & Brown

SMBC Aviation Capital

Aircraft Finance 2013 |Flightglobal Insight | 63

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A321-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200 A330-200F A330-200F A330-200F A330-200F A330-200F A330-300 A330-300 A330-300 A330-300 A330-300 V2500 V2500 CFM56 V2500 V2500 V2500 V2500 V2500 V2500 V2500 V2500 PW4000 Trent Trent Trent Trent Trent PW4000 Trent CF6 PW4000 Trent CF6 CF6 Trent Trent CF6 Trent PW4000 Trent Trent TBC Trent Trent Trent CF6 Trent CF6 Trent Trent Trent Trent Trent Trent Trent Trent Trent PW4000 Trent Trent Trent Trent Trent PW4000 Trent Trent Trent Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Jan-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Dec-12 Jan-12 Jan-12 Jun-12 Nov-12 Nov-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 7 1 1 2 1 1 2 1 2 1 1 2 2 2 1 1 1 2 1 1 1 2 1 1 2 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 6 3 1 2 1 1 2 1 1 1 1 3 4 2 4 3 1 ILFC ILFC Turkish Airlines China Eastern Airlines Guggenheim Aviation Partners Hawaiian Airlines Thomas Cook Airlines Malaysia Airlines Turkish Airlines BOC Aviation Avianca Synergy Aerospace Synergy Aerospace US Airways AWAS Hawaiian Airlines CDB Leasing Guggenheim Aviation Partners Intrepid Aviation Group Orix Hong Kong Aviation Capital CIT Aerospace South African Airways Air China ILFC Avolon Aerospace Leasing China Southern Airlines Aircastle Advisor ILFC ILFC ILFC Archway Aviation China Eastern Airlines China Eastern Airlines Vietnam Airlines Vietnam Airlines US Airways Vietnam Airlines

Deal structure
Capital Markets Loan/Finance/Refinanced Purchase Operating Lease - Sale and Lease Back Purchase - Lease Attached Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Purchase Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Loan/Finance/Refinanced| Tax Lease Capital Markets ECA / EXIM ECA / EXIM| Tax Lease ECA / EXIM Capital Markets Capital Markets Capital Markets Purchase - Lease Attached Purchase - Lease Attached Operating Lease - Sale and Lease Back Loan/Finance/Refinanced ECA / EXIM Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase - Lease Attached Loan/Finance/Refinanced Loan/Finance/Refinanced Pre Delivery Payment Loan/Finance/Refinanced Purchase - Lease Attached Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase - Lease Attached Pre Delivery Payment Capital Markets Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Loan/Finance/Refinanced Finance Lease ECA / EXIM| Tax Lease ECA / EXIM ECA / EXIM Pre Delivery Payment Operating Lease - Sale and Lease Back Capital Markets Capital Markets ECA / EXIM| Tax Lease Purchase - Lease Attached

Arrangers

Helaba Landesbank Hessen Thuringen| KfW IPEX-Bank| Sumitomo Mitsui Banking (SMBC)

Cathay United Bank

Credit Agricole Corporate and Investment Bank

The Bank of Mitsubishi Tokyo

DVB Bank

Credit Agricole Corporate and Investment Bank| Deutsche Bank | CIC Bank| NTT Finance

Natixis

DVB Bank DVB Bank DVB Bank BayernLB| DekaBank| Deutsche Pfandbriefbank| Natixis Natixis| Royal Bank of Scotland

Natixis

BayernLB| DekaBank| Deutsche Pfandbriefbank| Natixis

64 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer

Seller

Vietnam International Bank

Plane Business Leasing Archway Aviation GECAS Pembroke Group


Macquarie Bank China Construction Bank Industrial and Commercial Bank of China (ICBC)

BBAM Monarch Airlines Guggenheim Aviation Partners SMBC Aviation Capital

Hua Nan Bank| Shin Kong Bank| Taichung Commercial Bank| Union Bank of Taiwan| Shanghai Commercial and Savings Bank| Cathay United Bank

Brussels Airlines BoCom Leasing China Aircraft Leasing

Swiss Air China Air China

Deutsche Pfandbriefbank Credit Agricole Corporate and Investment Bank| KfW IPEX-Bank The Bank of Mitsubishi Tokyo

