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AIRCRAFT FINANCE
SPECIAL REPORT
CURRENT THINKING, STRATEGIC ANALYSIS & MARKET EVOLUTION
2012
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Aircraft Finance 2012
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Flightglobal Insight
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AIRCRAFT FINANCE 2012
FLIGHTGLOBAL FINANCE
OLIVIER BONNASSIES: EDITOR
FLIGHTGLOBAL INSIGHT
TREVOR MOUNTFORD: MANAGER
ANTOINE FAFARD: ANALYST
FLIGHTGLOBAL DATA RESEARCH
STEVEN PHIPPS: FLIGHTGLOBAL ASCEND
FOREWORD
Welcome to Flightglobal Insights Aircraft Finance Special
Report 2012, brought to you in association with CFM
International and prepared using information from the
extensive Flightglobal Premium portfolio. The report provides
an analytical overview of the year 2011 looking at order and
transaction activities, the nance and leasing market, and
what appraisers expect in 2012.
The year 2011 ended with an airliner order backlog of 9,556
units, up 1,545 on the previous year. This is a new record for
year-end commercial aircraft backlog. The previous record
was 8,332 aircraft in 2008, while in 2010 it was 8,502 units.
Last year, net orders reached 2,796 aircraft, compared with
1,813 in 2010. Last year Southwest Airlines, Lion Air and
IndiGo Airlines represented 640 orders, or 23% of the total
intake.
The year 2011 was a record year for Airbus deliveries. The
European manufacturer handed over 534 aircraft, of which
519 were commercial aircraft, 27 more than the previous
year. Airbus ramped up the production rates during the year,
notably on the Airbus A320 Family and delivered 412 single-
aisle aircraft, or 80% of its total annual ouput.
Boeing delivered 464 commercial aircraft last year, four more
units than in 2010. With 585 to 600 commercial deliveries
forecast for this year, Boeing is set to approach its 1999
record output of 620 aircraft. The manufacturer ramped
up production rates in 2011 and handed over 359 Boeing
737NG during the year, representing also 80% of its total
ouput.
Airbus is aiming to turn out 570 aircraft this year. It will crank
up the A320s production line, reaching 42 units per month
by the end of the year, while monthly A330 rates will reach
9.5. Forecast for the A380 will head towards three aircraft
a month.
Early in 2012 Boeing reached a rate of 35 units per month
for its 737NG. Production rates for the 767 and 777 families
will be two and seven a month, respectively.
Boeing expects to deliver 35 to 42 787s this year and a
similar number of 747-8s as part of its new development
programme forecast of 70 to 85 deliveries.
On the regional market, ATR was the best performer in terms
of orders in 2011. It recorded 157 orders for its turboprops
almost equalling the combined Bombardier (43 orders)
and Embraer (124) total. Embraer delivered 105 aircraft to
customers, while Bombardier handed over 102 units and
ATR delivered 53 units.
This report includes a breakdown of aircraft nance
transactions that took place in 2011. This information has
been extracted from the Flightglobal Finance reports and
Ascends Online 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,
Avitas, Collateral Verications, Fintech Aviation Services,
IBA Group and SH&E, who reect on 2011 and provide
insight into what we might expect during 2012.
We hope that you nd this information useful and that
the Aircraft Finance Special Report 2012 will be a helpful
reference source when closing your aircraft transactions this
year.
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AIRCRAFT FINANCE 2012
FLEET WATCH: 2011
Aircraft order highlights of the year 6
LEASING OUTLOOK
Top 10 lessors by feet value 9
Top 50 lessors and management companies by feet value 10
Top 50 lessors and management companies by feet size 11
Top 50 leasing survey 12
Value concerns tempered over last off the line aircraft 13
Leahy dismisses A320/737 Classic comparisons 13
Airframers downplay fnance jitters 14
Output smashes records, and theres more to come 15
MARKET OUTLOOK
What appraisers expect in 2012 17
DEALS DATABASE 2011
By customer 21
By aircraft model 34
CONTENT
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AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
2011 was another strong year for commercial aviation as a
total of 2,796 net orders were made and aircraft deliveries
and order backlogs reached an all-time high.
Net orders in 2011
Net orders for 2011 represented an increase of 78% on
the previous year. Apart from the regional jet market, each
segment beneted from a considerable increase in orders.
Airbus emerged as the leader in the 2011 commercial order
battle with 1,425 net orders for the year, while Boeing totalled
788. In the regional market, ATR, Embraer and Sukhoi
booked 157, 160 and 73 orders, respectively. Comac took
in 95 orders for the C919 narrowbody and 10 orders for the
ARJ21. Bombardier totalled 43 orders for the CSeries and
nine Q400s.
Narrowbody net orders increased by 107% on the previous
year, totalling 2,026 for 2011. Airbus led with an impressive
and record high intake of 1,351 orders, of which 1,165 were
for the new A320neo. Boeing received 537 narrowbody net
orders including 150 for its re-engined 737 Max. Widebody
net orders came in at 325, an increase of 59% on the
previous year. Boeing received 251 orders and Airbus 74. In
the regional market, the ATR intake of 157 orders represents
a record for the manufacturer.
From a regional perspective by operator, Asia-Pacic placed
the most orders with 1,111 units, representing 40% of the
market. North America followed with 1,005 net orders while
Europe totalled 364.
Southwest Airlines was responsible for the largest number of
orders during the year as the US operator ordered a total of
260 737s (including 150 737 Max, 73 737-800 and 37 737-
700 aircraft). Malaysian-based AirAsia ordered 200 A320neo
aircraft while Indias Indigo ordered 180 of the A320 Family,
including 150 A320neo aircraft.
Lessors GE Capital Aviation Services (GECAS) and
International Lease Finance Corp. (ILFC) ordered 123
aircraft each, while Qantas ordered 110 A320 Family aircraft
(including 78 orders for the A320neo). Other large orders
came in during the year from American Airlines for 100 737s
and six 777s, while Delta ordered 100 737-900s.
In the major cancellations of the year, DAE Capital axed a
total of 142 aircraft from its order book (67 737s, 53 A320s
and 23 A350s). AirTran Airways cancelled 51 737s, while
CASGC scrapped 50 A320s. Jazeera Airways cancelled
orders for 25 A320s.
Commercial aircraft deliveries in 2011
A total of 1,255 commercial aircraft deliveries took place in
2011, including 771 narrowbody and 212 widebody aircraft,
an all-time high for both market groups. Regional jet and
turboprop deliveries totalled 154 and 118, respectively.
It was yet another record year for Airbus, which delivered
519 commercial aircraft in 2011, 27 more than in the year
before. The manufacturer delivered 412 A320 Family aircraft
as well as 81 A330s and 26 A380s.
Boeing, which delivered 446 commercial aircraft in 2010,
also surpassed itself with 464 deliveries in 2011. The
company delivered 359 737s, 73 777s, 20 767s and nine
747s. Boeing also introduced the new 787 to the market with
three deliveries to All Nippon Airways.
FLEET WATCH: 2011
Another strong year for commercial aviation
N
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Year ending
Source: ACAS (February 2012)
-250
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Narrowbody Jet
Widebody Jet
Regional Jet
Turboprop
AIRLINER MARKET 10-YEAR VIEW - NET ORDERS
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AIRCRAFT FINANCE 2012
Order backlog at 31 December 2011
Airliner backlog ended 2011 at 9,556 units, up 1,545 from the
previous year. This is a new record for year-end commercial
aircraft backlog. The last high point occurred at the end of
2008 when it stood at 8,332.
At the end of 2011, Southwest Airlines topped the backlog
by operator and customer listing with 349 aircraft, consisting
of 150 for the 737 Max, 126 737-700s and 73 737-800s.
AirAsia followed with 279 aircraft on order with 79 A320-
216s and 200 for the A320neo. Emirates and Indigo both
showed a backlog of 227 aircraft. An additional 20 aircraft
are also on backlog with DAE Capital and are destined to
go to Emirates.
In the leasing market, GECAS, ILFC, Air Lease Corporation
and Aviation Capital Group showed backlog gures of 251,
233, 161 and 158, respectively.
In the regional market, Bombardier and Embraer delivered
103 and 102 commercial aircraft, respectively. It was a record
year for ATR, which delivered 53 commercial turboprops.
From a regional perspective, 462 of the 1,255 commercial
aircraft delivered in 2011 were for operators based in Asia-
Pacic followed by Europe with 384.
N
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f

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r
a
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Year ending
0
200
400
600
800
1,000
1,200
1,400
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Source: ACAS (February 2012)
Narrowbody Jet
Widebody Jet
Regional Jet
Turboprop
AIRLINER MARKET 10-YEAR VIEW - DELIVERIES
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Year ending
0
2,000
4,000
6,000
8,000
10,000
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Source: ACAS (February 2012)
Narrowbody Jet
Widebody Jet
Regional Jet
Turboprop
AIRLINER MARKET 10-YEAR VIEW - BACKLOG
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Aircraft Finance 2012
NORTH AMERICA
2011 net orders: 1,005
2011 deliveries: 152
Backlog (31 Dec): 2,376
EUROPE
2011 net orders: 364
2011 deliveries: 384
Backlog (31 Dec): 1,712
MIDDLE EAST
2011 net orders: 13
2011 deliveries: 84
Backlog (31 Dec): 909
SOUTH AMERICA
2011 net orders: 199
2011 deliveries: 120
Backlog (31 Dec): 670
AFRICA
2011 net orders: 19
2011 deliveries: 48
Backlog (31 Dec): 201
ASIA-PACIFIC
2011 net orders: 1,111
2011 deliveries: 462
Backlog (31 Dec): 3,296
NOTES: Figures extracted from the Flightglobal
ACAS database (February 2012). Regional split
based on operator location (when available).
Read the monthly FleetWatch summaries at:
www.ightglobal.com/eetwatch
Commercial Fleet Forecast
Flightglobals Commercial Fleet Forecast report is now
available. The independent view of the market spans 2012-
2031, with predictions broken down by model series, seat
categories and coverage split between seven world regions.
Find out more at
www.ightglobal.com/forecast
Regional overview for commercial aircraft in 2011
2012-H1
COMMERCIAL FLEET FORECAST
GLOBAL: 2012-2031
Research and analysis from Flightglobal Insight and Achieving the Difference
Aircraft Finance 2012
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Flightglobal Insight
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AIRCRAFT FINANCE 2012
LEASING OUTLOOK
Top 10 lessors by eet value
Extracts from:
GECAS $34.6bn -0.2%
Aircastle Advisor $3.7bn +14.0%
Aviation Capital Group $4.8bn +15.0%
AWAS $5.2bn +22.7%
RBS Aviation Capital $6.7bn -3.1%
BOC Aviation $6.7bn +8.0%
CIT Aerospace $7.5bn +16.4%
BBAM $7.8bn +11.9%
AerCap $8.5bn +24.8%
ILFC $27.8bn -4.8%
1,550
Lessors aircraft order backlog passed
the 1,500 mark last year, jumping 18%
on the 2010 fgure
The feet value among the top 50 lessors was more
than 10% higher than in 2010, totalling over 7,000
aircraft valued at $171.4 billion
10.6%
GECAS and ILFC remain the two largest aircraft by eet value
and size, but the latest annual Airline Business leasing survey
shows strong growth among the leading lessors behind.
The GECAS eet, comprising more than 1,750 aircraft as of
the end of 2011, was worth around $34.6 billion - fractionally
below gures for the same time last year. ILFC saw its eet
fall almost 5% on the same stage last year to $27.8 billion. Its
eet comprised in excess of 1,000 aircraft. This annual leasing
survey was researched by our data team and compiled from
Flightglobals Ascend Online database.
Behind these two leasing giants AerCap, BBAM and CIT
Aerospace all enjoyed double-digit growth in the value of their
eet to $8.5 billion, $7.8 billion and $7.5 billion, respectively.
Japans Sumitomo, which also owns Sumisho Aircraft Asset
Management, is also set to join the lessors at the top table if
it completes a deal agreed earlier this year for RBS Aviation
Capital - currently the seventh largest lessors in the world.
Outside of the top 10, a number of recent additions to the
aircraft lessors ranks continue to make their mark. Air Lease
Corporation expanded its eet portfolio to nearly 100 units from
36 over the past year. The leasing company is now ranked the
12th largest lessor by eet value. Two other lessors, Avolon
Aerospace Leasing and Jackson Square Aviation, grew their
eet from nine to 51 and 46 respectively to break into the top
25 lessors by eet value.
The total eet value of the top 50 aircraft lessors was more
than 10% higher than in 2010 at $171.4 billion.
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
TOP 50 LESSORS AND MANAGEMENT COMPANIES BY FLEET VALUE
Rank Total eet value Total Average value Managed only
2011 (2010) Company $m Change eet $m Change $m Share
1 (1) GECAS 34,581 -0.2% 1,755 19.7 3.6% 1,489 4.3%
2 (2) ILFC 27,801 -4.8% 1,031 27.0 -4.7% 1,096 3.9%
3 (5) AerCap 8,447 24.8% 326 25.9 11.0% 1,185 14.0%
4 (3) BBAM 7,849 11.9% 327 24.0 9.5% 6,913 88.1%
5 (6) CIT Aerospace 7,493 16.4% 263 28.5 8.4% 76 1.0%
6 (7) BOC Aviation 6,742 8.0% 179 37.7 -2.9% 739 11.0%
7 (4) RBS Aviation Capital 6,692 -3.1% 246 27.2 -1.5%
8 (8) AWAS 5,168 22.7% 224 23.1 12.3% 134 2.6%
9 (9) Aviation Capital Group 4,781 15.0% 245 19.5 12.2% 143 3.0%
10 (11) Aircastle Advisor 3,729 14.0% 140 26.6 10.8% 133 3.6%
11 (10) Macquarie AirFinance 3,622 -2.6% 156 23.2 -2.0% 470 13.0%
12 (27) Air Lease Corporation 3,517 215.5% 97 36.3 17.1%
13 (16) Doric Asset Finance 2,983 28.4% 27 110.5 9.3% 2,983 100.0%
14 (15) CDB Leasing Company 2,873 22.0% 70 41.0 -9.3% 406 14.1%
15 (18) Sumisho Aircraft Asset Mgt 2,865 37.4% 89 32.2 14.2% 1,260 44.0%
16 (13) MC Aviation Partners 2,822 10.4% 87 32.4 5.3% 1,121 39.7%
17 (19) ICBC Leasing 2,613 28.9% 63 41.5 0.3% 133 5.1%
18 (22) Pembroke Group 2,538 49.1% 75 33.8 9.3% 226 8.9%
19 (12) Boeing Capital Corp 2,399 -12.4% 242 9.9 -2.6% 198 8.3%
20 (26) FLY Leasing 2,209 80.1% 109 20.3 -2.5%
21 () Jackson Square Aviation 2,206 768.0% 46 47.9 69.8%
22 (17) Hong Kong Aviation Capital 2,200 1.6% 68 32.4 1.6% 1,872 85.1%
23 (38) Avolon Aerospace Leasing 2,117 325.5% 52 40.7 -10.0%
24 (14) Amentum Capital 2,100 -14.4% 44 47.7 -12.5% 2,100 100.0%
25 (20) DAE Capital 2,054 6.8% 47 43.7 2.2%
26 (21) ALAFCO 1,928 2.0% 60 32.1 -4.8% 223 11.6%
27 (29) Guggenheim Avn Partners 1,760 77.5% 51 34.5 74.0% 31 1.8%
28 (23) ORIX Aviation 1,427 2.8% 88 16.2 9.8% 190 13.3%
29 (24) SkyWorks Leasing 1,231 -6.2% 98 12.6 27.3% 1,231 100.0%
30 (25) Lease Corporation Int'l 1,052 -19.2% 13 80.9 -0.6% 1,052 100.0%
31 (31) Nordic Aviation Capital 1,010 24.4% 150 6.7 12.0%
32 (28) Penerbangan Malaysia 877 -13.6% 42 20.9 -11.5%
33 (30) Aircraft Leasing & Mgmt 798 -14.7% 42 19.0 7.6% 798 100.0%
34 (43) Jetscape 785 97.8% 42 18.7 27.2% 235 29.9%
35 (40) Investec Global Acft Fund 663 53.8% 17 39.0 -9.5% 210 31.6%
36 (35) Volito Aviation Services 626 14.0% 48 13.0 11.6%
37 (41) Cargo Aircraft Mgmt 624 47.0% 77 8.1 18.3% 13 2.1%
38 (32) Banc of America Leasing 614 -9.5% 41 15.0 -0.7% 17 2.7%
39 (34) GOAL 597 0.2% 41 14.6 5.1%
40 (37) VTB-Leasing 577 15.6% 38 15.2 6.5% 350 60.6%
41 () Hong Kong Int'l Avtn Lsg 542 91.6% 12 45.2 43.7%
42 (36) Santos Dumont Acft Mgmt 512 -5.1% 16 32.0 -5.1%
43 (33) Sky Holding 496 -19.2% 72 6.9 -2.3% 496 100.0%
44 (39) Aircraft Purchase Fleet 482 10.1% 15 32.1 -4.6%
45 (45) VEB-Leasing 476 38.6% 22 21.6 -24.4%
46 (42) Showa Leasing 449 10.5% 24 18.7 -3.3%
47 (50) Veling 405 30.8% 16 25.3 6.3%
48 () Apollo Aviation Group 398 71.3% 47 8.5 23.9% 92 23.0%
49 () AerSale 351 38.6% 38 9.2 20.3%
50 (44) Avequis 346 -2.5% 11 31.5 -2.5% 140 40.4%
TOTAL 171,424 10.6% 7,129 24.0 5.4% 27,752 16.2%
NOTE: Fleet value based on Ascend estimates 2011. FLY Leasing aircraft managed by BBAM, but not included in BBAM fgures to avoid double counting. AerVenture and Waha Leasing included with AerCap. GAAM
portfolio sold to BBAM and FLY Leasing. 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 feets at
the beginning of December 2011. Change: The change fgures are based on feets/values supplied by Flightglobals Ascend Online Fleets and Values databases for December 2011 and 2010. Operating lessors:
Lessors are defned as those with an active operating lease business and a substantial investment in feet. Companies that are solely or predominantly fnanciers have been excluded. Fleets & values: The survey
represents a snapshot of feets, including stored aircraft, with fair market generic values supplied by Ascend. Note the composition of feets is constantly changing.