Airbus Asset Management GECAS Guggenheim Aviation Partners China Development Bank Undisclosed Bank / Broker / Lessor Royal Bank of Scotland BoCom Leasing Avolon Aerospace Leasing ORIX Aviation DVB Bank Rand Merchant Bank AWAS TPG Capital
Credit Agricole Corporate and Investment Bank| Deutsche Bank | CIC Bank| NTT Finance Undisclosed Bank / Broker / Lessor

Aircraft Purchase Fleet Aircraft Purchase Fleet Monarch Airlines

China Southern Airlines Avianca CIT Aerospace

CIT Aerospace ALAFCO & Novus Aviation

ICBC Leasing

BOC Aviation

Undisclosed Bank / Broker / Lessor


Bank of China Landesbank Hessen Thuringen Gironzentrale CIC Bank

Emirates Airline

BayernLB| DekaBank| Deutsche Pfandbriefbank

Citibank

ICBC Leasing

Air China

BayernLB| DekaBank| Deutsche Pfandbriefbank

Avolon Aerospace Leasing

AerCap

Aircraft Finance 2013 |Flightglobal Insight | 65

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300 A330-300HGW A330-300HGW A330-300HGW A330-300HGW A330 -300HGW A330-300HGW A330-300HGW A330-300HGW A330 Series TBD A340-200 A340-300 A340-300 A340-300 A340-300 A340-300 A340-300 A340-300 A340-500 A340-500 A340-600 A340-600 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 A380-800 Trent Trent Trent Trent Trent Trent Trent Trent Trent Trent Trent PW4000 Trent Trent Trent Trent Trent Trent Trent PW4000 PW4000 PW4000 PW4000 PW4000 CF6 PW4000 CF6 Trent CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 CFM56 Trent Trent Trent Trent GP7200 GP7200 GP7200 TBC GP7200 Trent GP7200 GP7200 Trent Trent Trent Trent GP7200 Trent Trent Trent GP7200 Feb-12 May-12 Jun-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Jan-12 Jan-12 May-12 May-12 Jun-12 Jul-12 Nov-12 Dec-12 Jan-12 Jan-12 Jan-12 Mar-12 Apr-12 Jul-12 Jul-12 Sep-12 Oct-12 Oct-12 Nov-12 Jan-12 Aug-12 Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 Jun-12 Oct-12 Oct-12 Nov-12 Dec-12 2 1 1 4 1 2 1 3 2 2 2 3 1 1 1 2 1 1 3 1 1 2 4 1 8 1 1 2 3 5 3 2 3 2 1 1 5 2 1 1 1 1 1 4 1 1 1 1 1 2 6 2 4 1 1 1 1 WealthCap Thai Airways International Emirates Airline Lufthansa Emirates Airline Emirates Airline Lufthansa Air France Air France Thai Airways International Thai Airways International Air France Emirates Airline Emirates Airline ILFC South African Airways ILFC Guggenheim Aviation Partners Malaysia Airlines Novus Aviation SAS Cathay Pacific Thai Airways International TUI Aviation AerCap Aeroflot Russian Airlines Cathay Pacific Intrepid Aviation Group Thai Airways International Aeroflot Russian Airlines Cathay Pacific China Eastern Airlines

Deal structure
Tax Lease Finance Lease Purchase - Lease Attached Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back ECA / EXIM Operating Lease - Sale and Lease Back ECA / EXIM ECA / EXIM Pre Delivery Payment Loan/Finance/Refinanced| Tax Lease Purchase ECA / EXIM Purchase - Lease Attached Loan/Finance/Refinanced Tax Lease| Loan/Finance/Refinanced Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Operating Lease - Sale and Lease Back ECA / EXIM Purchase - Lease Attached Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Purchase - Lease Attached Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Capital Markets Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Capital Markets Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Tax Lease Operating Lease - Sale and Lease Back Finance Lease JOL ECA / EXIM| Tax Lease Tax Lease| ECA / EXIM ECA / EXIM ECA / EXIM Operating Lease - Sale and Lease Back ECA / EXIM Capital Markets Operating Lease - Sale and Lease Back Loan/Finance/Refinanced ECA / EXIM Finance Lease

Arrangers
Credit Agricole Corporate and Investment Bank

Royal Bank of Scotland

Citibank| JP Morgan Chase Bank| KfW IPEX-Bank| Royal Bank of Scotland HSBC Bank

Credit Agricole Corporate and Investment Bank| Helaba Landesbank Hessen Thuringen| Kasikornbank

Credit Agricole Corporate and Investment Bank Natixis KfW IPEX-Bank SkyWorks Leasing

HSBC Bank | Citibank| ANZ Bank| Standard Chartered Bank

NordLB Dubai Islamic Bank| Al Hilal Bank| Ajman Bank Doric The Bank of Mitsubishi Tokyo
Credit Agricole Corporate and Investment Bank| Sumitomo Mitsui Banking (SMBC) Credit Agricole Corporate and Investment Bank| DekaBank| Helaba Landesbank Hessen Thuringen

BNP Paribas Citibank| BayernLB| Natixis Helaba Landesbank Hessen Thuringen

EastMerchant Capital| Australia & New Zealand Banking Group Societe Generale
Hannover Leasing & Co. | Helaba Landesbank Hessen Thuringen

66 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer

Seller

WestLB

CDB Leasing AerCap AerDragon Aviation Partners


Royal Bank of Scotland

AerCap Singapore Airlines Singapore Airlines Virgin Atlantic Airways

CDB Leasing

Citibank

Deucalion Aviation Funds BayernLB ICBC Leasing Credit Agricole Corporate and Investment Bank| Lotte Capital Co. Natixis| Standard Chartered Bank| Commerzbank Natixis MC Aviation Partners/Mitsubishi Corporation Undisclosed Bank / Broker / Lessor Novus Aviation NordLB First Energy Bank MOF Aircastle Advisor BOC Aviation Undisclosed Bank / Broker / Lessor CDB Leasing China Aircraft Leasing Grofin Africa Fund China Eastern Airlines Airbus Asset Management Airbus Asset Management Undisclosed Bank / Broker / Lessor GECAS Asset Management Services Undisclosed Bank / Broker / Lessor Airbus Asset Management Azerbaijan Airlines Avaio NordLB NordLB VEB-Leasing
Hansa Treuhand Ship Beteiligungs & Co. KG

Penerbangan Malaysia Berhad BOC Aviation

Corsair Malaysia Airlines Malaysia Airlines CIT Aerospace Iberia GECAS Air China

ICBC Leasing China Eastern Airlines China Eastern Airlines Lufthansa GMT Global Republic Aviation Iberia Singapore Airlines A J Walter Aviation Virgin Atlantic Airways

Transaero Airlines

The Bank of Mitsubishi Tokyo |Sumitomo Mitsui Banking (SMBC) Fuyo General Lease Company Sumitomo Mitsui Trust Bank Citibank MOF Malaysia Airlines

WealthCap

Singapore Airlines

Aircraft Finance 2013 |Flightglobal Insight | 67

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
A380-800 A380-800 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-300 ATR 42-500 ATR 42-500 ATR 42-500 ATR 42-500 ATR 42-500 ATR 42-600 ATR 42-600 ATR 72-200 ATR 72-200 ATR 72-200 ATR 72-200 ATR 72-200 ATR 72-200 ATR 72-200 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-600 ATR 72-600 ATR 72-600 ATR 72-600 ATR 72-600 CRJ100 CRJ100 CRJ100 CRJ100 CRJ100 CRJ100 CRJ100 CRJ100 CRJ100 CRJ200 CRJ200 CRJ200 CRJ200 GP7200 GP7200 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 Dec-12 Dec-12 Feb-12 Mar-12 Mar-12 May-12 Jun-12 Jul-12 Jul-12 Sep-12 Oct-12 Oct-12 Nov-12 Dec-12 Jan-12 Oct-12 Oct-12 Nov-12 Dec-12 Jun-12 Dec-12 Mar-12 Apr-12 May-12 Jun-12 Aug-12 Oct-12 Nov-12 Apr-12 Apr-12 Jun-12 Jun-12 Jul-12 Aug-12 Aug-12 Oct-12 Nov-12 Dec-12 Dec-12 Apr-12 Apr-12 Jul-12 Sep-12 Dec-12 Mar-12 Jun-12 Jun-12 Oct-12 Oct-12 Nov-12 Nov-12 Dec-12 Dec-12 Jan-12 Feb-12 Feb-12 Feb-12 1 1 1 1 1 1 1 1 1 1 5 2 1 1 1 2 1 2 1 2 1 1 1 3 1 1 3 1 1 1 1 1 1 1 1 1 2 1 2 5 5 4 5 2 1 1 4 3 1 2 2 5 2 1 1 1 1 Lion Air Cemair Nordic Aviation Capital Air New Zealand Lion Air Buddha Air Airlinair Air Tahiti Precision Air Emirates Airline Korean Air Solenta Aviation