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AIRCRAFT FINANCE 2012
TOP 50 LESSORS AND MANAGEMENT COMPANIES BY FLEET SIZE
Rank Total eet Fleet by category
2011 (2010) Company Number Change Units +/- Wide Narrow Reg jet Prop
1 (1) GECAS 1,755 -3.6% -66 187 1,123 422 23
2 (2) ILFC 1,031 -0.2% -2 281 750
3 (3) BBAM 327 2.2% +7 29 298
4 (4) AerCap 326 12.4% +36 42 277 7
5 (7) CIT Aerospace 263 7.3% +18 39 218 6
6 (6) RBS Aviation Capital 246 -1.6% -4 2 230 14
7 (8) Aviation Capital Group 245 2.5% +6 11 234
8 (5) Boeing Capital Corp 242 -10.0% -27 19 214 9
9 (9) AWAS 224 9.3% +19 53 168 3
10 (10) BOC Aviation 179 11.2% +18 25 152 2
11 (11) Macquarie AirFinance 156 -0.6% -1 14 139 3
12 (13) Nordic Aviation Capital 150 11.1% +15 13 4 133
13 (12) Aircastle Advisor 140 2.9% +4 54 86
14 (21) FLY Leasing 109 84.7% +50 6 103
15 (14) SkyWorks Leasing 98 -26.3% -35 18 55 25
16 (34) Air Lease Corporation 97 169.4% +61 17 69 9 2
17 (18) Sumisho Aircraft Asset Mgt 89 20.3% +15 6 80 3
18 (15) ORIX Aviation 88 -6.4% -6 14 73 1
19 (17) MC Aviation Partners 87 4.8% +4 28 59
20 (20) Cargo Aircraft Mgmt 77 24.2% +15 42 35
21 (23) Pembroke Group 75 36.4% +20 15 54 4 2
22 (16) Sky Holding 72 -17.2% -15 12 60
23 (25) CDB Leasing Company 70 34.6% +18 25 36 9
24 (19) Hong Kong Aviation Capital 68 0.0% 0 18 44 6
25 (27) ICBC Leasing 63 28.6% +14 21 35 7
26 (22) ALAFCO 60 7.1% +4 9 51
27 (47) Avolon Aerospace Leasing 52 372.7% +41 4 48
28 (26) Guggenheim Avn Partners 51 2.0% +1 26 25
29 (28) Volito Aviation Services 48 2.1% +1 47 1
30 () Apollo Aviation Group 47 38.2% +13 15 29 3
30 (29) DAE Capital 47 4.4% +2 16 31
32 () Jackson Square Aviation 46 411.1% +37 6 40
33 (29) Amentum Capital 44 -2.2% -1 13 26 5
34 (24) Aircraft Leasing & Mgmt 42 -20.8% -11 2 34 6
34 (36) Jetscape 42 55.6% +15 9 31 2
34 (32) Penerbangan Malaysia 42 -2.3% -1 24 18
37 (29) Banc of America Leasing 41 -8.9% -4 8 23 3 7
37 (32) GOAL 41 -4.7% -2 2 4 14 21
39 () AerSale 38 15.2% +5 16 22
39 (35) VTB-Leasing 38 8.6% +3 14 22 2
41 (37) Doric Asset Finance 27 17.4% +4 21 6
42 (38) Showa Leasing 24 14.3% +3 10 4 10
43 (46) VEB-Leasing 22 83.3% +10 13 5 4
44 (50) Investec Global Acft Fund 17 70.0% +7 3 14
45 (40) Santos Dumont Acft Mgmt 16 0.0% 0 2 14
45 (44) Veling 16 23.1% +3 14 2
47 (44) Aircraft Purchase Fleet 15 15.4% +2 15
48 (40) Lease Corporation Int'l 13 -18.8% -3 11 2
49 () Hong Kong Int'l Avtn Lsg 12 33.3% +3 4 8
50 (47) Avequis 11 0.0% 0 4 7
TOTAL 7,129 4.3% +296 1,205 5,107 604 213
NOTES: This chart takes those leasing companies in the Top 50 by feet value chart (see p46) and lists them by the size of their feet, as verifed to serial number. Figures based on feet data from
Flightglobals Ascend Online database for year end December 2011. Total feet is owned and managed. ADDITIONAL INFORMATION: For more on descriptions and contact details for all of the Top 50
leasing companies plus additional charts, visit fightglobal.com/premiumdata
AIRCRAFT FINANCE 2012
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TOP 50 LEASING SURVEY
Our annual leasing survey provides a snapshot from December 2011 of the eets owned and managed by the top 50
operating lessors, and is compiled from Flightglobals Ascend Online database.
MAINLINE AIRCRAFT: LEASED FLEET
Manufacturer/category Type Value
($m)
Fleet Av. value
($m)
Airbus narrowbody A318 225 16 14.1
A319 11,413 618 18.5
A320 33,189 1,388 23.9
A321 6,423 239 26.9
AIRBUS NARROWBODY TOTAL 51,251 2,261 22.7
Airbus widebody A300 367 31 11.8
A310 97 15 6.5
A330 20,927 346 60.5
A340 2,664 71 37.5
A380 1,949 12 162.4
AIRBUS WIDEBODY TOTAL 26,003 475 54.7
AIRBUS TOTAL 77,253 2,736 28.2
Boeing narrowbody 717 1,130 126 9.0
727 13 17 0.8
737 CFMI 2,814 670 4.2
737 JT8D 1 6 0.2
737 NG 44,635 1,607 27.8
757 2,862 261 11.0
DC-8 42 27 1.6
MD80 236 128 1.8
MD90 15 3 5.0
BOEING NARROWBODY TOTAL 51,749 2,845 18.2
Boeing widebody 747 6,485 159 40.8
767 5,485 287 19.1
777 21,003 234 89.8
DC10 3 4 0.8
MD11 888 46 19.3
BOEING WIDEBODY TOTAL 33,864 730 46.4
BOEING TOTAL 85,613 3,575 23.9
MAINLINE AIRCRAFT GRAND TOTAL 162,866 6,311 25.8
REGIONAL JETS: LEASED FLEET
Manufacturer Type Value
($m)
Fleet Av. value
($m)
Bombardier CRJ100/200/440 973 227 4.3
CRJ700/900 842 66 12.8
BOMBARDIER TOTAL 1,816 293 6.2
Embraer ERJ-145 Family 661 110 6.0
E170/175 834 51 16.3
E190/195 3,410 139 24.5
EMBRAER TOTAL 4,905 300 16.4
Fokker Fokker 70/100 26 8 3.3
FOKKER TOTAL 26 8 3.3
Sukhoi Superjet 100 92 4 22.9
SUKHOI TOTAL 92 4 22.9
REGIONAL JET GRAND TOTAL 6,839 605 11.3
MAINLINE/REGIONAL GRAND TOTAL 169,705 6,916 24.5
NARROWBODY LESSORS BY FLEET VALUE
Rank Company Value ($m) Fleet Change
1 GECAS 21,513 1,123 -28
2 ILFC 14,592 750 +3
3 BBAM 6,403 298 0
4 RBS Aviation Capital 6,401 230 -2
5 AerCap 5,878 277 +25
6 CIT Aerospace 5,255 218 +6
7 Aviation Capital Group 4,532 234 +6
8 BOC Aviation 4,439 152 +18
9 AWAS 2,937 168 +17
10 Macquarie AirFinance 2,927 139 0
11 Sumisho Aircraft Asset Mgt 2,295 80 +14
12 FLY Leasing 1,968 103 +48
13 Air Lease 1,954 69 +36
14 Boeing Capital Corp 1,871 214 -27
15 Avolon Aerospace Leasing 1,762 48 +40
16 ALAFCO 1,588 51 +4
17 Jackson Square Aviation 1,423 40 +31
18 Pembroke Group 1,331 54 +17
19 MC Aviation Partners 1,330 59 +10
20 Hong Kong Aviation Capital 1,188 44 +4
WIDEBODY LESSORS BY FLEET VALUE
Rank Company Value ($m) Fleet Change
1 ILFC 13,209 281 -5
2 GECAS 9,096 187 0
3 Doric Asset Finance 2,828 21 +4
4 Aircastle Advisor 2,557 54 +9
5 AerCap 2,456 42 +9
6 BOC Aviation 2,241 25 -2
7 AWAS 2,220 53 +2
8 CIT Aerospace 2,126 39 +9
9 Guggenheim Avn Partners 1,553 26 +7
10 CDB Leasing Company 1,498 25 +3
11 MC Aviation Partners 1,493 28 -6
12 BBAM 1,446 29 +7
13 ICBC Leasing 1,401 21 +1
14 Air Lease 1,266 17 +14
15 Amentum Capital 1,259 13 -3
16 Pembroke Group 1,186 15 +3
17 DAE Capital 1,171 16 +1
18 Lease Corporation Int'l 1,013 11 -2
19 Hong Kong Aviation Capital 870 18 -4
20 Jackson Square Aviation 783 6 +6
REGIONAL JET LESSORS BY FLEET VALUE
Rank Company Value $m Fleet Change
1 GECAS 3,848 422 -30
2 Jetscape 698 31 +17
3 Air Lease 255 9 +9
4 GOAL 236 14 -2
5 CDB Leasing Company 228 9 +7
Aircraft Finance 2012
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Flightglobal Insight
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13
AIRCRAFT FINANCE 2012
Residual values of the last of the current generation narrowbodies will be
affected by the introduction of their re-engined successors, but to a lesser
degree than in previous transitions from old to new technology. That is the
view of nanciers and analysts when asked about the so-called last off
the line effect in FlightGlobals Airline Business interactive special report
on nance [www.ightglobal.com/iFinance12].
The last off the line effect is used to identify aircraft that are built towards
the end of a production run, because they tend to depreciate faster in
value terms than earlier-built aircraft, said Eddy Pieniazek, who is global
head of consultancy at Ascend.
This is something weve learnt to understand by analysing historic data.
There is a simple reason for that - because aircraft are being succeeded
by newer models, they tend to have shorter useful economic life.
Bert van Leeuwen, global head of aviation research at DVB Bank, told
Airline Business interactive that the last examples produced of a certain
type are generally written off a lot quicker. Weve looked at previous
generations where the early aircraft were depreciated by 4% while later
ones by 8% or more, he said.
This factor, combined with the fact that nanciers tend to favour younger
aircraft offering more modern technology, gives us quite some concern
about residual value performance, especially the last off the line of the
current generation of aircraft, added van Leeuwen.
Value concerns tempered over last off the line aircraft
Pieniazek gives the example of the Boeing 737 Classic, deliveries of which
ended in 2000 with the 1,988th aircraft when production transitioned fully
to the 737NG variants. The last examples delivered had a very distinct
depreciation prole that was different from the early aircraft, he said.
However Boeing Capitals managing director capital markets and leasing
Kostya Zolotusky believes that it is wrong to look in the rear view mirror,
as the market is different today. The size of the installed eet of the 737NG
is so much bigger than any other aircraft that was replaced, he said.
Demand relative to the installed base is so enormous that neither Airbus
nor Boeing will be able to produce enough A320neo or 737 Max aircraft
to relatively quickly replace the 737NGs or the A320 older versions. So
that length of time for replacement means youll have decades of demand
for these aircraft.
Pieniazek concurred that the effect on depreciation of current A320s and
737s might be slightly different, because of the larger production volumes:
On the A320, for the early aircraft of 1988-94 vintage there was a much
more gentle depreciation prole and we think that was because there was
a much larger volume of aircraft and the transition from the early A320s to
the next step was a little more gradual, he said.
When production moves to the 737 Max and A320neo the step in
depreciation from the last of the current generation 737NGs and A320s
might be reduced because the current aircraft have already built up a
large volume, added Pieniazek.
Leahy dismisses A320/737 Classic comparisons
Airbus has dismissed suggestions that the transition to the re-engined
A320neo Family will make the last of the current generation A320 models
less desirable and impact their residual value performance.
In a video interview with Flightglobal for Airline Businesss 2012 interactive
special report on nance, Airbus chief operating ofcer customers John
Leahy said that comparisons with the transition in the late 1990s from the
Boeing 737 Classics to the 737NG were not valid: An A320ceo (current
engine option) and an A320neo arent the same as a Classic and an NG.
A Classic to an NG was about a 90% change, he said.
One of the greatest marketing jobs ever done by Boeing was with the
FAA, convincing them its a common type certicate. They changed just
about everything...so that you couldnt as an airline take an NG and just
smoothly integrate it side-by-side with a route system that was operating
on Classics.
Leahy said that Airbus is going to great pains to make sure that the
A320ceo and the A320neo are interchangeable. You can integrate
them, but one of course burns 15% less fuel than that other, he added.
Youve got two airplanes that are interchangeable, side-by-side, that we
think will be side-by-side for another 20 years.
Of the 1,470 A320 Family aircraft ordered in 2011, more than 80% (1,226
units) were for the A320neo variants. The 2011 year-end backlog for the
current engine option versions stood at 2,089 orders, which equates to
around four years production at current rates. Deliveries of the initial
A320neo models are due to begin in late 2015.
Despite last years order surge for the re-engined A320, Leahy said that
sales of the A320ceo have been pretty good and that it is demand for
the current models that is driving Airbuss evaluation of a production rate
increase.
That rate 42/44 [A320s a month] decision is about the Ceo - todays
airplane - not the Neo. Weve got demand to go to rate 44 right now. What
were nervous about is the supply chain.
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
Airframers downplay nance jitters
As European banks struggle, Airbus and Boeing expect other players will step in to help airlines fund their 2012 deliveries
Read this years Airline Business
interactive special report on
fnance and lessors at:
ightglobal.com/iFinance12
0e|very data for Arbus and Boeng aroraft. Protab|ty data for top 150 ar|nes (2003-10)
and IA1A pro[eotons (2011-12).

Ioreoast. 50UPUL: Manufaoturers/Ar|ne Busness/IA1A


0
200
400
600
800
1,000
1,200
12
*
11 10 09 08 07 06 05 04 03
-40
-30
-20
-10
0
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20
30
Deliveries Airline protability
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JET AIRLINER DELIVERIES, ORDERS AND BACKLOG
2011 2010
Deliveries Net orders Backlog Deliveries Net orders
Airbus
A320ceo
*
421 122 2,089 401 386
A320neo 0 1,226 1,256 0 30
A330 87 82 349 87 47
A340 0 -2 2 4 1
A350 0 -28 555 0 78
A380 26 19 186 18 32
TOTAL 534 1,419 4,437 510 574
Boeing
737 NG 372 401 2,215 376 486
737 Max 0 150 150 0 0
747-8 9 -1 97 0 -1
767 20 42 72 12 3
777 73 200 380 74 46
787 3 13 857 0 -4
TOTAL 477 805 3,771 462 530
GRAND TOTAL 1,011 2,224 8,208 972 1,104
Note:
*
A320 current engine option. Data includes corporate versions. SOURCE: Manufacturers
AIRLINER DELIVERIES VERSUS INDUSTRY PROFITABILITY
Manufacturers are playing down concerns that the lack of liquidity with
some European banks could leave airlines facing a severe struggle to
secure nance for new aircraft deliveries this year. But while other
nance providers are expected to step in to ll the void, this funding
will come at a steep price.
After breaking the 1,000 deliveries mark for the rst time in 2011,
Airbus and Boeing will set another shipment record this year,
producing about 1,100 aircraft. Boeing estimates these deliveries will
be worth $95 billion, more than a fth higher than last year. Funding
requirements are forecast to rise again in 2013 and break through the
three-digit barrier, reaching about $106 billion.
Theres clearly a bit of jitteriness [about nance], says Boeing
Capitals managing director of capital markets and leasing, Kostya
Zolotusky.
Speaking to Airline Business for this years interactive special report
on nance, Zolotusky said: We have our sleeves rolled up and see
some realignment of the industry participants. Bank debt will shrink, in
part due to pressures in Europe, but this will create opportunities in the
lessor and capital markets space.
Airbus parent EADS is optimistic new players will step in. We dont
think were getting into a severe problem in 2012, EADS chief
nancial ofcer Hans Peter Ring told Airline Business Interactive. We
would think that almost all the nancings are settled [for deliveries
during] the rst six to eight months of 2012.
Ring expects international banks from other nations to become more
active in aviation nance, such as China and Japan. With this, along
with support from European export credit agencies (ECAs), we think
it is manageable, he says.
Eddy Pieniazek, global head of consultancy at Flightglobals Ascend
division, expects the continued support of ECAs will prove vital for
deliveries in 2012: Weve had three or four years where the ECAs
and Ex-Im Bank have come to the fore, providing 25-30% back-up
support to the nancial markets, and we dont see 2012 being any
different.
European banks will be playing less of a role this year and will
hopefully be replaced by some of the new entrants, like the Asian
banks. The lessors will also perhaps step up to the plate.
However Robert Martin, boss of lessor BOC Aviation, warns there will
be an upward pricing effect on the available capital.
Aircraft Finance 2012
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Flightglobal Insight
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15
AIRCRAFT FINANCE 2012
AIRLINE BUSINESS INTERACTIVE
NEW INTERACTIVE EDITION
Check out the second edition
of the Airline Business nance
interactive magazine. Produced
in association with DVB Bank, it
features expert video comment,
analysis and interactive
graphics highlighting our annual
Finance and Leasing survey
and trends in aviation nance.
TIMELINE: THE EVOLUTION OF THE OPERATING LESSORS
Fly through the history of the leasing sector and discover the key
developments in the rise of the aircraft lessors. It charts the growth from
the rst lease deal in 1965 to the situation today where nearly 40% of the
global eet is on operating lease. Simply open a window in the interactive
graphic to reveal all the major milestones in leasing such as the
emergence of ILFC and GPA and the arrival of the Chinese lessors. See
how the leasing companies built their portfolios and how they suffered
during the market slumps caused by the Gulf War and the 9/11 attacks.
Output smashes records, and theres more to come
Download the interactive edition of Airline Business for free at: ightglobal.com/inance12
Airlines took delivery of a record 1,000 mainline aircraft last year, as
production broke the four-gure threshold for the rst time. Shipments
are expected to rise by another 10% in 2012.
This comes on the back of a stellar sales year for Airbus and, to a
lesser extent, Boeing, which at 2,224 net orders was second only to
the 2,754 signed in 2007.
Deliveries reached 1,011 units, with Airbus again the market leader
shipping 534 aircraft. Boeing trailed on 477, as more hold-ups in the
much-revised 787 delivery plan prevented it from handing over as
many aircraft as it hoped.Combined mainline airliner production has
risen steadily in the last 10 years from about 590 in 2003. Airbus
expects to raise production by about 7% to 570 aircraft this year, and
with Boeing shipments set to rise as series production of the 747-8
and 787 gets fully under way, total deliveries in 2012 should reach
around 1,100 units.
Airbus dominated in the order stakes, thanks largely to its re-engined
A320neo success for which it secured almost 1,230 orders. In total,
Toulouse landed 1,419 net orders, giving it a 64% market share its
most dominant performance ever over its rival.
However, with Boeing playing catch-up it launched its re-engined
rival the 737 Max in August Airbus is preparing the ground for a
possible thrashing in 2012.
Part of our success in 2011 was down to Boeing not getting its act
together on the 737 Max, says Airbus chief salesman John Leahy. I
wouldnt even be surprised if we go below 50% share this year, but
2011 and 2012 added together, we intend to stay above 50%.
The combined backlog has risen 17% during the past 12 months to
more than 8,200 aircraft.
Ascend announces dates for
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Aircraft Finance 2012
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Flightglobal Insight
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17
AIRCRAFT FINANCE 2012
Five appraisers review the market in 2011 and take
a look ahead in 2012
What will be the major event(s) this year?
Collateral Verications VP Commercial Aviation
Services Gueric Dechavanne: I believe Embraer will
make a formal announcement as to their next generation
of the E-Jet Family. I also believe that the US will show
better signs of recovery than 2011, which will bring further
global economic stability. Lastly, there is a great likelihood
that American Airlines will be acquired by another carrier in
tangent with an investment group.
IBA Groups Head of Valuations and Modelling
Stuart Hatcher: Hopefully in 2012 we will have a better
understanding of what the Boeing 737 Max will bring to the
table as the details are still a bit hazy at the moment. Whilst
many in the market remain condent that it will compete
against the Neo in a similar vein to what we see now
between the A320 and Next Generation, the marketing tells
us something different.
I think another pile of airline bankruptcies are set for 2012,
which will push more aircraft into the desert and depress
lease rates and values even further will Kingsher Airlines
escape for another year? The year 2012 will expose
those operators that are running weak and unsustainable
operations.
On the production side, both Airbus and Boeing are
increasing their output, but will the airlines and nance be
there to take it all? Whilst lessors are in acquisition mode,
one would expect that most will be ne, but the market needs
a fresh injection of liquidity. Maybe the Middle East will take
a more active role.
ICF SH&Es VP Ken de Jaeger: The Bombardier CSeries
rst ight. The Boeing 787 successful international service
introduction and build rate ramp-up.
Fintech Aviation Services MD Oliver Stuart-Menteh:
This year will signal the start of mass cancellations and
deferrals of existing backlogs. The freight industry is
contracting and as such volumes are now lower than at the
beginning of 2008. We expect the GDP of major economies
to continue to soften augmented by the Euro zone sovereign
debt issue. Chinas economy is already slowing and most
of Indias airlines have demonstrated that consolidation.
Prudent business plans are required.
Ascend director of valuations Les Weal: Nothing too
riveting, big losses for European majors, the 787s being
delivered in more signicant numbers. First ight of the
CSeries?
I suspect a good number of cancellations and deferrals,
fewer orders than last year. I also see the bankruptcy of at
least one Indian carrier and several European carriers.
Will the year 2012 be the Year of A320neo or the Year
of 737 Max?
Dechavanne: With 2011 being such a great success for
Airbus on the Neo, I feel that it will be the year of the 737
Max. I do believe Airbus will also do very well in terms of Neo
orders but that it will be surpassed by Boeing.
De Jaeger: The market is likely to favour late start Max, but
overall spoils even.
Hatcher: The A320neo had a head start over the Boeing
offering in terms of the programme announcement six months
ahead of Boeing, but also in terms of orders. Airbus has also
a more nalised denition of the type design compared to its
competitor. Finally, entry into service of the A320neo should
be at least a year before the 737 Max, and this should further
improve the market share of the Airbus. Airbus ended 2011
with a total of 1,256 orders for the Neo whereas Boeing
has racked up more than 1,000 commitments with some
converted to orders. Whilst the orderbook for the new engine
A320 has been open for longer than the Max, IBA would
anticipate that Airbus and Boeing will be very much head
to head in 2012 in terms of narrowbody orders. A clearer
specication from Boeing would help their case though.
Stuart-Menteh: Airbuss gamble of entering the market
MARKET OUTLOOK
What appraisers expect in 2012
u
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rst with the interim Neo offering will pay dividends for them
during 2012 as a result of having a well dened aircraft with
a choice of powerplants.
Weal: Maybe slight leg up for Max in catch-up mode.
Will 2012 see more signicant CSeries, Comac C919,
Sukhoi SuperJet 100 (SSJ) orders?
Dechavanne: Absolutely, on all counts!
De Jaeger: No signicant orders, but likely to favour
CSeries if early rst ight indications go well.
Hatcher: As of January, the CSeries had recorded 158
orders, 155 orders for Comac while SuperJet had 220
orders. The SSJ market has proved to have the most
dynamic orderbook of the three offerings, with a broader
scope in terms of operators, whereas the Comac aircraft
seems to mainly attract the interest of domestic airlines. The
whole CSeries programme seems to have somewhat stalled
of recent, with still no freeze of the aircraft design and actual
entry into service schedule. It remains to be seen whether
the current orders for the CSeries would be sufcient to fund
the aircraft development costs and if the aircraft will ever
see to the sky. As such, IBA would anticipate the SSJ aircraft
to attract the most orders in 2012, especially now that the
aircraft has been fully certied and entered revenue service
in 2011. The SSJ is also the only of the three aircraft ying to
date. It would also be interesting to know what Embraer will
do next. Given that the E-Jets are young, we would expect
this to be a re-engined operation with a new CF34 variant,
or possibly a GTF as well?
Stuart-Menteh: I dont foresee signicant orders for these
aircraft group unless they are politically motivated in which
case they are destined to serve their domestic markets.
Estimated low mature production rates of the SSJ and
products from China will not impact the signicant market
share enjoyed by Airbus and Boeing.
Weal: If the CSeries ies, we may see more signicant
orders. No orders for the other types.
Do you anticipate more aircraft to be parked in 2012?
Why?
Dechavanne: Yes. I believe that more of the older generation
aircraft will be parked due to the increased availability of
newer, more efcient aircraft. I feel this will be due to not
only the increase in production rates from the OEMs, but
also to the increased availability of newer used aircraft from
the leasing community.
De Jaeger: Yes, due to airline bankruptcy and merger
activity, soft economic conditions and elevated fuel prices,
along with the usual exogenous shock.
Hatcher: With more bankruptcies looming, more aircraft will
go into storage. Whilst the best of the bunch (newer NGs,
A320s, A330s, 777s) will come back, with the majority of
nance being available to aircraft under ve years old, the
rest will prove a challenge to shift. The view of the market
is when an aircraft is over ve years old, it is considered
difcult to place. With production increasing, the limited
nance available will be chasing new deliveries instead.
The much older and less economically viable aircraft will
be even tougher to place and part-outs will increase, that is
unless there is some life left. Many airlines that dont have
the luxury of access to nance from the markets or banks
for re-eeting will do well to buy the cheaper alternatives.
Whilst the maintenance and fuel burn may be higher, the
costs and risks associated with buying new will not put them
in any better position. Lessors will be happy to give them a
good rate too! It is worth noting that the number of young
aircraft part-outs remain few and far between but they are
headline grabbing, which in turn weakens the condence of
investors.
Stuart-Menteh: I anticipate freighter aircraft and older
widebody aircraft will be parked progressively. Narrowbodies
over 15 years of age are also candidates.
Weal: Yes. Too many new deliveries and shaky demand
will result in more storage. Airlines in the European Union
especially requires some form of capacity control.
How much (in percentage) new deliveries will not have
nancial support in 2012?
Dechavanne: 0%... there continues to be a strong appetite
from the nance community for new aircraft and I do not see
this trend changing in 2012.
De Jaeger: All aircraft will have nancial support in 2012
but much of it will come from export credit agencies (ECAs)
and some from the Original Equipment Manufacturers
(OEMs)
Hatcher: There are more uncertainties this year in terms of
u
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AIRCRAFT FINANCE 2012
nancing, and we see a large proportion of nancing coming
from the Middle East, whereas European banks will not have
much margin for manoeuvre this year. This year again, we
do suspect manufacturers will put in place nancing for their
operators. The ECAs will be more solicited than ever. OEMs
are pretty good at keeping the white tails to a minimum and
we believe there will no difference in 2012 in that regard.
Whilst some cancellations are likely, innovative nancial
structures will emerge in the wake of support from the ECAs,
OEMs and the commercial banks.
Stuart-Menteh: Taking into consideration the magnitude of
expected cancellations and deferrals one would anticipate
that, even with the support of Ex-Im and the European
ECAs, approximately 5% of deliveries may not attract
nancing. Ultimately the OEMs will end up supporting their
end users.
Weal: Maybe 1 or 2% of new deliveries will not have nancial
support in 2012. Under 5% of deliveries, in any case.
Do you believe funding pressure will impact second-
hand aircraft values?
Dechavanne: Absolutely. Since most investors/nance
companies prefer to go with new aircraft, used aircraft
continue to be expensive to nance, which will affect their
values. As long as used aircraft continue to be perceived as
higher risk assets, this trend will not go away.
De Jaeger: Yes now and throughout 2012.
Hatcher: If the current trend continues, then the secondary
market will continue to have a problem; until second-tier
airlines stop buying large numbers of new aircraft. They
cant afford them, but with the level of ECA guarantees that
have been available up until now, who can blame them?
A balance is needed: the ECAs are there to support the
OEMs, but they also want to reduce the level of support they
provide. With production stepping up, there is already a gap
forming. The ECAs would do well to support some secondary
transactions as well (which has happened in the past) and
encourage others to re-enter the space. Whilst the market
remains so delicate, it is important for the ECAs to carry
on supporting the OEMs, but we cant avoid the fact that if
older aircraft wont sell then there will be a value gap. With
relatively low margins available for newer aircraft for most
buyers, the potential gains from trading secondary aircraft in
the right market should attract more, but it doesnt.
If this process evolves into a permanent solution then the
industry will have a real problem as the value curve will
be unable to support any long-term nance. Whilst the
economical useful life may remain intact, the depreciation
will look very different from ve to six years onwards that it
does today.
Stuart-Menteh: Lack of funds by itself will only affect a
relatively small percentage of the used market. However a
reduction in demand will have a far more pronounced affect
across the board.
Weal: Yes, especially middle aged aircraft.
Which aircraft saw the greatest recovery in 2011?
Dechavanne: I would not classify any aircraft as having
recovered in 2011. Many aircraft values and lease rates
remained stable but I would not say that there were any
particular types that recovered.
De Jaeger: The Boeing 737-800 has been relatively stable.
It is the aircraft of choice in leasing or sales and leasebacks.
On a percentage basis, we believe the 757 come back more
signicantly from its darkest days.
Hatcher: It is difcult to use the word recovery in the
current climate as values remain depressed. New aircraft
pricing remains static, whilst older equipment has taken a
bigger hit. If forced, I would have to say that the 777-300ER
still attracts a great deal of interest and remains an asset that
holds value well. The A380 has grabbed the intention from
investors although the issue of interior reconguration costs
and what the secondary market landscape will look like in
12-15 years still causes some concerns.
Stuart-Menteh: The A330-300 was particularly resilient
to external shocks and has endeared itself to the industry.
Demand for the type has continued to grow, especially in
light of Airbus successfully differentiating the A330 from the
A350 series.
Weal: The A330-300 high gross weight model, just edging
out the 777-300ER.
Which aircraft performed the worst in 2011?
Dechavanne: Worst performers were the Airbus A340-
300, the Boeing MD-11, the Bombardier CRJ100/200s, the
Embraer ERJ-135/145s, and the Boeing 737-400/500s. All u
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propensity for airlines to upsize means the 737-800 and A320
will continue to be favoured over their smaller brethren.
Weal: In terms of number of trades happening, yes, in terms
of value, no.
Do you see the second-hand market for widebodies
improving this year?
Dechavanne: I see a higher probability for the second-
hand widebody market to stabilize this year. There should
be some continued growth in passenger demand, which will
also increase the demand for widebody aircraft to meet this
requirement in the interim.
De Jaeger: The signicant increase in planned deliveries
of widebody aircraft in 2012-13 will temper the recovery in
widebody aircraft used values.
Hatcher: With delays in most new build widebody aircraft
like the 787 and A350, demand for interim lift remains high.
Also, with freighter trafc looking up, demand for conversion
candidates should fuel the secondary market activity. The
market still remains down for those with too many engines.
Values for the 747 and A340 models are still not doing
well despite the fact that they have excellent operational
capabilities. The market for the fuel-efcient long-range twins
still remains dominant, and if the aircraft has the possibility of
life as a freighter, then the better.
Stuart-Menteh: In light of maturing routes, continuing
downward pressure on yields and increased competition,
values for widebody aircraft are likely to be far more
discriminatory. The 777-300ER will continue to act as a cost
effective 747 replacement whilst the A330-300 will continue
to permit operators to explore new routes relatively efciently.
I would expect widebody residuals to soften by as much as
5-8% during the course of the year as demand begins to
falter and availability rises.
Weal: I dont expect the second-hand market for widebodies
improving much this year. It has already improved.
of these aircraft saw reductions in value of about 25-30%
throughout 2011.
De Jaeger: The MD-80 series especially now with the
American Airlines bankruptcy. Close second, the ERJ-
135/140/145 is quickly falling out of favour. The A340 is
falling fast.
Hatcher: Airbus abandoning the A340 production line
speaks volume of the aircraft poor performance and its
difculty in grabbing the attention of operators and nanciers.
On the narrowbody front, whilst the oldest aircraft were hit
hardest two years ago, 2011 saw an increasing gap between
the new deliveries and aircraft over ve years of age.
Stuart-Menteh: Values for all older (out of production) four-
engine widebody aircraft such as the 747-400 and A340-
200/300 and -500/600 have, and will continue, to oundered
as their future role becomes less certain.
Do you see the second-hand market for narrowbodies
improving this year?
Dechavanne: No. As long as the cost to nance used
aircraft remains high, values will be negatively affected.
The increase in production rates from the OEMs will also
not help.
De Jaeger: The challenging nancing environment for new
aircraft, and even more challenging environment for used
aircraft, is not likely to support a recovery in the second-
hand market in 2012.
Hatcher: The second-hand narrowbody market will remain
as active as last year with hopefully some upturn by year-
end. Third-tier operators and new entrants on the market are
buying up some of the better second-hand deals because
pricing has reached the well why wouldnt you stage. With
part-out companies turning to buying up more sub-10 years
old aircraft that are now perceived as ancient, there are a
number of the oldest A320s and later build Classics avoiding
the scrap yard whilst green time is burnt off. The engine
condition will be key though as with many CFM engines
requiring increasingly more expensive shop visits to replace
high pressure turbine blades, the adjusted values will grab
the attention of the breakers.