Deal structure
ECA / EXIM ECA / EXIM Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase Purchase Purchase Purchase Purchase Purchase Purchase Tax Lease Finance Lease Purchase Purchase Purchase Purchase - Lease Attached Purchase Purchase Purchase Purchase Finance Lease Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Operating Lease - Sale and Lease Back ECA / EXIM| Tax Lease Tax Lease Operating Lease - Sale and Lease Back Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase

Arrangers
KfW IPEX-Bank| Sumitomo Mitsui Banking (SMBC)
Sumitomo Mitsui Banking (SMBC)| Sumitomo Mitsui Trust Bank| Development Bank of Japan

Credit Agricole Corporate and Investment Bank

Transportation Partners

The Bank of Mitsubishi Tokyo Transportation Partners

68 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer

Seller

Investec Bank MAP Linhas Aereas Pascan Aviation Calm Air West Wind Aviation Atlantique Air Assistance Blue Islands Magellan Group ACIA Aero ACIA Aero Tropical Air Calm Air Taimyr Air - NordStar Airline Contract Maintenance and Equipment Hawaiian Airlines Nordic Aviation Capital Island Transvoyager Antelope Leasing Vip Wings Imetame Metalmechanica Magellan Group ACIA Aero DAT - Danish Air Transport Overland Airways Solenta Aviation Airlinair Natixis Lease ATR ATR International Finance ATR Passaredo Transportes Aereos ATR Nordic Aviation Capital Passaredo Transportes Aereos BNP Paribas Nordic Aviation Capital Deutsche Bank AG| KfW IPEX-Bank The Bank of Mitsubishi Tokyo GECAS BNP Paribas Residco Atlantic Jet Support FL Technics (Lithuania) Avmax Aircraft Leasing Cemair Emery Air Charter Pragma MB Avmax Aircraft Leasing Eagle Aviation Clarks Summit II Bombardier Eagle Aviation Kinetic Motion SW Holding Trust Fleet Credit Air Canada ALF V FL Technics (Lithuania) Aircraft Leasing & Management Air Canada Comair JL Sarah Lease Eurowings GECAS Clarks Summit II Azul Air Nostrum Air Nostrum ATR Air Nostrum Azerbaijan Airlines ATR Air Nostrum Santander Central Hispano Lease Airlinair ATR Asset Management Nordic Aviation Capital ATR Cimber Air-Leasing ATR Asset Management ATR Asset Management Air Vendee Investissements TRIP BKM Luftfahrt Willis Lease Finance Corporation Fly540 Sodelem SA & Oseo Financement Atlantique Air Assistance Antrak Air ATR Asset Management Merinos Leasing Precision Air BKM Luftfahrt Flybe Nordic ASL Aviation Group Airline Contract Maintenance and Equipment Azerbaijan Airlines Nordic Aviation Capital

Aircraft Finance 2013 |Flightglobal Insight | 69

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ200 CRJ700 CRJ700 CRJ700 CRJ900 CRJ900 CRJ900 CRJ900 CRJ900 CRJ900 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 CF34 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 Apr-12 Apr-12 May-12 May-12 May-12 May-12 May-12 May-12 Jun-12 Jul-12 Jul-12 Jul-12 Aug-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Jul-12 Dec-12 Dec-12 Jun-12 Jul-12 Oct-12 Nov-12 Dec-12 Dec-12 Jan-12 Feb-12 Mar-12 Apr-12 May-12 May-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Aug-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 1 1 1 1 1 1 1 1 1 1 5 2 1 1 1 2 3 1 1 1 4 1 1 1 1 1 1 57 1 2 1 7 3 2 13 2 2 1 1 2 1 1 1 2 4 1 1 1 1 3 1 1 1 3 1 1 1 Fayard Enterprises Frontier Alaska Aviation Trust Avmax Aircraft Leasing AVIC International Leasing Delta Air Lines RwandAir GECAS GECAS SkyWest Airlines ExpressJet Airlines Delta Air Lines ExpressJet Airlines SkyWest Airlines