Stuart-Menteh: Values for modern narrowbody aircraft are
typically going to remain at or just below base values. I do
not anticipate any particular model to excel however the
u
Aircraft Finance 2012
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Flightglobal Insight
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21
AIRCRAFT FINANCE 2012
AIRLINER FINANCE DEALS ANNOUNCED IN 2008 WITH ANALYSIS BY OPERATOR/LESSOR
DEALS DATABASE 2011
By customer
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
AAR Aircraft Sales & Leasing USA Mar 6 737-400 CFM56 Loan/Finance/Refnanced
ABX Air USA Feb 1 767-200SF CF6 Operating Lease - Sale and Leaseback
ABX Air USA Jun 2 767-200SF CF6 Operating Lease - Sale and Leaseback
ABX Air USA Jul 1 767-200SF CF6 Operating Lease - Sale and Leaseback
AerCap Netherlands Feb 1 A330-320HGW PW4000 Loan/Finance/Refnanced
AerCap Netherlands Feb 1 A330-340HGW Trent Loan/Finance/Refnanced
AerCap Netherlands May 2 A330-340HGW Trent ECA
AerCap Netherlands Jun 2 A320-230 V2500 Loan/Finance/Refnanced
AerCap Netherlands Jul 1 A319-130 V2500 Loan/Finance/Refnanced
AerCap Netherlands Jul 1 A330-340HGW Trent ECA
AerCap Netherlands Aug 1 A320-230 V2500 Loan/Finance/Refnanced
AerCap Netherlands Aug 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
AerCap Netherlands Sep 1 A320-230 V2500 Loan/Finance/Refnanced
AerCap Netherlands Oct 7 737-800 Winglets CFM56 Loan/Finance/Refnanced
AerDragon Aviation Partners China Mar 1 A320-230 V2500 ECA
AerDragon Aviation Partners China Apr 2 737-800 Winglets CFM56 ECA
AerDragon Aviation Partners China Nov 1 A320-230 V2500 ECA
Aergo Capital Ireland Jan 1 737-300 CFM56 Loan/Finance/Refnanced
Aeroot Russian Airlines Russia Feb 3 A330-340HGW Trent ECA|Finance Lease
Aeroot Russian Airlines Russia Sep 1 A321-210 CFM56 Finance Lease
Aeroot Russian Airlines Russia Oct 3 A330-340HGW Trent Operating Lease - Sale and Leaseback
Aeroot Russian Airlines Russia Nov 1 A330-340HGW Trent Operating Lease - Sale and Leaseback
AeroLogic Germany Sep 1 777-200LRF GE90 Tax Lease
Aeromexico Mexico Feb 10 190LR CF34 Loan/Finance/Refnanced
AerSale USA Apr 7 737-400 CFM56 Loan/Finance/Refnanced
AerSale USA Apr 3 747-400 CF6 Loan/Finance/Refnanced
AerSale USA Nov 1 737-300 CFM56 Loan/Finance/Refnanced
AerSale USA Dec 1 A320-210 CFM56 Loan/Finance/Refnanced
AerSale USA Dec 4 757-200SF RB211 Loan/Finance/Refnanced
Air Arabia UAE Jan 2 A320-210 CFM56 Finance Lease
Air Arabia UAE Aug 2 A320-210 CFM56 Finance Lease
Air Caraibes Guadeloupe Nov 1 A330-320HGW PW4000 Finance Lease
Air China China Jan 2 A320-210 CFM56 ECA
Air China China Jan 1 A320-230 V2500 ECA
Air China China Jan 1 A321-230 V2500 ECA
Air China China Feb 2 A320-210 CFM56 Tax Lease
Air China China Feb 2 A321-230 V2500 Tax Lease
Air China China Jun 3 777-300ER GE90 ECA
Air China China Dec 4 777-300ER GE90 ECA
Air France France Jan 1 A318-110 CFM56 Finance Lease
Air France France Jan 1 A318-110 CFM56 Tax Lease
Air France France Feb 1 A318-110 CFM56 Tax Lease
Air France France Feb 2 A320-210 CFM56 Operating Lease - Sale and Leaseback
Air France France Feb 2 777-300ER GE90 Operating Lease - Sale and Leaseback
Air France France Apr 4 A320-210 CFM56 Operating Lease - Sale and Leaseback
Air France France Apr 1 777-300ER GE90 Finance Lease
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
Air France France Apr 1 777-300ER GE90 Tax Lease
Air France France Jun 1 A380-860 GP7200 ECA
Air France France Jun 1 A380-860 GP7200 Loan/Finance/Refnanced
Air France France Jun 1 A380-860 GP7200 Tax Lease
Air France France Jul 1 A340-310 CFM56 Operating Lease - Sale and Leaseback
Air France France Aug 1 A380-860 GP7200 Finance Lease
Air France France Nov 1 A321-210 CFM56 Operating Lease - Sale and Leaseback
Air Greenland Greenland Sep 1 A330-220 PW4000 Loan/Finance/Refnanced
Air India India Jan 9 A319-110 CFM56 Loan/Finance/Refnanced
Air India India Jan 4 A320-210 CFM56 Loan/Finance/Refnanced
Air India India Jan 8 A321-210 CFM56 Loan/Finance/Refnanced
Air India India Jan 3 777-300ER GE90 ECA
Air India India Nov 7 787-8 GEnx Pre Delivery Payment
Air Lease Corporation USA Feb 1 A320-230 V2500 Loan/Finance/Refnanced
Air Lease Corporation USA Feb 1 737-700 Winglets CFM56 Loan/Finance/Refnanced
Air Lease Corporation USA Mar 1 777-300ER GE90 Loan/Finance/Refnanced
Air Lease Corporation USA Apr 3 A330-200 CF6 Loan/Finance/Refnanced
Air Lease Corporation USA Apr 3 737-800 Winglets CFM56 Loan/Finance/Refnanced
Air Lease Corporation USA Oct 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
Air Lease Corporation USA Dec 1 777-200ER GE90 Loan/Finance/Refnanced
Air Lease Corporation USA Dec 1 A330-220 PW4000 Loan/Finance/Refnanced
Air New Zealand New Zealand Jan 1 777-300ER GE90 Operating Lease - Sale and Leaseback
Air New Zealand New Zealand Feb 1 777-300ER GE90 Operating Lease - Sale and Leaseback
Air New Zealand New Zealand Mar 1 777-300ER GE90 Operating Lease - Sale and Leaseback
Air New Zealand New Zealand Mar 1 777-300ER GE90 Tax Lease
Air New Zealand New Zealand Nov 1 777-300ER GE90 Tax Lease
Air Niugini Papua New Guinea Jan 2 Q400 NextGen PW100 Finance Lease
Air Nostrum Spain Aug 3 CRJ 1000ER NextGen CF34 Tax Lease
Air Nostrum Spain Dec 1 CRJ 1000ER NextGen CF34 Finance Lease
AirAsia Malaysia Feb 2 A320-210 CFM56 Finance Lease
AirAsia Malaysia Feb 1 A320-210 CFM56 Operating Lease - Sale and Leaseback
AirAsia Malaysia Jul 2 A320-210 CFM56 Loan/Finance/Refnanced
AirAsia Malaysia Aug 6 A320-210 CFM56 Operating Lease - Sale and Leaseback
AirAsia Malaysia Nov 1 A320-210 CFM56 Operating Lease - Sale and Leaseback
airberlin Austria Feb 2 A320-210 CFM56 Operating Lease - Sale and Leaseback
airberlin Germany Feb 1 A320-210 CFM56 Operating Lease - Sale and Leaseback
airberlin Germany Oct 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
airberlin Germany Nov 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Aircastle Advisor USA Dec 2 MD-11F CF6 Loan/Finance/Refnanced
Aircraft & Engine Support USA Mar 1 737-300 CFM56 Loan/Finance/Refnanced
Aircraft Purchase Fleet Ireland Jun 1 A319-110 CFM56 Loan/Finance/Refnanced
Airnancial Management Cyprus Mar 1 A320-230 V2500 Loan/Finance/Refnanced
Airlink - SA Airlink South Africa May 1 ERJ-135LR AE 3007 Loan/Finance/Refnanced
AK Bars Aero Russia Feb 2 CRJ 200ER CF34 Operating Lease - Sale and Leaseback
ALAFCO & Novus Aviation Kuwait Jun 1 A330-240 Trent Loan/Finance/Refnanced
ALAFCO & Novus Aviation Kuwait Oct 1 A319-110 CFM56 Loan/Finance/Refnanced
Aldus Aviation Ireland Sep 1 190LR CF34 ECA
Aldus Aviation Ireland Sep 2 195AR CF34 ECA
Alitalia Italy Feb 2 A320-210 CFM56 Operating Lease - Sale and Leaseback
Alitalia Italy Jul 2 A320-210 CFM56 Finance Lease
Alitalia Italy Jul 4 777-200ER GE90 Finance Lease
Alitalia Italy Sep 1 A330-200 CF6 Operating Lease - Sale and Leaseback
Alitalia Italy Sep 10 175ST CF34 Operating Lease - Sale and Leaseback
Aircraft Finance 2012
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Flightglobal Insight
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23
AIRCRAFT FINANCE 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
Allegiant Air USA Mar 4 MD-82 JT8D Loan/Finance/Refnanced
Allegiant Air USA Mar 46 MD-83 JT8D Loan/Finance/Refnanced
Allegiant Air USA Mar 4 MD-87 JT8D Loan/Finance/Refnanced
Allegiant Air USA Mar 4 MD-88 JT8D Loan/Finance/Refnanced
Allegiant Air USA Mar 1 757-200 RB211 Loan/Finance/Refnanced
Allegiant Air USA Mar 2 757-200 Winglets RB211 Loan/Finance/Refnanced
American Airlines USA Jan 15 737-800 Winglets CFM56 EETC/ETC/PTC
American Airlines USA Jan 6 757-200 Winglets RB211 EETC/ETC/PTC
American Airlines USA Jan 2 767-300ER CF6 EETC/ETC/PTC
American Airlines USA Jan 7 777-200ER Trent EETC/ETC/PTC
American Airlines USA Feb 3 777-200ER Trent Operating Lease - Sale and Leaseback
American Airlines USA May 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
American Airlines USA Jul 23 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
American Airlines USA Sep 16 737-800 Winglets CFM56 EETC/ETC/PTC
American Airlines USA Sep 14 757-200 Winglets RB211 EETC/ETC/PTC
American Airlines USA Sep 13 777-200ER Trent EETC/ETC/PTC
American Airlines USA Nov 3 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
American Eagle Airlines USA Aug 25 CRJ 701ER CF34 Operating Lease - Sale and Leaseback
American Eagle Airlines USA Aug 22 CRJ 702ER NextGen CF34 Operating Lease - Sale and Leaseback
American Eagle Airlines USA Aug 2 ERJ-135ER AE 3007 Operating Lease - Sale and Leaseback
American Eagle Airlines USA Aug 37 ERJ-135LR AE 3007 Operating Lease - Sale and Leaseback
American Eagle Airlines USA Aug 59 ERJ-140LR AE 3007 Operating Lease - Sale and Leaseback
American Eagle Airlines USA Aug 118 ERJ-145LR AE 3007 Operating Lease - Sale and Leaseback
ANA - All Nippon Airways Japan Jan 2 767 300ER Winglets CF6 Finance Lease
ANA - All Nippon Airways Japan Aug 1 767 300ER Winglets CF6 Finance Lease
ANA - All Nippon Airways Japan Sep 11 787-8 Trent Loan/Finance/Refnanced
Archway Aviation United Kingdom Jan 3 A320-230 V2500 Loan/Finance/Refnanced
Armavia Armenia Apr 2 Superjet 100-95LR SaM-146 Operating Lease - Sale and Leaseback
Armavia Armavia Aug 1 737-500 CFM56 Operating Lease - Sale and Leaseback
ASL Aviation Group Ireland Dec 2 737-800 Winglets CFM56 Loan/Finance/Refnanced
Atlas Air USA Oct 1 747-8F GEnx ECA
Aurigny Air Services United Kingdom Feb 1 ATR 72-200 PW100 Loan/Finance/Refnanced
Avation Singapore May 4 ATR 72-500 PW100 Loan/Finance/Refnanced
Avation Singapore May 4 ATR 72-600 PW100 Loan/Finance/Refnanced
Avianca Colombia Jul 2 A320-210 CFM56 Operating Lease - Sale and Leaseback
Avianca Colombia Aug 1 A330-240 Trent Operating Lease - Sale and Leaseback
Avianca Colombia Sep 1 A319-110 CFM56 ECA
Avianca Colombia Sep 4 A320-210 CFM56 ECA
Avianca Colombia Oct 2 A320-210 CFM56 Loan/Finance/Refnanced
Avianca|TACA International Airlines Colombia|El Salvador Feb 2 A320-230 V2500 Operating Lease - Sale and Leaseback
Avianca|TACA International Airlines Colombia|El Salvador Feb 2 A330-240 Trent Operating Lease - Sale and Leaseback
Aviation Capital Group USA Dec 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Avolon Aerospace Leasing Ireland Feb 1 777-300ER GE90 Loan/Finance/Refnanced
Avolon Aerospace Leasing Ireland Mar 1 A320-230 V2500 Loan/Finance/Refnanced
Avolon Aerospace Leasing Ireland May 1 A320-230 V2500 Loan/Finance/Refnanced
Avolon Aerospace Leasing Ireland Jun 2 A320-210 CFM56 ECA
Avolon Aerospace Leasing Ireland Jul 5 A320-210 CFM56 Loan/Finance/Refnanced
Avolon Aerospace Leasing Ireland Dec 1 A330-240 Trent Loan/Finance/Refnanced
AWAS Ireland Jan 1 A320-210 CFM56 Loan/Finance/Refnanced
AWAS Ireland Mar 1 A320-210 CFM56 ECA
AWAS Ireland Mar 1 A320-210 CFM56 Loan/Finance/Refnanced
AWAS Ireland Mar 1 A330-240 Trent ECA
AWAS Ireland Apr 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
AIRCRAFT FINANCE 2012
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Flightglobal Insight
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
AWAS Ireland May 3 737-800 Winglets CFM56 Loan/Finance/Refnanced
AWAS Ireland Jun 1 A320-210 CFM56 Loan/Finance/Refnanced
AWAS Ireland Jul 1 737-300 CFM56 Loan/Finance/Refnanced
AWAS Ireland Jul 2 737-800 Winglets CFM56 Finance Lease
AWAS Ireland Aug 1 A320-230 V2500 ECA
AWAS Ireland Aug 1 A330-200 CF6 Loan/Finance/Refnanced
AWAS Ireland Aug 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
AWAS Ireland Dec 1 A320-230 V2500 Loan/Finance/Refnanced
AWAS Ireland Dec 6 737-800 Winglets CFM56 Pre Delivery Payment
Azul Brazil Jan 2 195AR CF34 Loan/Finance/Refnanced
Azul Brazil Sep 10 ATR 72-600 PW100 ECA
Azul Brazil Nov 2 195AR CF34 Operating Lease - Sale and Leaseback
Azul Brazil Dec 5 195AR CF34 Operating Lease - Sale and Leaseback
BBAM USA Mar 2 767-300 CF6 Loan/Finance/Refnanced
BBAM USA Mar 1 767-300ER PW4000 Loan/Finance/Refnanced
Biman Bangladesh Airlines Bangladesh Aug 2 777-300ER GE90 ECA
Biman Bangladesh Airlines Bangladesh Oct 2 777-300ER GE90 Loan/Finance/Refnanced
BOC Aviation Singapore Jan 2 737-700 Winglets CFM56 Loan/Finance/Refnanced
BOC Aviation Singapore Apr 3 A320-210 CFM56 Loan/Finance/Refnanced
BOC Aviation Singapore Jun 3 737-700 Winglets CFM56 Loan/Finance/Refnanced
BOC Aviation Singapore Jun 6 737-800 Winglets CFM56 ECA
BOC Aviation Singapore Sep 1 747-400F CF6 Loan/Finance/Refnanced
BOC Aviation Singapore Nov 1 A330-340HGW Trent Loan/Finance/Refnanced
BOC Aviation Singapore Dec 2 737-700 Winglets CFM56 Loan/Finance/Refnanced
British Airways United Kingdom Sep 2 A320-230 V2500 Tax Lease
British Airways British Airways Nov 1 777-300ER GE90 Operating Lease - Sale and Leaseback
Capital Mgnt & Novus Aviation/Muzun Multi-National (Middle East)
Jan 1 777-200ER Trent Loan/Finance/Refnanced
Cargo Aircraft Management USA Apr 1 757-200 Winglets PW2000 Loan/Finance/Refnanced
Cargo Aircraft Management USA Apr 1 757-200SF PW2000 Loan/Finance/Refnanced
Cargo Aircraft Management USA Apr 1 767-200ERSF CF6 Loan/Finance/Refnanced
Cargo Aircraft Management USA Jul 1 767-200SF CF6 Loan/Finance/Refnanced
Cargolux Luxembourg Mar 1 747-400F RB211 Loan/Finance/Refnanced
Cargolux Luxembourg Aug 1 747-8F GEnx ECA
Cargolux Luxembourg Aug 2 747-8F GEnx Loan/Finance/Refnanced
Cargolux Luxembourg Sep 3 747-8F GEnx ECA
Cargolux Luxembourg Oct 3 747-8F GEnx ECA
Cathay Pacic Hong Kong Feb 5 A330-340 Trent Operating Lease - Sale and Leaseback
Cathay Pacic Hong Kong Feb 1 A330-340HGW Trent Operating Lease - Sale and Leaseback
Cathay Pacic Hong Kong Mar 2 777-300ER GE90 Operating Lease - Sale and Leaseback
CDB China Jun 2 A320-210 CFM56 Loan/Finance/Refnanced
CDB China Jun 3 737-800 Winglets CFM56 Loan/Finance/Refnanced
CDB China Dec 4 A319-110 CFM56 Loan/Finance/Refnanced
CDB China Dec 2 A320-210 CFM56 Loan/Finance/Refnanced
Cebu Pacic Air Philippines Sep 1 A320-210 CFM56 Finance Lease
China Aircraft Leasing (HK) Co. Hong Kong Jan 1 A320-210 CFM56 ECA
China Eastern Airlines China Mar 3 A320-210 CFM56 ECA|Tax Lease
China Eastern Airlines China Apr 1 A320-210 CFM56 Loan/Finance/Refnanced|Tax Lease|ECA
China Eastern Airlines China Apr 1 A330-240 Trent Loan/Finance/Refnanced|Tax Lease|ECA