Deal structure
Purchase Purchase Purchase Purchase Purchase Purchase Purchase

Arrangers

Canadian Regional Aircraft Finance Transac No1 Loan/Finance/Refinanced

Purchase Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Capital Markets Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase - Lease Attached Capital Markets Operating Lease - Sale and Lease Back ECA / EXIM Loan/Finance/Refinanced ECA / EXIM Operating Lease - Sale and Lease Back Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Operating Lease - Sale and Lease Back Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase - Lease Attached China Exim Bank

70 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
MGC Airlines (Matekane Air) SCAT Amaszonas Bombardier Regional One Semirara Mining Voyageur Airways

Seller
SA Express Tyrolean Airways Avmax Aircraft Leasing Eurowings Bombardier Services Tailwind Capital Kinetic Motion SA Express Eurowings

NatWest Aerospace Trust Company Matekane Farming CC Bombardier Capital Zions First National Bank State Street Bank & Trust Eagle Aviation SCAT SCAT Flying Colours Flying Colours Peak Pacific Global SkyWest Airlines Unconfirmed Kazakhstan Airline Export Development Canada AviaAM Leasing Bombardier Stewart-Haas Racing Nova Airways Delta Air Lines Trident Aviation Zions First National Bank Zions First National Bank Delta Air Lines AVIC International Leasing Export Development Canada Export Development Canada Delta Air Lines First Financial Insurance Air Creebec Alberta Treasury Branches DAT - Danish Air Transport National Jet Systems ALS Mexican Air Force Nordic Aviation Capital Wideroe Frontier Alaska Aviation Trust Intellex Group First National Bank Alaska Fayard Enterprises Fayard Enterprises Island Air Avtran Choice Turbine Frontier Alaska Aviation Trust Willis Lease Finance Corporation AEC-341 Fayard Enterprises Avmax Aircraft Leasing SN 146 Frontier Alaska Aviation Trust Liquidation Air Services Aeroleasing International Overland Leasing Group Air Iceland AIRPT 2001-1 ABS Portfolio Kahama Mining Air Inuit Olympic Air AeroCentury Intellex Group Piraeus Financial Leasing Pinnacle Airlines Bombardier Air Inuit Comair China Express Airlines GECAS GECAS Canadian Regional Aircraft Finance Transaction No1 Eagle Aviation GECAS Air Nostrum GECAS First Greenwich Kahala GOAL German Operating Aircraft Leasing Bombardier Capital Bombardier Bombardier Comair Tyrolean Airways

Aircraft Finance 2013 |Flightglobal Insight | 71

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-100 Dash 8-200 Dash 8-200 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 Dash 8-300 ERJ-135 ERJ-135 ERJ-135 ERJ-135 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 ERJ-145 Fokker 100 Fokker 100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE 3007 AE3007 AE 3007 AE 3007 RB.183 Tay RB.183 Tay Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 May-12 Jul-12 Jan-12 Jan-12 Jan-12 Jan-12 Feb-12 Apr-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 May-12 Jun-12 Aug-12 Dec-12 Feb-12 Mar-12 Mar-12 Apr-12 Jun-12 Jun-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Oct-12 Oct-12 Oct-12 Nov-12 Jan-12 Feb-12 1 1 1 1 1 1 2 2 1 1 1 1 1 1 1 1 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 18 3 21 1 1 2 1 1 2 1 1 3 2 4 10 1 1 4 1 2 2 1 Regourd Aviation Aerovision Aircraft Services Airlink - SA Airlink Nordic Aviation Capital Avmax Aircraft Leasing Frontier Alaska Aviation Trust Island Air

Deal structure
Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase - Lease Attached Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Finance Lease Purchase Purchase Purchase

Arrangers

72 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider
First National Bank Alaska Union Bank