China Eastern Airlines China May 2 A320-210 CFM56 Tax Lease
China Eastern Airlines China Jun 1 A321-230 V2500 Operating Lease - Sale and Leaseback
China Eastern Airlines China Jun 1 737-700 Winglets CFM56 Operating Lease - Sale and Leaseback
China Eastern Airlines China Sep 1 A320-210 CFM56 Finance Lease
China Postal Airlines China Mar 1 737-300SF CFM56 Finance Lease
Aircraft Finance 2012
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Flightglobal Insight
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25
AIRCRAFT FINANCE 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
China Southern Airlines China Jan 3 A320-230 V2500 ECA|Tax Lease
China Southern Airlines China Jan 1 A330-220 PW4000 Tax Lease|ECA
China Southern Airlines China Apr 1 A320-210 CFM56 Loan/Finance/Refnanced
China Southern Airlines China Apr 1 A320-230 V2500 Tax Lease|ECA
China Southern Airlines China Apr 1 A330-220 PW4000 Tax Lease|ECA
China Southern Airlines China Apr 2 A380-840 Trent Loan/Finance/Refnanced
China Southern Airlines China May 1 737-800 Winglets CFM56 Finance Lease
China Southern Airlines China Aug 1 A320-230 V2500 Operating Lease - Sale and Leaseback
China Southern Airlines China Nov 1 A380-840 Trent ECA
CIAF-Leasing Egypt Oct 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Mar 2 A319-110 CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Mar 1 A320-210 CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Mar 3 A320-230 V2500 Loan/Finance/Refnanced
CIT Aerospace USA Mar 2 737-700 CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Mar 1 737-700 Winglets CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Mar 3 737-800 Winglets CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Mar 3 757-200 PW2000 Loan/Finance/Refnanced
CIT Aerospace USA Mar 1 757-200 Winglets RB211 Loan/Finance/Refnanced
CIT Aerospace USA Oct 3 A319-110 CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Oct 1 A320-210 CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Oct 4 A320-230 V2500 Loan/Finance/Refnanced
CIT Aerospace USA Oct 2 737-700 CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Oct 1 737-700 Winglets CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Oct 3 737-800 Winglets CFM56 Loan/Finance/Refnanced
CIT Aerospace USA Oct 3 757-200 PW2000 Loan/Finance/Refnanced
CIT Aerospace USA Oct 1 757-200 Winglets RB211 Loan/Finance/Refnanced
Comair South Africa Feb 1 737-400 CFM56 Loan/Finance/Refnanced
Comair South Africa Mar 4 737-800 Winglets CFM56 ECA
Compass Capital Corp USA May 3 Dash 8-300 PW100 Loan/Finance/Refnanced
Continental Airlines USA Aug 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
Copa Airlines Panama Apr 5 737-800 Winglets CFM56 ECA
CSA Czech Airlines Czech Republic May 1 A319-110 CFM56 Finance Lease
CSI Aviation Services USA Feb 1 MD-83 JT8D Loan/Finance/Refnanced
DAE Capital UAE Aug 1 777-200LRF GE90 Loan/Finance/Refnanced
Delta Air Lines USA Mar 6 757-200 Winglets PW2000 Loan/Finance/Refnanced
Delta Air Lines USA Oct 10 737-800 Winglets CFM56 EETC/ETC/PTC
Delta Air Lines USA Oct 5 757-200 PW2000 EETC/ETC/PTC
Delta Air Lines USA Oct 6 757-200 Winglets PW2000 EETC/ETC/PTC
Delta Air Lines USA Oct 1 767-300ER CF6 EETC/ETC/PTC
Delta Air Lines USA Oct 3 767 300ER Winglets CF6 EETC/ETC/PTC
Deucalion Aviation Funds Germany Feb 2 A330-240 Trent Loan/Finance/Refnanced
Deucalion Aviation Funds Germany Feb 5 A330-340 Trent Loan/Finance/Refnanced
Deucalion Aviation Funds Germany Feb 1 A330-340HGW Trent Loan/Finance/Refnanced
Deucalion Aviation Funds Germany Jun 2 A321-230 V2500 Loan/Finance/Refnanced
Deucalion Aviation Funds Germany Jun 1 747-400 CF6 Loan/Finance/Refnanced
Deucalion Aviation Funds Germany Jun 1 747-400SF CF6 Loan/Finance/Refnanced
Deucalion Aviation Funds Germany Aug 1 747-400D CF6 Loan/Finance/Refnanced
Deucalion Aviation Funds Germany Dec 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
Dniproavia Ukraine Jan 10 190ST CF34 Operating Lease - Sale and Leaseback
Dynamic Aviation Group USA Jan 3 767-200 JT9D Loan/Finance/Refnanced
Dynamic Aviation Group USA Feb 2 Dash 8-200 PW100 Loan/Finance/Refnanced
Dynamic Aviation Group USA Oct 3 Dash 8-300 PW100 Loan/Finance/Refnanced
Dynamic Aviation Group USA Dec 1 Dash 8-300 PW100 Loan/Finance/Refnanced
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Aircraft Finance 2012
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Flightglobal Insight
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27
AIRCRAFT FINANCE 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
Eastok Aviation UAE Jul 1 A320-230 V2500 Loan/Finance/Refnanced
EasyJet United Kingdom Jan 3 A320-210 CFM56 Finance Lease
EasyJet United Kingdom Mar 2 A319-110 CFM56 Operating Lease - Sale and Leaseback
Egyptair Egypt Nov 3 A330-340HGW Trent ECA
Emirates Airline UAE Feb 4 777-200ER Trent Operating Lease - Sale and Leaseback
Emirates Airline UAE Mar 5 A380-860 GP7200 Finance Lease
Emirates Airline UAE Apr 1 777-300ER GE90 Loan/Finance/Refnanced
Emirates Airline UAE May 2 A380-860 GP7200 Finance Lease
Emirates Airline UAE May 1 777-300ER GE90 Finance Lease
Emirates Airline UAE May 3 777-300ER GE90 Operating Lease - Sale and Leaseback
Emirates Airline UAE Jul 1 777-300ER GE90 Finance Lease
Emirates Airline UAE Jul 2 777-300ER GE90 Operating Lease - Sale and Leaseback
Emirates Airline UAE Aug 1 777-200ER Trent Operating Lease - Sale and Leaseback
Emirates Airline UAE Sep 2 A380-860 GP7200 ECA
Emirates Airline UAE Oct 2 A380-860 GP7200 Pre Delivery Payment
Emirates Airline UAE Oct 1 777-300ER GE90 Pre Delivery Payment
Emirates Airline UAE Nov 2 777-300ER GE90 Finance Lease
ERA Aviation USA Mar 1 Dash 8-100 PW100 Loan/Finance/Refnanced
ERA Aviation USA Dec 1 Dash 8-100 PW100 Operating Lease - Sale and Leaseback
Estonian Air Estonia Jan 3 CRJ 900ER NextGen CF34 Loan/Finance/Refnanced
Ethiopian Airlines Ethiopia Jul 10 787-8 GEnx ECA
Ethiopian Airlines Ethiopia Oct 5 737-800 Winglets CFM56 ECA
Ethiopian Airlines Ethiopia Oct 5 737-800 Winglets CFM56 Loan/Finance/Refnanced
Etihad Airways UAE Aug 1 A330-340HGW Trent ECA
EVA Air Taiwan Dec 2 MD-11F CF6 Operating Lease - Sale and Leaseback
ExpressJet Airlines USA Jun 10 CRJ 200ER CF34 Loan/Finance/Refnanced
Farnair Switzerland Switzerland Feb 2 ATR 42-300F PW100 Operating Lease - Sale and Leaseback
Farnair Switzerland Switzerland Feb 1 ATR 72-200F PW100 Operating Lease - Sale and Leaseback
FLY Leasing Ireland Feb 2 737-800 Winglets CFM56 Loan/Finance/Refnanced
Fly540 Kenya Jul 1 ATR 72-500 PW100 ECA
Flybe United Kingdom Nov 20 175ST CF34 Loan/Finance/Refnanced
Flybe Nordic Finland May 1 ATR 72-500 PW100 Loan/Finance/Refnanced
Flybe Nordic Finland Sep 3 ATR 72-500 PW100 Operating Lease - Sale and Leaseback
FlyDubai UAE Nov 3 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Frontier Airlines USA Apr 2 A318-110 CFM56 Operating Lease - Sale and Leaseback
Frontier Airlines USA Jul 2 A318-110 CFM56 Operating Lease - Sale and Leaseback
Garuda Indonesia Indonesia Jan 6 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Garuda Indonesia Indonesia Aug 1 737-800 Winglets CFM56 Tax Lease
GECAS USA Apr 1 A320-210 CFM56 ECA
GECAS USA Apr 4 737-800 Winglets CFM56 Loan/Finance/Refnanced
Genesis Custom Jetliners USA Aug 1 MD-87 JT8D Loan/Finance/Refnanced
Global Knafaim Leasing Israel Dec 1 A319-130 V2500 Loan/Finance/Refnanced
GoAir India Jul 2 A320-210 CFM56 Operating Lease - Sale and Leaseback
German Operating Aircraft Leasing Germany May 1 195LR CF34 Loan/Finance/Refnanced
GOL Linhas Aereas Brazil Mar 5 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Graviation Flugvermietungsgellschaft
Germany Jun 1 CRJ 100ER CF34 Loan/Finance/Refnanced
Graviation Flugvermietungsgellschaft
Germany Jun 1 CRJ 100LR CF34 Loan/Finance/Refnanced
Guggenheim Aviation Partners USA Mar 2 A330-200 CF6 Loan/Finance/Refnanced
Guggenheim Aviation Partners USA Jun 3 777-200ER Trent Loan/Finance/Refnanced
Guggenheim Aviation Partners USA Jul 3 777-200LRF GE90 Loan/Finance/Refnanced
Guggenheim Aviation Partners USA Sep 1 777-200LRF GE90 Loan/Finance/Refnanced
Guggenheim Aviation Partners USA Dec 2 A330-300HGW CF6 Loan/Finance/Refnanced
Gulf Air Bahrain Aug 4 A320-210 CFM56 Operating Lease - Sale and Leaseback
AIRCRAFT FINANCE 2012
28
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
Hainan Airlines China Mar 3 190LR CF34 ECA
Hawaiian Airlines USA Jan 2 A330-240 Trent Loan/Finance/Refnanced
Hawaiian Airlines USA Apr 2 A330-240 Trent Loan/Finance/Refnanced
Hawaiian Airlines USA Jun 15 717-200 BR700 Loan/Finance/Refnanced
Hawaiian Airlines USA Sep 2 A330-240 Trent Loan/Finance/Refnanced
Hawaiian Airlines USA Sep 3 A330-240 Trent Operating Lease - Sale and Leaseback
Hebei Airlines China Dec 2 737-700 CFM56 Operating Lease - Sale and Leaseback
Hong Kong Aviation Capital Hong Kong Mar 5 A320-230 V2500 Loan/Finance/Refnanced
Horizon Air USA Jul 5 Q400 NextGen PW100 Loan/Finance/Refnanced
Ibex Airlines Japan Jul 2 CRJ 702ER NextGen CF34 Operating Lease - Sale and Leaseback
ICBC Leasing China Jun 1 A320-210 CFM56 Loan/Finance/Refnanced
ICBC Leasing China Jun 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
ICBC Leasing China Dec 2 A320-210 CFM56 Loan/Finance/Refnanced
ILFC USA Jun 1 767-300ER CF6 Loan/Finance/Refnanced
IndiGo India Jan 2 A320-230 V2500 Operating Lease - Sale and Leaseback
IndiGo India Mar 2 A320-230 V2500 Operating Lease - Sale and Leaseback
IndiGo India Oct 3 A320-230 V2500 Operating Lease - Sale and Leaseback
IndiGo India Nov 3 A320-230 V2500 Operating Lease - Sale and Leaseback
IndiGo India Dec 5 A320-230 V2500 Operating Lease - Sale and Leaseback
Indonesia AirAsia Indonesia Oct 5 A320-210 CFM56 Finance Lease
Interjet Mexico Jun 2 A320-210 CFM56 ECA
Intrepid Aviation Group USA Sep 1 A330-200 CF6 Loan/Finance/Refnanced
Intrepid Aviation Group USA Nov 2 A320-230 V2500 Loan/Finance/Refnanced
Investec Global Aircraft Fund Australia Mar 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Feb 1 777-300ER GE90 Loan/Finance/Refnanced
Jackson Square Aviation USA Mar 2 737-800 Winglets CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA May 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Jun 1 A320-230 V2500 Loan/Finance/Refnanced
Jackson Square Aviation USA Jun 2 A330-320HGW PW4000 Loan/Finance/Refnanced
Jackson Square Aviation USA Jun 2 737-800 Winglets CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Jun 1 777-300ER GE90 Loan/Finance/Refnanced
Jackson Square Aviation USA Jul 1 A320-210 CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Jul 1 A320-230 V2500 Loan/Finance/Refnanced
Jackson Square Aviation USA Jul 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Aug 2 A320-210 CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Sep 1 A320-210 CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Sep 1 A320-230 V2500 Loan/Finance/Refnanced
Jackson Square Aviation USA Sep 5 737-800 Winglets CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Sep 1 737-900ER CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Sep 1 777-300ER GE90 Loan/Finance/Refnanced
Jackson Square Aviation USA Oct 3 A320-210 CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Oct 1 A320-230 V2500 Loan/Finance/Refnanced
Jackson Square Aviation USA Oct 1 A321-230 V2500 Loan/Finance/Refnanced
Jackson Square Aviation USA Oct 4 737-800 Winglets CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Oct 1 737-900ER CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Oct 1 777-300ER GE90 Loan/Finance/Refnanced
Jackson Square Aviation USA Dec 1 A320-210 CFM56 Loan/Finance/Refnanced
Jackson Square Aviation USA Dec 1 A321-230 V2500 Loan/Finance/Refnanced
Japan Airlines Japan Apr 2 737-800 Winglets CFM56 Loan/Finance/Refnanced
Japan Airlines Japan Jun 1 737-800 Winglets CFM56 Loan/Finance/Refnanced
Japan Airlines Japan Jun 4 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Jazeera Airways Kuwait Oct 3 A320-210 CFM56 Loan/Finance/Refnanced
JetBlue Airways USA Jan 1 A320-230 V2500 Loan/Finance/Refnanced
Aircraft Finance 2012
|
Flightglobal Insight
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29
AIRCRAFT FINANCE 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
JetBlue Airways USA Mar 1 A320-230 V2500 Loan/Finance/Refnanced
JetBlue Airways USA Mar 1 190AR CF34 Loan/Finance/Refnanced
JetBlue Airways USA Apr 1 A320-230 V2500 Loan/Finance/Refnanced
JetBlue Airways USA May 1 190AR CF34 Loan/Finance/Refnanced
JetBlue Airways USA Jul 1 190AR CF34 Loan/Finance/Refnanced
JetBlue Airways USA Sep 1 190AR CF34 Loan/Finance/Refnanced
JetBlue Airways USA Oct 1 A320-230 V2500 Loan/Finance/Refnanced
JetBlue Airways USA Nov 1 190AR CF34 Loan/Finance/Refnanced
Jetran International USA Jul 2 MD-83 JT8D Loan/Finance/Refnanced
Jetscape USA Jan 1 190AR CF34 Loan/Finance/Refnanced
Jetscape USA May 1 190LR CF34 Loan/Finance/Refnanced
Juneyao Airlines China Jun 1 A320-210 CFM56 ECA
Kalitta Air USA Nov 1 747-400ERF CF6 Loan/Finance/Refnanced
KLM Royal Dutch Airlines Netherlands Feb 1 777-300ER GE90 ECA
KLM Royal Dutch Airlines Netherlands Aug 2 737-700 Winglets CFM56 Tax Lease
KLM Royal Dutch Airlines Netherlands Aug 2 190ST CF34 Tax Lease
KLM Royal Dutch Airlines Netherlands Oct 2 190ST CF34 Tax Lease
KLM Royal Dutch Airlines Netherlands Dec 3 737-700 Winglets CFM56 Tax Lease
Korean Air South Korea Feb 2 A330-220 PW4000 Finance Lease
Korean Air South Korea Mar 2 737-900ER CFM56 Loan/Finance/Refnanced|Finance Lease
Korean Air South Korea Apr 5 A380-860 GP7200 ECA
Korean Air South Korea Apr 2 747-8F GEnx ECA
Korean Air South Korea May 3 777-300ER GE90 ECA
Korean Air South Korea May 3 777-300ER GE90 Loan/Finance/Refnanced
Korean Air South Korea Dec 2 777-200LRF GE90 ECA
Korean Air South Korea Dec 1 777-300ER GE90 ECA
KV Aviation Australia Jun 1 A321-110 CFM56 Loan/Finance/Refnanced
KV Aviation Australia Oct 1 767-300ER CF6 Loan/Finance/Refnanced
KV Aviation Australia Dec 2 737-400 CFM56 Loan/Finance/Refnanced
LAN Airlines Chile Jan 3 A319-130 V2500 Finance Lease
LAN Airlines Chile Jan 4 A320-230 V2500 Finance Lease
LAN Airlines Chile Jun 3 A320-210 CFM56 Operating Lease - Sale and Leaseback