Equity providers

Buyer

Seller

1201148 Alberta DAT - Danish Air Transport Skytrans Solomon Airlines Export Development Canada Avmax Aircraft Leasing AeroCentury Jione Financial Northstar Avlease Skyservice Business Aviation Nordic Aviation Capital African Barrick Gold Air Inuit Government of Quebec P/F BankNordic Avitrade Ireland Bombardier Phoenix Heliparts US Department of State - INL Air Wing (INL/A) Air Inuit Avmax Aircraft Leasing Aircraft Solutions Fayard Enterprises Fayard Enterprises NK Leasing Perimeter Airlines Travira Air Field Aviation Nordic Aviation Capital Airphil Express Avmax Aircraft Leasing Skytrans Air Namibia ECC Leasing Nedbank ECC Leasing Ogengene Air Services CIT Aerospace Enhanced Aero Maintenance SAS Irmaos Passaura Globalia Group IBC Airways Airlink - SA Airlink Aerovision Aircraft Services Aerovision Aircraft Services Aerovision Aircraft Services Aerovision Aircraft Services JP Morgan Chase Bank Solenta Aviation Regional One Aeromexico Connect Natixis Lease NovoAir Bek Air

AEC-341 Nuuk Aircraft 1 GMG Airlines Ventos Management Manufacturers & Traders Trust InterSky Air Senegal International SA Express Caya de Ahrossos de Valencia Castellon Y Alicante All Nippon Airways Skyservice Business Aviation SA Express Capital Aviation Services UniCredit Global Leasing Export Air Nostrum Avitrade Ireland Phoenix Heliparts Bombardier Capital Aircraft Solutions NK Leasing Air Service Gabon Volvo Aero Services Aircraft Sales & Leasing Nordic Aviation Capital Air Inuit Bombardier Bombardier NL Scorpio Lease Nordic Aviation Capital Caribbean Airlines AIRPT 2001-1 ABS Portfolio Regional American Airlines American Airlines Aircraft Solutions Bank of Hawaii Leasing Aircraft Solutions Skyways Lagun Air FAP Investment AB Janus 429/448 Corp Bank of America GECAS Philip Morris Capital GECAS Continuity Air Finance IX SL Canopy Aircraft Solutions ERJ-145 Pembroke Group Eastindo Air Taxi & Charter

Aircraft Finance 2013 |Flightglobal Insight | 73

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 Fokker 100 MD-11 MD-11 MD-11 MD-11F MD-11F MD-11F MD-11F MD-11F MD-11F MD-11F MD-81 MD-81 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay RB.183 Tay CF6 CF6 PW4000 CF6 CF6 PW4000 CF6 PW4000 CF6 CF6 JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D Feb-12 May-12 Jul-12 Jul-12 Aug-12 Aug-12 Sep-12 Sep-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Dec-12 Apr-12 Jul-12 Nov-12 Jan-12 Jun-12 Oct-12 Nov-12 Nov-12 Dec-12 Dec-12 Jun-12 Jun-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Apr-12 Apr-12 Apr-12 Apr-12 May-12 May-12 May-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 1 1 1 1 1 4 1 1 1 2 3 7 3 1 3 8 1 1 1 4 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 7 1 1 1 2 1 3 2 1 1 2 3 4 2 5 1 1 Air Capital Group FedEx Jet Midwest

Deal structure
Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase - Lease Attached Purchase Purchase Purchase Capital Markets Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Purchase Purchase Purchase Purchase - Lease Attached Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Loan/Finance/Refinanced Purchase

Arrangers

74 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
Skywest Airlines (Australia) Air Panama Bukovyna Airlines Sky Aviation Air Panama Jet Midwest Bukovyna Airlines Jet Midwest Jet Midwest Jet Midwest Undisclosed Bank / Broker / Lessor

Seller
France Aircraft Finance V Jet Trading & Leasing KLM cityhopper Premiair (Indonesia) Jet Trading & Leasing MS Financing KLM cityhopper Aviation Leasing Aviation Leasing Aviation Leasing Brit Air Undisclosed Bank / Broker / Lessor Jet Trading & Leasing Capital Lease Aviation Airfleet Credit Vx Capital Partners BBAM Boeing Capital EVA Air ILFC EVA Air ILFC AWAS CIT Aerospace Air Sweden Airline Support Sweden American Airlines Jet Midwest AWAS John Hancock Leasing Khors Aircompany US Aviation GA Telesis Volito Aviation Services AP Finance Boeing Capital HNB Investment Terra Brains Alitalia IAL Alaska I Corp AP Finance AP Financing Credit Foncier de France GS/MC Leasing Holdings (MD82) GA Telesis Key Equipment Finance Manufacturers Hanover Leasing International SVMF 37 GA Telesis SAS Manufacturers Hanover Leasing International Wind Rose Aviationy Undisclosed Bank / Broker / Lessor City National Bank

Amur Finance 1 Kish Air Skyward International Aviation Skywest Airlines (Australia) Undisclosed Bank / Broker / Lessor Unical Aviation Unical Aviation Unical Aviation Nordic Global Airlines FedEx Nordic Global Airlines Unical Aviation EirTrade Aviation Ireland M48435 Airline Support Sweden
L & E Sweden /Advantage Aviation Services Sweden

Stewart Industries International US Aviation GA Telesis Jet Midwest Zagros Airlines Tango Airways Undisclosed Bank / Broker / Lessor Undisclosed Bank / Broker / Lessor Zagros Airlines American Airlines GA Telesis SAS Aircraft & Engine Support City National Bank Zagros Airlines Zagros Airlines Citigroup Financial Products Air Capital Group Aviation Leasing Jet Midwest Bank of America Air Capital Group Aviation Leasing Delta Air Lines GA Telesis Maxavia GA Telesis SVMF 37 B & C Aero Investments

Aircraft Finance 2013 |Flightglobal Insight | 75

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-82 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-83 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-87 MD-88 MD-88 MD-88 MD-88 JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Jan-12 Feb-12 Mar-12 Mar-12 Apr-12 Apr-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Nov-12 Nov-12 Nov-12 Dec-12 Dec-12 Dec-12 Jan-12 Feb-12 Apr-12 Apr-12 Apr-12 Jun-12 Jul-12 Jul-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Jan-12 Jan-12 Mar-12 Apr-12 1 1 1 1 3 1 3 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 2 3 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 2 1 2 2 1 2 1 2 2 2 17 2 Allegiant Air Delta Air Lines Allegiant Air Allegiant Air Allegiant Air Allegiant Air 1time Airline Jet Midwest Jetran International Jet Midwest

Deal structure
Purchase Purchase - Lease Attached Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase - Lease Attached Purchase Purchase Purchase Purchase Purchase Purchase Purchase - Lease Attached Purchase - Lease Attached Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Loan/Finance/Refinanced Purchase Purchase Purchase Purchase Loan/Finance/Refinanced Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase

Arrangers

Citadel Securities

Citadel Securities Citadel Securities

Citadel Securities Citadel Securities JP Morgan Chase Bank

76 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
GA Telesis GA Telesis Air Capital Group Air Capital Group LASER SAS

Seller
HNB Investment Citigroup Financial Products Undisclosed Bank / Broker / Lessor
US Bancorp Equipment Finance | Algemene Bank Netherland

Aviation Leasing MC Aviation Partners/Mitsubishi Gryphon Airlines MC Aviation Partners/Mitsubishi Global Air Avcorp 115 AWAS Khors Aircompany Jet Midwest GA Telesis AIRPT 2001-1 ABS Portfolio J.T.R. Company AFT 1999-1 ABS Portfolio Finaircraft Viking Airlines AWAS Finaircraft EAST 2000-1 ABS Portfolio J.T.R. Company Khors Aircompany AIRPT 2001-1 ABS Portfolio GECAS Air Capital Group AWAS Undisclosed Bank / Broker / Lessor World Atlantic Airlines Leasing J.T.R. Company GECAS J.T.R. Company Airtex Enterprises J.T.R. Company Jet Midwest Khors Aircompany

Amur Finance 1 Jet Midwest SAS Caspian Airlines Austral GA Telesis Zagros Airlines DANA Air Undisclosed Bank / Broker / Lessor Pennant Aviation Caspian Airlines Jetran International Khors Aircompany Khors Aircompany Jet Midwest Khors Aircompany Grand Bank of Texas Undisclosed Bank / Broker / Lessor ATA Air Caspian Airlines Jetran International Jetran International MSN 53470 Undisclosed Bank / Broker / Lessor Air Capital Group MSN 53052 ATA Air American Airlines ATA Air Bravo Airways Amur Finance 1 ATA Air Swift Aircargo Zagros Airlines Astrail Aviation One Corsair Two SAS Strategic Air Finance Strategic Air Finance Corsair Two Delta Air Lines Kam Air Strategic Air Finance Allegiant Air Strategic Air Finance Tiger Aircraft Trading SAS SAS Strategic Air Finance SAS Allegiant Air SAS GECAS