LAN Airlines Chile Sep 1 A320-210 CFM56 Operating Lease - Sale and Leaseback
LAN Airlines Chile Sep 1 767 300ER Winglets CF6 ECA
LAN Airlines Chile Oct 2 A319-110 CFM56 ECA
LAN Airlines Chile Oct 1 A319-110 CFM56 Finance Lease
LAN Airlines Chile Oct 4 A320-210 CFM56 ECA
LAN Airlines Chile Oct 4 A320-210 CFM56 Finance Lease
Lao Airlines Laos Oct 2 A320-210 CFM56 Loan/Finance/Refnanced
Lighthouse Aviation Denmark May 2 CRJ 701 CF34 Loan/Finance/Refnanced
Lion Air Indonesia Jan 6 ATR 72-500 PW100 ECA
Lion Air Indonesia Jan 1 737-900ER CFM56 ECA
Lion Air Indonesia Feb 5 ATR 72-500 PW100 ECA
Lion Air Indonesia Feb 10 ATR 72-600 PW100 ECA
Lion Air Indonesia Feb 2 737-900ER CFM56 Finance Lease
Lion Air Indonesia Feb 2 737-900ER CFM56 Loan/Finance/Refnanced
Lion Air Indonesia Mar 2 737-900ER CFM56 Loan/Finance/Refnanced
Lion Air Indonesia Apr 1 737-900ER CFM56 ECA
Lion Air Indonesia Oct 1 737-900ER CFM56 Operating Lease - Sale and Leaseback
Lufthansa Germany Jun 1 A380-840 Trent Tax Lease
Lufthansa Germany Dec 1 A321-230 V2500 Tax Lease
Malaysia Airlines Malaysia Feb 1 737-800 Winglets CFM56 Tax Lease
Malaysia Airlines Malaysia Mar 2 A330-320HGW PW4000 Operating Lease - Sale and Leaseback
AIRCRAFT FINANCE 2012
30
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
Malaysia Airlines Malaysia Apr 2 A330-320HGW PW4000 Operating Lease - Sale and Leaseback
Malaysia Airlines Malaysia Apr 1 737-800 Winglets CFM56 Tax Lease
Malaysia Airlines Malaysia Aug 1 A330-320HGW PW4000 Tax Lease
Martinair Netherlands May 1 MD-11CF PW4000 Loan/Finance/Refnanced
Mesa Airlines USA Jul 1 CRJ 200LR CF34 Loan/Finance/Refnanced
Mesa Airlines USA Aug 1 CRJ 200LR CF34 Loan/Finance/Refnanced
Middle East Airlines Lebanon May 1 A320-230 V2500 Loan/Finance/Refnanced
Mihin Lanka Sri Lanka Jun 1 A321-230 V2500 Operating Lease - Sale and Leaseback
Monarch Airlines United Kingdom Sep 3 A321-230 V2500 Operating Lease - Sale and Leaseback
Nasair Saudi Arabia May 1 190LR CF34 Finance Lease
Niki Austria Feb 2 A321-210 CFM56 ECA
Nordic Aviation Capital Denmark Jun 1 ATR 42-300 PW100 Loan/Finance/Refnanced
Nordic Aviation Capital Denmark Jun 1 ATR 42-500 PW100 Loan/Finance/Refnanced
Nordic Aviation Capital Denmark Oct 1 ATR 42-300 PW100 Loan/Finance/Refnanced
Norwegian Norway Mar 4 737-800 Winglets CFM56 Finance Lease
Norwegian Norway Mar 4 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Norwegian Norway Apr 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Norwegian Norway Jul 7 737-800 Winglets CFM56 ECA
Norwegian Norway Jul 5 737-800 Winglets CFM56 Pre Delivery Payment
Norwegian Norway Dec 5 737-800 Winglets CFM56 Pre Delivery Payment
Novus Aviation Lebanon Aug 2 767 300ER Winglets PW4000 Loan/Finance/Refnanced
Oakhill Capital Management USA Jun 1 777-200LRF GE90 Loan/Finance/Refnanced
Oakhill Capital Management USA Jul 1 777-200LRF GE90 Pre Delivery Payment
OH Capital Assets USA Aug 1 737-300 CFM56 Loan/Finance/Refnanced
Oman Air Oman Mar 2 175LR CF34 Loan/Finance/Refnanced
Oman Air Oman Apr 1 A330-240 Trent ECA
Oman Air Oman Sep 2 175LR CF34 Loan/Finance/Refnanced
Omni Air International USA Jul 1 767-200ER CF6 Loan/Finance/Refnanced
Orenair Russia Jul 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Pegasus Airlines Turkey Apr 4 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Pegasus Airlines Turkey May 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Pembroke Group Ireland Mar 2 A330-320HGW PW4000 Loan/Finance/Refnanced
PLUNA Uruguay Aug 3 CRJ 900ER NextGen CF34 Loan/Finance/Refnanced
Q Aviation USA Feb 2 767-300ER PW4000 Loan/Finance/Refnanced
Q Aviation USA Nov 2 747-400 PW4000 Loan/Finance/Refnanced
Q Aviation USA Nov 2 767-300ER PW4000 Loan/Finance/Refnanced
Qantas Australia Jan 2 A380-840 Trent ECA
Qantas Australia Jan 4 Q400 NextGen PW100 Finance Lease
Qantas Australia Feb 2 A380-840 Trent ECA
Qantas Australia Feb 2 737-800 Winglets CFM56 Finance Lease
Qantas Australia Jul 4 737-800 Winglets CFM56 Finance Lease
Qantas Australia Oct 4 737-800 Winglets CFM56 Tax Lease
Qantas Australia Dec 2 737-800 Winglets CFM56 Tax Lease
Regent Airways Bangladesh Feb 2 Dash 8-300 PW100 Loan/Finance/Refnanced
Regional One USA Aug 1 Dash 8-300 PW100 Loan/Finance/Refnanced
Regourd Aviation France Dec 1 ATR 42-300 PW100 Operating Lease - Sale and Leaseback
Republic Airlines USA Nov 2 190AR CF34 Loan/Finance/Refnanced
Royal Air Maroc Morocco Jun 3 737-400 CFM56 Operating Lease - Sale and Leaseback
Royal Air Maroc Morocco Aug 4 ATR 72-600 PW100 ECA
RwandAir Rwanda Aug 2 737-800 Winglets CFM56 ECA
Ryan International Airlines USA Feb 1 767-300 CF6 Loan/Finance/Refnanced
Ryan International Airlines USA Nov 1 767-300ER PW4000 Loan/Finance/Refnanced
Ryanair Ireland Feb 6 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Aircraft Finance 2012
|
Flightglobal Insight
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31
AIRCRAFT FINANCE 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
Ryanair Ireland Aug 5 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
S7 Airlines Russia Apr 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
SA Express South Africa Aug 3 Q400 PW100 Loan/Finance/Refnanced
SA Express South Africa Nov 1 Q400 NextGen PW100 Loan/Finance/Refnanced
SAS Multi-National (Europe) Jun 1 737-800 CFM56 Operating Lease - Sale and Leaseback
SAS Multi-National (Europe) Nov 4 A321-230 V2500 Finance Lease
SCAT Kazakhstan Dec 2 CRJ 200LR CF34 Loan/Finance/Refnanced
Shandong Airlines China Aug 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Shandong Airlines China Nov 1 737-800 Winglets CFM56 Tax Lease
SilkAir Singapore Feb 1 A320-230 V2500 Operating Lease - Sale and Leaseback
Singapore Airlines Singapore Aug 1 A380-840 Trent Finance Lease
Singapore Airlines Singapore Aug 1 A380-840 Trent Loan/Finance/Refnanced
Sky Wings Airlines Greece Feb 1 A320-230 V2500 Loan/Finance/Refnanced
SkyExpress Russia Feb 1 737-500 CFM56 Finance Lease
SkyWest Airlines USA Jul 1 CRJ 702ER NextGen CF34 Loan/Finance/Refnanced
SkyWest Airlines USA Sep 2 CRJ 702ER NextGen CF34 Loan/Finance/Refnanced
SkyWest Airlines USA Oct 2 CRJ 702ER NextGen CF34 Loan/Finance/Refnanced
SkyWork Airlines Switzerland Jun 1 Q400 PW100 Finance Lease
SkyWork Airlines Switzerland Jun 1 Q400 PW100 Operating Lease - Sale and Leaseback
SkyWork Airlines Switzerland Nov 1 Q400 PW100 Operating Lease - Sale and Leaseback
Solenta Aviation South Africa Jul 1 ATR 42-500 PW100 Loan/Finance/Refnanced
Solenta Aviation South Africa Jul 2 ERJ-145LR AE 3007 Loan/Finance/Refnanced
Solenta Aviation South Africa Sep 1 ATR 42-300F PW100 Loan/Finance/Refnanced
Somon Air Tajikistan Sep 2 737-900ER CFM56 ECA
Southwest Airlines USA Sep 2 737-700 Winglets CFM56 Loan/Finance/Refnanced
SpiceJet India Feb 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
SpiceJet India Jul 11 Q400 NextGen PW100 ECA
SpiceJet India Nov 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
SpiceJet India Dec 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Spirit Airlines USA Oct 1 A320-210 CFM56 Operating Lease - Sale and Leaseback
Spirit Airlines USA Oct 2 A320-230 V2500 Operating Lease - Sale and Leaseback
Spirit Airlines China Dec 1 A320-230 V2500 Operating Lease - Sale and Leaseback
Spring Airlines China Oct 1 A320-210 CFM56 Finance Lease
Summit Aviation Ireland Dec 2 737-600 CFM56 Loan/Finance/Refnanced
Swiss Switzerland Sep 4 A319-110 CFM56 Operating Lease - Sale and Leaseback
T7 Aviation Leasing USA May 2 777-200ER PW4000 Loan/Finance/Refnanced
TAAG Angola Airlines Angola Jun 2 777-300ER GE90 ECA
TACA International Airlines El Salvador Aug 1 190AR CF34 ECA
TAM Linhas Aereas Brazil Feb 1 A321-230 V2500 Tax Lease
TAM Linhas Aereas Brazil Mar 2 A319-110 CFM56 Tax Lease
TAM Linhas Aereas Brazil Mar 1 A319-130 V2500 Tax Lease
TAM Linhas Aereas Brazil Mar 1 A321-230 V2500 Tax Lease
TAM Linhas Aereas Brazil Apr 1 A320-210 CFM56 Pre Delivery Payment
TAM Linhas Aereas Brazil Apr 6 A320-230 V2500 Pre Delivery Payment
TAM Linhas Aereas Brazil Jul 6 777-300ER GE90 Pre Delivery Payment
TAM Linhas Aereas Brazil Dec 4 A319-130 V2500 Finance Lease
TAP Portugal Portugal Nov 4 A319-110 CFM56 Finance Lease
TAP Portugal Portugal Nov 2 A320-210 CFM56 Finance Lease
TAP Portugal Portugal Nov 3 A330-220 PW4000 Finance Lease
Thai Airways International Thailand Sep 3 A330-340HGW Trent Finance Lease
Tiger Airways Singapore Feb 3 A320-230 V2500 Operating Lease - Sale and Leaseback
Titan Airways United Kingdom Sep 2 757-200 RB211 Loan/Finance/Refnanced
Transaero Airlines Russia Aug 2 747-400 CF6 Operating Lease - Sale and Leaseback
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Aircraft Finance 2012
|
Flightglobal Insight
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33
AIRCRAFT FINANCE 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
Transaero Airlines Russia Sep 1 747-400 PW4000 Operating Lease - Sale and Leaseback
Transaero Airlines Russia Nov 1 747-400 CF6 Operating Lease - Sale and Leaseback
Transaero Airlines Russia Nov 2 777-300 Trent Operating Lease - Sale and Leaseback
Transaero Airlines Russia Dec 1 777-200 PW4000 Operating Lease - Sale and Leaseback
TransAsia Airways Taiwan Oct 2 A330-340HGW Trent Loan/Finance/Refnanced
Transavia Airlines Netherlands Mar 1 737-800 Winglets CFM56 Finance Lease
Transavia Airlines Netherlands Jun 3 737-800 Winglets CFM56 Finance Lease
Transavia Airlines Netherlands Nov 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
TRIP Brazil May 1 190LR CF34 Finance Lease
TUI Aviation Germany Jan 4 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
TUI Aviation Germany Feb 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
TUI Aviation Germany Mar 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
TUI Aviation Germany Jun 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
TUI Aviation Germany Jul 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
TUI Aviation Germany Oct 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Tunisair Tunisia May 1 A320-210 CFM56 ECA
Turkish Airlines Turkey Jan 4 A319-130 V2500 Tax Lease
Turkish Airlines Turkey Jan 6 A321-230 V2500 Tax Lease
Turkish Airlines Turkey Jan 1 A330-240F Trent Tax Lease
Turkish Airlines Turkey Jan 3 A330-340HGW Trent Tax Lease
Turkish Airlines Turkey Apr 1 A319-130 V2500 Tax Lease
Turkish Airlines Turkey May 1 A319-130 V2500 ECA
Turkish Airlines Turkey May 2 A321-230 V2500 Tax Lease
Turkish Airlines Turkey May 2 737-800 Winglets CFM56 ECA
Turkish Airlines Turkey May 2 737-900ER CFM56 ECA
UNI Air Taiwan Dec 10 ATR 72-600 PW100 Loan/Finance/Refnanced
United Airlines USA Mar 1 767-300ER PW4000 Loan/Finance/Refnanced
United Airlines USA Apr 3 767-300ER PW4000 Loan/Finance/Refnanced
United Airlines USA Apr 2 767-300ER PW4000 Operating Lease - Sale and Leaseback
United Airlines USA Dec 2 747-400 PW4000 Loan/Finance/Refnanced
UPS Airlines USA Mar 1 747-400F CF6 Finance Lease
UPS Airlines USA Mar 1 767 300ERF CF6 Loan/Finance/Refnanced
UPS Airlines USA May 2 767 300ERF CF6 Finance Lease
UPS Airlines USA Jul 2 767 300ERF CF6 Finance Lease
US Airways USA May 2 A320-230 V2500 Pre Delivery Payment
US Airways USA May 10 A321-230 V2500 Pre Delivery Payment
US Airways USA Jun 1 A320-210 CFM56 Loan/Finance/Refnanced
US Airways USA Jun 2 A321-230 V2500 Loan/Finance/Refnanced
US Airways USA Jun 2 A321-230 V2500 Operating Lease - Sale and Leaseback
US Airways USA Jun 2 A330-240 Trent Loan/Finance/Refnanced
US Airways USA Oct 1 A320-210 CFM56 EETC/ETC/PTC
US Airways USA Oct 6 A321-230 V2500 EETC/ETC/PTC
US Airways USA Oct 4 A321-230 V2500 Loan/Finance/Refnanced
US Airways USA Oct 2 A330-240 Trent EETC/ETC/PTC
US Airways USA Nov 1 A321-230 V2500 Loan/Finance/Refnanced
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AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Customer Country Month Number
of aircraft
Aircraft model Engine type Deal structure
US Airways USA Nov 2 A321-230 V2500 Operating Lease - Sale and Leaseback
US Airways USA Dec 1 A321-230 V2500 Loan/Finance/Refnanced
UTair Russia Jun 18 ATR 72-500 PW100 Loan/Finance/Refnanced
Uzbekistan Airways Uzbekistan Nov 1 A320-210 CFM56 Operating Lease - Sale and Leaseback
Veling Mauritius Aug 1 777-200ER Trent Loan/Finance/Refnanced
Vietnam Aircraft Leasing Company Vietnam Nov 10 A321-230 V2500 ECA
Virgin America USA Jun 4 A320-210 CFM56 Operating Lease - Sale and Leaseback
Virgin America USA Jun 4 A320-210 CFM56 Pre Delivery Payment
Virgin Australia Australia Feb 3 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Virgin Australia Australia Feb 2 190AR CF34 Operating Lease - Sale and Leaseback
Virgin Australia Australia Mar 2 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Virgin Australia Australia Aug 9 737-800 Winglets CFM56 ECA
Virgin Australia Australia Aug 1 190AR CF34 Operating Lease - Sale and Leaseback
Virgin Australia Australia Sep 5 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Vision Asset USA Nov 1 737-300 CFM56 Loan/Finance/Refnanced
Vision Asset USA Nov 1 737-400 CFM56 Loan/Finance/Refnanced
Vision Asset USA Nov 3 767-200ERM JT9D Loan/Finance/Refnanced
Volaris Mexico Jan 4 A320-230 V2500 Operating Lease - Sale and Leaseback
Volaris Mexico Jan 3 A320-230 V2500 Pre Delivery Payment
Volito Aviation Services Sweden Jun 1 737-800 CFM56 Loan/Finance/Refnanced
Volito Aviation Services Sweden Oct 2 A320-230 V2500 Loan/Finance/Refnanced
Wideroe Norway Mar 1 Dash 8-300 PW100 Finance Lease
Wideroe Norway Mar 1 Dash 8-300 PW100 Operating Lease - Sale and Leaseback
Wizz Air Hungary Feb 4 A320-230 V2500 Operating Lease - Sale and Leaseback
Xiamen Airlines China Mar 1 737-800 Winglets CFM56 Operating Lease - Sale and Leaseback
Xiamen Airlines China Jun 4 737-700 Winglets CFM56 Loan/Finance/Refnanced
Xiamen Airlines China Nov 11 737-800 Winglets CFM56 Loan/Finance/Refnanced
Xtra Airways USA Jan 1 737-400 CFM56 Operating Lease - Sale and Leaseback
NOTE: Aircraft nance deals announced during 2011 with analysis by customer, nancier and aircraft type. The aircraft transaction
information contained in this section includes new and second-hand deals.