Infinity Trading & Solutions

Dynamic Aviation Group

Aircraft Finance 2013 |Flightglobal Insight | 77

Aircraft finance 2013

Aircraft finance deals announced in 2012


Aircraft model Engine type Month Number of Customer aircraft
MD-88 MD-88 MD-88 MD-88 MD-88 MD-88 MD-88 MD-88 MD-90 MD-90 MD-90 MD-90 MD-90 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 Q400 SSJ 100-95 JT8D JT8D JT8D JT8D JT8D JT8D JT8D JT8D V2500 V2500 V2500 V2500 V2500 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 PW100 SaM146 Jun-12 Jun-12 Jul-12 Jul-12 Sep-12 Nov-12 Dec-12 Dec-12 Mar-12 Mar-12 Apr-12 Sep-12 Dec-12 Feb-12 Mar-12 May-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Nov-12 Nov-12 Nov-12 Dec-12 Jun-12 1 1 10 2 1 3 1 1 9 8 25 6 1 1 4 6 5 1 5 5 1 1 1 8 1 13 6 2 2 2 1 1 1 1 2 2 1 1 1 3 20 Interjet Luxair AMRA Leasing Jazz Luxair Regional Equipment Trust Republic Airlines Delta Air Lines AerSale AerSale Delta Air Lines Vx Capital Partners Delta Air Lines Vx Capital Partners

Deal structure
Purchase Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Loan/Finance/Refinanced Purchase Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase - Lease Attached Purchase Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Operating Lease - Sale and Lease Back Operating Lease - Sale and Lease Back Purchase Purchase Purchase Operating Lease - Sale and Lease Back Purchase Purchase ECA / EXIM Finance Lease Loan/Finance/Refinanced Loan/Finance/Refinanced Purchase Purchase Purchase Loan/Finance/Refinanced Operating Lease - Sale and Lease Back Purchase Purchase Purchase Finance Lease Purchase ECA / EXIM

Arrangers

Wells Fargo Bank JP Morgan Chase Bank

Wells Fargo Bank

Natixis

NOTE: Aircraft finance deals announced during 2012 with analysis by customer, financier and aircraft type. The aircraft transaction information contained in this section includes new and second-hand deals. SOURCE: Aviation Exchange (www.ascendworldwide.com/aviationexchange)
78 | Flightglobal Insight | Aircraft Finance 2013

Aircraft finance 2013

Debt provider

Equity providers

Buyer
Jet Tech International Taban Air

Seller
BBAM Bukovyna Airlines

Pacific Western Bank Fossco Pacific Western Bank Air Capital Group Taban Air BBAM Bukovyna Airlines Dynamic Aviation Group

AerSale US Bank BTV Leasing Schweiz SAS Nordic Aviation Capital Nordic Aviation Capital AMRA Leasing Nordic Aviation Capital Regional Equipment Trust 3 Points Aviation Magellan Group Walker Aviation Leasing Regional Equipment Trust Bombardier Regional Equipment Trust Export Development Canada ElleGe Export Development Canada Export Development Canada AMRA Leasing AMRA Leasing Undisclosed Bank / Broker / Lessor NordLB Nordic Aviation Capital Bombardier Bombardier L-3 Communications Advanced Aviation ElleGe VEB-Leasing Vnesheconombank

Saudi Arabian Airlines

Centaurium Aviation AG Sumitomo Mitsui Finance & Leasing Eurolot Olympic Air Alliance & Leicester Olympic Air Colgan Air SAS Walker Aviation Leasing German Operating Aircraft Leasing (GOAL) Colgan Air Magellan Group Colgan Air

Lloyds Bank Walker Aviation Leasing SAS Eurolot Horizon Air AMRA Leasing Bombardier Luxair

Aircraft Finance 2013 |Flightglobal Insight | 79

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