SOURCE: Flightglobal Ascend Online database/Flightglobal Finance Pro
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AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
DEALS DATABASE 2011
By aircraft type
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
175LR CF34 Mar 2 Oman Air Loan/Finance/Refnanced Bank Dhofar
175LR CF34 Sep 2 Oman Air Loan/Finance/Refnanced
175ST CF34 Sep 10 Alitalia Operating Lease - Sale and Leaseback
175ST CF34 Nov 20 Flybe Loan/Finance/Refnanced BNDES - Brazilian Development Bank
190AR CF34 Jan 1 Jetscape Loan/Finance/Refnanced BNP Paribas
190AR CF34 Feb 2 Virgin Australia Operating Lease - Sale and Leaseback
190AR CF34 Mar 1 JetBlue Airways Loan/Finance/Refnanced
190AR CF34 May 1 JetBlue Airways Loan/Finance/Refnanced
190AR CF34 Jul 1 JetBlue Airways Loan/Finance/Refnanced
190AR CF34 Aug 1 TACA International Airlines ECA Natixis Transport Finance
190AR CF34 Aug 1 Virgin Australia Operating Lease - Sale and Leaseback
190AR CF34 Sep 1 JetBlue Airways Loan/Finance/Refnanced
190AR CF34 Nov 1 JetBlue Airways Loan/Finance/Refnanced
190AR CF34 Nov 2 Republic Airlines Loan/Finance/Refnanced
190LR CF34 Feb 10 Aeromexico Loan/Finance/Refnanced BNDES - Brazilian Development Bank
190LR CF34 Mar 3 Hainan Airlines ECA China Exim Bank
190LR CF34 May 1 Jetscape Loan/Finance/Refnanced HSH Nordbank AG
190LR CF34 May 1 Nasair Finance Lease
190LR CF34 May 1 TRIP Finance Lease
190LR CF34 Sep 1 Aldus Aviation ECA
190ST CF34 Jan 10 Dniproavia Operating Lease - Sale and Leaseback
190ST CF34 Aug 2 KLM Royal Dutch Airlines Tax Lease BBAM|Natixis Transport Finance
190ST CF34 Oct 2 KLM Royal Dutch Airlines Tax Lease CA-CIB
195AR CF34 Jan 2 Azul Loan/Finance/Refnanced Unicredit
195AR CF34 Sep 2 Aldus Aviation ECA
195AR CF34 Nov 2 Azul Operating Lease - Sale and Leaseback
195AR CF34 Dec 2 Azul Operating Lease - Sale and Leaseback
195AR CF34 Dec 2 Azul Operating Lease - Sale and Leaseback
195AR CF34 Dec 1 Azul Operating Lease - Sale and Leaseback
195LR CF34 Apr 2 Finance Lease
195LR CF34 May 1 German Operating Aircraft Leasing Loan/Finance/Refnanced DVB Bank SE
717-200 BR700 Jun 15 Hawaiian Airlines Loan/Finance/Refnanced
737-300 CFM56 Jan 1 Aergo Capital Loan/Finance/Refnanced
737-300 CFM56 Mar 1 Aircraft & Engine Support Loan/Finance/Refnanced
737-300 CFM56 Jul 1 AWAS Loan/Finance/Refnanced Deutsche Bank
737-300 CFM56 Aug 1 OH Capital Assets Loan/Finance/Refnanced
737-300 CFM56 Nov 1 AerSale Loan/Finance/Refnanced Wells Fargo Bank NA
737-300 CFM56 Nov 1 Vision Asset Loan/Finance/Refnanced
737-300SF CFM56 Mar 1 China Postal Airlines Finance Lease ICBC Leasing
737-400 CFM56 Jan 1 Xtra Airways Operating Lease - Sale and Leaseback
737-400 CFM56 Feb 1 Comair Loan/Finance/Refnanced
737-400 CFM56 Mar 6 AAR Aircraft Sales & Leasing Loan/Finance/Refnanced DVB Bank SE
737-400 CFM56 Apr 7 AerSale Loan/Finance/Refnanced Wells Fargo Bank NA
737-400 CFM56 Jun 3 Royal Air Maroc Operating Lease - Sale and Leaseback
737-400 CFM56 Nov 1 Vision Asset Loan/Finance/Refnanced
737-400 CFM56 Dec 2 KV Aviation Loan/Finance/Refnanced
Aircraft Finance 2012
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37
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
Bank Dhofar
Bank Dhofar
Air Lease Corporation Alitalia
BNDES - Brazilian Development Bank
BNP Paribas
CIT Aerospace Virgin Australia
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
CIT Aerospace Virgin Australia
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
BNDES - Brazilian Development Bank
HSH Nordbank AG
Fenec 1
Banco Safra
BNDES - Brazilian Development Bank
Undisclosed Bank/Broker Lessor Dniproavia
Nomura Babcock & Brown Co
Century Tokyo Leasing
Unicredit
BNDES - Brazilian Development Bank
BOC Aviation Azul
Aldus Aviation Azul
CIT Aerospace Azul
ORIX Aviation Azul
German Operating Aircraft Leasing Air Europa
Capital Loan Corp
ABSA Bank
Undisclosed Bank/Broker/Lessor
AeroTurbine
International Bank of Commerce
ICBC Leasing
Vx Capital Partners Xtra Airways
Investec Bank
Aircraft Solutions Royal Air Maroc
International Bank of Commerce
Erste Bank
NOTE: Pages 36 to 59 should be viewed by clicking View, Page
Display and Two-Up in Acrobat Reader
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
737-500 CFM56 Feb 1 SkyExpress Finance Lease
737-500 CFM56 Aug 1 Armavia Operating Lease - Sale and Leaseback
737-600 CFM56 Dec 2 Summit Aviation Loan/Finance/Refnanced Erste Bank
737-700 CFM56 Mar 2 CIT Aerospace Loan/Finance/Refnanced
737-700 CFM56 Oct 2 CIT Aerospace Loan/Finance/Refnanced
737-700 CFM56 Dec 2 Hebei Airlines Operating Lease - Sale and Leaseback
737-700 Winglets CFM56 Jan 2 BOC Aviation Loan/Finance/Refnanced
737-700 Winglets CFM56 Feb 1 Air Lease Corporation Loan/Finance/Refnanced CA-CIB
737-700 Winglets CFM56 Mar 1 CIT Aerospace Loan/Finance/Refnanced
737-700 Winglets CFM56 Jun 3 BOC Aviation Loan/Finance/Refnanced
737-700 Winglets CFM56 Jun 1 China Eastern Airlines Operating Lease - Sale and Leaseback
737-700 Winglets CFM56 Jun 4 Xiamen Airlines Loan/Finance/Refnanced
737-700 Winglets CFM56 Aug 1 KLM Royal Dutch Airlines Tax Lease CA-CIB
737-700 Winglets CFM56 Aug 1 KLM Royal Dutch Airlines Tax Lease Sumitomo Mitsui Finance & Leasing|
BNP Paribas|CIC Bank
737-700 Winglets CFM56 Sep 2 Southwest Airlines Loan/Finance/Refnanced
737-700 Winglets CFM56 Oct 1 CIT Aerospace Loan/Finance/Refnanced
737-700 Winglets CFM56 Dec 2 BOC Aviation Loan/Finance/Refnanced
737-700 Winglets CFM56 Dec 3 KLM Royal Dutch Airlines Tax Lease BBAM
737-800 CFM56 Jun 1 SAS Operating Lease - Sale and Leaseback
737-800 CFM56 Jun 1 Volito Aviation Services Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Jan 15 American Airlines EETC/ETC/PTC
737-800 Winglets CFM56 Jan 6 Garuda Indonesia Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Jan 1 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Jan 3 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Feb 2 FLY Leasing Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Feb 1 Malaysia Airlines Tax Lease CA-CIB
737-800 Winglets CFM56 Feb 2 Qantas Finance Lease
737-800 Winglets CFM56 Feb 6 Ryanair Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Feb 2 SpiceJet Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Feb 1 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Feb 1 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Feb 3 Virgin Australia Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Mar 3 CIT Aerospace Loan/Finance/Refnanced
737-800 Winglets CFM56 Mar 4 Comair ECA Investec Bank
737-800 Winglets CFM56 Mar 5 GOL Linhas Aereas Inteligentes Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Mar 1 Investec Global Aircraft Fund Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Mar 2 Jackson Square Aviation Loan/Finance/Refnanced Undisclosed Bank/Broker/Lessor
737-800 Winglets CFM56 Mar 4 Norwegian Finance Lease
737-800 Winglets CFM56 Mar 4 Norwegian Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Mar 1 Transavia Airlines Finance Lease
737-800 Winglets CFM56 Mar 1 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Mar 1 Virgin Australia Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Mar 1 Virgin Australia Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Mar 1 Xiamen Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Apr 2 AerDragon Aviation Partners ECA China Exim Bank
737-800 Winglets CFM56 Apr 3 Air Lease Corporation Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Apr 1 AWAS Loan/Finance/Refnanced Helaba Landesbank Hessen Thuringen
737-800 Winglets CFM56 Apr 5 Copa Airlines ECA JP Morgan Chase Bank NA
737-800 Winglets CFM56 Apr 4 GECAS Loan/Finance/Refnanced
737-800 Winglets CFM56 Apr 2 Japan Airlines Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Apr 1 Malaysia Airlines Tax Lease
737-800 Winglets CFM56 Apr 2 Norwegian Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Apr 4 Pegasus Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Apr 2 S7 Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 May 2 American Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 May 2 AWAS Loan/Finance/Refnanced BNP Paribas|CIC Bank
737-800 Winglets CFM56 May 1 AWAS Loan/Finance/Refnanced CA-CIB
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AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
Sapofna Leasing
Mika (Jersey) Armavia
Erste Bank
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
BoCom Leasing Hebei Airlines
The Bank of Tokyo-Mitsubishi UFJ
CA-CIB
Undisclosed Bank/Broker/Lessor
CBA Corporate Services (NSW) Pty
BoCom Leasing China Eastern Airlines
China Development Bank
Fuyo General Lease Company
Sumitomo Mitsui Finance & Leasing|BNP Paribas|CIC Bank
ING Bank NV
Undisclosed Bank/Broker/Lessor
Development Bank of Japan
Nomura Babcock & Brown Co
Volito Aviation Services SAS
Pembroke Group Garuda Indonesia
MC Aviation Partners/Mitsubishi Corp TUI Aviation
RBS Aviation Capital TUI Aviation
CA-CIB
Undisclosed Bank/Broker/Lessor
Sumisho Aircraft Asset Management BV Ryanair
BBAM SpiceJet
Aviation Capital Group TUI Aviation
HSH Nordbank AG TUI Aviation
RBS Aviation Capital Virgin Australia
Undisclosed Bank/Broker/Lessor
AWAS GOL Linhas Aereas Inteligentes
DY2 Leasing
Sumisho Aircraft Asset Management BV Norwegian
Okayama Jyuken Co
Aviation Capital Group TUI Aviation
Banc of America Leasing & Capital Virgin Australia
Investec Global Aircraft Fund Virgin Australia
CMB Financial Leasing Xiamen Airlines
Helaba Landesbank Hessen Thuringen
JP Morgan Chase Bank NA
JP Morgan Chase Bank NA
Deutsche Bank|CIC Bank
ILFC Norwegian
GECAS Pegasus Airlines
Cramington Aviation S7 Airlines
GECAS American Airlines
BNP Paribas|CIC Bank
PEFCO
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
737-800 Winglets CFM56 May 1 China Southern Airlines Finance Lease BBAM
737-800 Winglets CFM56 May 1 Jackson Square Aviation Loan/Finance/Refnanced
737-800 Winglets CFM56 May 2 Pegasus Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 May 2 Turkish Airlines ECA Citibank
737-800 Winglets CFM56 Jun 6 BOC Aviation ECA JP Morgan Chase Bank NA
737-800 Winglets CFM56 Jun 3 CDB Loan/Finance/Refnanced Deutsche Bank|KfW IPEX-Bank|Korea Development Bank
737-800 Winglets CFM56 Jun 1 ICBC Leasing Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Jun 2 Jackson Square Aviation Loan/Finance/Refnanced
737-800 Winglets CFM56 Jun 1 Japan Airlines Loan/Finance/Refnanced
737-800 Winglets CFM56 Jun 4 Japan Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Jun 1 Transavia Airlines Finance Lease
737-800 Winglets CFM56 Jun 2 Transavia Airlines Finance Lease
737-800 Winglets CFM56 Jun 2 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Jul 18 American Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Jul 5 American Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Jul 2 AWAS Finance Lease DVB Bank SE
737-800 Winglets CFM56 Jul 1 Jackson Square Aviation Loan/Finance/Refnanced
737-800 Winglets CFM56 Jul 3 Norwegian ECA ING Bank NV
737-800 Winglets CFM56 Jul 4 Norwegian ECA ING Bank NV
737-800 Winglets CFM56 Jul 5 Norwegian Pre Delivery Payment ING Bank NV
737-800 Winglets CFM56 Jul 1 Orenair Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Jul 4 Qantas Finance Lease CA-CIB
737-800 Winglets CFM56 Jul 2 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Aug 1 AerCap Loan/Finance/Refnanced
737-800 Winglets CFM56 Aug 1 AWAS Loan/Finance/Refnanced Natixis Transport Finance
737-800 Winglets CFM56 Aug 1 Continental Airlines Loan/Finance/Refnanced Unicredit
737-800 Winglets CFM56 Aug 1 Garuda Indonesia Tax Lease Deutsche Bank|DVB Bank SE|BBAM
737-800 Winglets CFM56 Aug 2 RwandAir ECA PTA Bank
737-800 Winglets CFM56 Aug 5 Ryanair Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Aug 1 Shandong Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Aug 9 Virgin Australia ECA ING Bank NV
737-800 Winglets CFM56 Sep 16 American Airlines EETC/ETC/PTC
737-800 Winglets CFM56 Sep 4 Jackson Square Aviation Loan/Finance/Refnanced CA-CIB
737-800 Winglets CFM56 Sep 1 Jackson Square Aviation Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Sep 5 Virgin Australia Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Oct 7 AerCap Loan/Finance/Refnanced DVB Bank SE|CA-CIB
737-800 Winglets CFM56 Oct 1 Air Lease Corporation Loan/Finance/Refnanced
737-800 Winglets CFM56 Oct 2 airberlin Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Oct 1 CIAF-Leasing Loan/Finance/Refnanced DVB Bank SE
737-800 Winglets CFM56 Oct 3 CIT Aerospace Loan/Finance/Refnanced
737-800 Winglets CFM56 Oct 10 Delta Air Lines EETC/ETC/PTC
737-800 Winglets CFM56 Oct 5 Ethiopian Airlines Loan/Finance/Refnanced ING Bank NV
737-800 Winglets CFM56 Oct 5 Ethiopian Airlines ECA JP Morgan Chase Bank NA
737-800 Winglets CFM56 Oct 4 Jackson Square Aviation Loan/Finance/Refnanced
737-800 Winglets CFM56 Oct 2 Qantas Tax Lease CA-CIB
737-800 Winglets CFM56 Oct 2 Qantas Tax Lease CA-CIB|CIC Bank
737-800 Winglets CFM56 Oct 1 TUI Aviation Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Nov 1 airberlin Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Nov 3 American Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Nov 3 FlyDubai Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Nov 1 Shandong Airlines Tax Lease BBAM
737-800 Winglets CFM56 Nov 1 SpiceJet Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Nov 1 Transavia Airlines Operating Lease - Sale and Leaseback
737-800 Winglets CFM56 Nov 11 Xiamen Airlines Loan/Finance/Refnanced
737-800 Winglets CFM56 Dec 2 ASL Aviation Group Loan/Finance/Refnanced
737-800 Winglets CFM56 Dec 1 Aviation Capital Group Operating Lease - Sale and Leaseback
Aircraft Finance 2012
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Flightglobal Insight
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41
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
Nomura Babcock & Brown Co
CA-CIB
GECAS Pegasus Airlines
JP Morgan Chase Bank NA
NordLB
BNP Paribas|CIC Bank
Avolon Aerospace Leasing Japan Airlines
M&T Aviation Finance
Rosenheath Leasing
Jackson Square Aviation TUI Aviation
AerCap American Airlines
GECAS American Airlines
DVB Bank SE
TD Bank
Undisclosed Bank/Broker/Lessor|ING Bank NV
CIT Aerospace Orenair
CA-CIB
CIT Aerospace TUI Aviation
Undisclosed Bank/Broker/Lessor
Unicredit
Nomura Babcock & Brown Co
PTA Bank
Avolon Aerospace Leasing Ryanair
China Aircraft Leasing (HK) Company Shandong Airlines
PEFCO
CA-CIB|Siemens Financial Services AB
ILFC Virgin Australia
Commonwealth Bank of Australia|
Helaba Landesbank Hessen Thuringen|NordLB
Credit Suisse AG
Avolon Aerospace Leasing airberlin
Undisclosed Bank/Broker/Lessor
DVB Bank SE|NordLB|Citibank
AWAS TUI Aviation
MC Aviation Partners/Mitsubishi Corp airberlin
ILFC American Airlines
MC Aviation Partners/Mitsubishi Corp FlyDubai
Deutsche Bank|DVB Bank SE Nomura Babcock & Brown Co
BBAM SpiceJet
Air Lease Corporation Transavia Airlines
China Development Bank
FirstRand Bank
ORIX Aviation Aviation Capital Group
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
737-800 Winglets CFM56 Dec 6 AWAS Pre Delivery Payment CA-CIB
737-800 Winglets CFM56 Dec 1 Deucalion Aviation Funds Loan/Finance/Refnanced
737-800 Winglets CFM56 Dec 5 Norwegian Pre Delivery Payment DVB Bank SE
737-800 Winglets CFM56 Dec 2 Qantas Tax Lease CA-CIB
737-800 Winglets CFM56 Dec 2 SpiceJet Operating Lease - Sale and Leaseback
737-900ER CFM56 Jan 1 Lion Air ECA Natixis Transport Finance
737-900ER CFM56 Feb 1 Lion Air Finance Lease BNP Paribas
737-900ER CFM56 Feb 1 Lion Air Finance Lease DVB Bank SE
737-900ER CFM56 Feb 2 Lion Air Loan/Finance/Refnanced Natixis Transport Finance|DVB Bank SE
737-900ER CFM56 Mar 2 Korean Air Loan/Finance/Refnanced|Finance Lease Natixis Transport Finance
737-900ER CFM56 Mar 1 Lion Air Loan/Finance/Refnanced CA-CIB
737-900ER CFM56 Mar 1 Lion Air Loan/Finance/Refnanced CA-CIB
737-900ER CFM56 Apr 1 Lion Air ECA CA-CIB|TD Securities
737-900ER CFM56 May 2 Turkish Airlines ECA Citibank
737-900ER CFM56 Sep 1 Jackson Square Aviation Loan/Finance/Refnanced CA-CIB
737-900ER CFM56 Sep 2 Somon Air ECA JP Morgan Chase Bank NA
737-900ER CFM56 Oct 1 Jackson Square Aviation Loan/Finance/Refnanced
737-900ER CFM56 Oct 1 Lion Air Operating Lease - Sale and Leaseback
747-400 CF6 Apr 3 AerSale Loan/Finance/Refnanced Wells Fargo Bank NA
747-400 CF6 Jun 1 Deucalion Aviation Funds Loan/Finance/Refnanced DVB Bank SE
747-400 CF6 Aug 2 Transaero Airlines Operating Lease - Sale and Leaseback
747-400 PW4000 Sep 1 Transaero Airlines Operating Lease - Sale and Leaseback
747-400 PW4000 Nov 2 Q Aviation Loan/Finance/Refnanced
747-400 CF6 Nov 1 Transaero Airlines Operating Lease - Sale and Leaseback
747-400 PW4000 Dec 2 United Airlines Loan/Finance/Refnanced Citibank
747-400D CF6 Aug 1 Deucalion Aviation Funds Loan/Finance/Refnanced
747-400ERF CF6 Nov 1 Kalitta Air Loan/Finance/Refnanced
747-400F RB211 Mar 1 Cargolux Loan/Finance/Refnanced HSH Nordbank AG
747-400F CF6 Mar 1 UPS Airlines Finance Lease
747-400F CF6 Sep 1 BOC Aviation Loan/Finance/Refnanced
747-400SF CF6 Jun 1 Deucalion Aviation Funds Loan/Finance/Refnanced DVB Bank SE
747-8F GEnx Apr 2 Korean Air ECA JP Morgan Chase Bank NA
747-8F GEnx Aug 1 Cargolux Loan/Finance/Refnanced BNP Paribas
747-8F GEnx Aug 1 Cargolux ECA
747-8F GEnx Aug 1 Cargolux Loan/Finance/Refnanced
747-8F GEnx Sep 1 Cargolux ECA
747-8F GEnx Sep 1 Cargolux ECA
747-8F GEnx Sep 1 Cargolux ECA
747-8F GEnx Oct 1 Atlas Air ECA
747-8F GEnx Oct 3 Cargolux ECA JP Morgan Chase Bank NA
757-200 RB211 Mar 1 Allegiant Air Loan/Finance/Refnanced Citadel Securities
757-200 PW2000 Mar 3 CIT Aerospace Loan/Finance/Refnanced
757-200 RB211 Sep 2 Titan Airways Loan/Finance/Refnanced
757-200 PW2000 Oct 3 CIT Aerospace Loan/Finance/Refnanced
757-200 PW2000 Oct 5 Delta Air Lines EETC/ETC/PTC
757-200 Winglets RB211 Jan 6 American Airlines EETC/ETC/PTC
757-200 Winglets RB211 Mar 2 Allegiant Air Loan/Finance/Refnanced Citadel Securities
757-200 Winglets RB211 Mar 1 CIT Aerospace Loan/Finance/Refnanced
757-200 Winglets PW2000 Mar 6 Delta Air Lines Loan/Finance/Refnanced Undisclosed Bank/Broker/Lessor
757-200 Winglets PW2000 Apr 1 Cargo Aircraft Management Loan/Finance/Refnanced
757-200 Winglets RB211 Sep 14 American Airlines EETC/ETC/PTC
757-200 Winglets RB211 Oct 1 CIT Aerospace Loan/Finance/Refnanced
757-200 Winglets PW2000 Oct 6 Delta Air Lines EETC/ETC/PTC
757-200SF PW2000 Apr 1 Cargo Aircraft Management Loan/Finance/Refnanced
757-200SF RB211 Dec 4 AerSale Loan/Finance/Refnanced
767-200 JT9D Jan 3 Dynamic Aviation Group Loan/Finance/Refnanced
767-200ER CF6 Jul 1 Omni Air International Loan/Finance/Refnanced
Aircraft Finance 2012
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43
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
PK AirFinance MD Aviation Capital Pte.
Undisclosed Bank/Broker/Lessor
BBAM SpiceJet
TD Securities
BNP Paribas
KB Kookmin Bank|Standard Chartered Bank
CA-CIB
HSH Nordbank AG|Korea Development Bank|CA-CIB
TD Securities
CA-CIB|Siemens Financial Services AB
PEFCO
DVB Bank SE|NordLB|Citibank
Jackson Square Aviation Lion Air
VTB-Leasing Transaero Airlines
VTB-Leasing Transaero Airlines
Undisclosed Bank/Broker/Lessor
VTB-Leasing Transaero Airlines
DVB Bank SE
PK AirFinance
HSH Nordbank AG
CC & EI
Malayan Banking Berhad (Maybank)
BNP Paribas|Undisclosed Bank/Broker/Lessor
JP Morgan Chase Bank NA
BNP Paribas|Unicredit
Goldman Sachs & Co|CA-CIB
JP Morgan Chase Bank NA CA-CIB|DVBBankSE|KfW IPEX-Bank
PEFCO
Apple Bank
Undisclosed Bank/Broker/Lessor
Lloyds TSB Bank
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
SunTrust Bank
Undisclosed Bank/Broker/Lessor
SunTrust Bank
Undisclosed Bank/Broker/Lessor
PNC Bank NA
Bank of Oklahoma NA
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
767-200ERM JT9D Nov 3 Vision Asset Loan/Finance/Refnanced
767-200ERSF CF6 Apr 1 Cargo Aircraft Management Loan/Finance/Refnanced
767-200SF CF6 Feb 1 ABX Air Operating Lease - Sale and Leaseback
767-200SF CF6 Jun 2 ABX Air Operating Lease - Sale and Leaseback
767-200SF CF6 Jul 1 ABX Air Operating Lease - Sale and Leaseback
767-200SF CF6 Jul 1 Cargo Aircraft Management Loan/Finance/Refnanced
767-300 CF6 Feb 1 Ryan International Airlines Loan/Finance/Refnanced
767-300 CF6 Mar 2 BBAM Loan/Finance/Refnanced
767-300ER CF6 Jan 2 American Airlines EETC/ETC/PTC
767-300ER PW4000 Feb 2 Q Aviation Loan/Finance/Refnanced
767-300ER PW4000 Mar 1 BBAM Loan/Finance/Refnanced
767-300ER PW4000 Mar 1 United Airlines Loan/Finance/Refnanced
767-300ER PW4000 Apr 3 United Airlines Loan/Finance/Refnanced
767-300ER PW4000 Apr 2 United Airlines Operating Lease - Sale and Leaseback
767-300ER CF6 Jun 1 ILFC Loan/Finance/Refnanced
767-300ER CF6 Oct 1 Delta Air Lines EETC/ETC/PTC
767-300ER CF6 Oct 1 KV Aviation Loan/Finance/Refnanced Nedbank
767-300ER PW4000 Nov 2 Q Aviation Loan/Finance/Refnanced
767-300ER PW4000 Nov 1 Ryan International Airlines Loan/Finance/Refnanced
767-300ER Winglets CF6 Jan 1 ANA - All Nippon Airways Finance Lease
767-300ER Winglets CF6 Jan 1 ANA - All Nippon Airways Finance Lease
767-300ER Winglets CF6 Aug 1 ANA - All Nippon Airways Finance Lease
767-300ER Winglets PW4000 Aug 2 Novus Aviation Loan/Finance/Refnanced DVB Bank SE
767-300ER Winglets CF6 Sep 1 LAN Airlines ECA
767-300ER Winglets CF6 Oct 3 Delta Air Lines EETC/ETC/PTC
767-300ER Winglets CF6 Oct 1 Finance Lease
767-300ERF CF6 Mar 1 UPS Airlines Loan/Finance/Refnanced Societe Generale
767-300ERF CF6 May 2 UPS Airlines Finance Lease Societe Generale
767-300ERF CF6 Jul 2 UPS Airlines Finance Lease
777-200 PW4000 Dec 1 Transaero Airlines Operating Lease - Sale and Leaseback
777-200ER Trent Jan 7 American Airlines EETC/ETC/PTC
777-200ER Trent Jan 1 CapitalMgntHouse&NovusAviation&M
uzun
Loan/Finance/Refnanced DVB Bank SE
777-200ER Trent Feb 3 American Airlines Operating Lease - Sale and Leaseback
777-200ER Trent Feb 4 Emirates Airline Operating Lease - Sale and Leaseback
777-200ER PW4000 May 2 T7 Aviation Leasing Loan/Finance/Refnanced
777-200ER Trent Jun 3 Guggenheim Aviation Partners Loan/Finance/Refnanced DVB Bank SE
777-200ER GE90 Jul 4 Alitalia Finance Lease DVB Bank SE|PK AirFinance
777-200ER Trent Aug 1 Emirates Airline Operating Lease - Sale and Leaseback
777-200ER Trent Aug 1 Veling Loan/Finance/Refnanced
777-200ER Trent Sep 13 American Airlines EETC/ETC/PTC
777-200ER GE90 Dec 1 Air Lease Corporation Loan/Finance/Refnanced DVB Bank SE
777-200LRF GE90 Jun 1 Oakhill Capital Management Loan/Finance/Refnanced DVB Bank SE
777-200LRF GE90 Jul 3 Guggenheim Aviation Partners Loan/Finance/Refnanced CA-CIB|DVB Bank SE
777-200LRF GE90 Jul 1 Oakhill Capital Management Pre Delivery Payment DVB Bank SE
777-200LRF GE90 Aug 1 DAE Capital Loan/Finance/Refnanced DVB Bank SE|IBJ Leasing & Partners|Deutsche Bank|
Sumitomo Mitsui Finance & Leasing|Challenger
777-200LRF GE90 Sep 1 AeroLogic Tax Lease DVB Bank SE|BBAM
777-200LRF GE90 Sep 1 Guggenheim Aviation Partners Loan/Finance/Refnanced
777-200LRF GE90 Dec 1 Korean Air ECA
777-200LRF GE90 Dec 1 Korean Air ECA
777-300 Trent Nov 2 Transaero Airlines Operating Lease - Sale and Leaseback
777-300ER GE90 Jan 3 Air India ECA Citibank
777-300ER GE90 Jan 1 Air New Zealand Operating Lease - Sale and Leaseback
777-300ER GE90 Feb 1 Air France Operating Lease - Sale and Leaseback
777-300ER GE90 Feb 1 Air France Operating Lease - Sale and Leaseback
777-300ER GE90 Feb 1 Air New Zealand Operating Lease - Sale and Leaseback
Aircraft Finance 2012
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Flightglobal Insight
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45
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
International Bank of Commerce
SunTrust Bank
Cargo Aircraft Management ABX Air
Cargo Aircraft Management ABX Air
Cargo Aircraft Management ABX Air
Banc of America Leasing & Capital
InTrust Bank NA
Undisclosed Bank/Broker/Lessor
Special Value Opportunities Fund & Special Val
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
PK AirFinance
Tennebaum Opportunities Fund VI United Airlines
Citicorp USA
Undisclosed Bank/Broker/Lessor
Barrington Bank & Trust Company NA
Titan Leasing & FO Harvest Leasing
TLC Property
Miranda Leasing
JP Morgan Chase Bank NA
FL Orchid Leasing
Societe Generale
Societe Generale
Societe Generale
VEB-Leasing JSC Transaero Airlines
Guggenheim Aviation Partners American Airlines
Veling Emirates Airline
JP Morgan Chase Bank NA
Deutsche Bank|ChinaTrust Commercial Bank
Veling Emirates Airline
Nedbank|The Mauritius Commercial Bank
DVB Bank SE
Westpac Banking Corp|NordLB
Nomura Babcock & Brown Co
Undisclosed Bank/Broker/Lessor
Korea Development Bank|Korea Finance Coporation|TD Bank
TD Bank|The Bank of Tokyo-MitsubishiUFJ|
Korea Development Bank|Korea Finance Corp
Stecker Transaero Airlines
Citibank|Standard Chartered Bank
DAE Capital Air New Zealand
Avolon Aerospace Leasing Air France
Jackson Square Aviation Air France
DAE Capital Air New Zealand
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
777-300ER GE90 Feb 1 Avolon Aerospace Leasing Loan/Finance/Refnanced DVB Bank SE
777-300ER GE90 Feb 1 Jackson Square Aviation Loan/Finance/Refnanced DVB Bank SE
777-300ER GE90 Feb 1 KLM Royal Dutch Airlines ECA
777-300ER GE90 Mar 1 Air Lease Corporation Loan/Finance/Refnanced KfW IPEX-Bank
777-300ER GE90 Mar 1 Air New Zealand Operating Lease - Sale and Leaseback
777-300ER GE90 Mar 1 Air New Zealand Tax Lease
777-300ER GE90 Mar 2 Cathay Pacifc Operating Lease - Sale and Leaseback
777-300ER GE90 Apr 1 Air France Tax Lease BNP Paribas|CIC Bank
777-300ER GE90 Apr 1 Air France Finance Lease
777-300ER GE90 Apr 1 Emirates Airline Loan/Finance/Refnanced Natixis Transport Finance
777-300ER GE90 May 1 Emirates Airline Finance Lease Deutsche Bank|National Bank of Abu Dhabi|Emirates NBD
777-300ER GE90 May 3 Emirates Airline Operating Lease - Sale and Leaseback
777-300ER GE90 May 3 Korean Air ECA JP Morgan Chase Bank NA
777-300ER GE90 May 3 Korean Air Loan/Finance/Refnanced Korea Development Bank
777-300ER GE90 Jun 1 Air China ECA
777-300ER GE90 Jun 2 Air China ECA
777-300ER GE90 Jun 1 Jackson Square Aviation Loan/Finance/Refnanced
777-300ER GE90 Jun 2 TAAG Angola Airlines ECA HSBC Bank
777-300ER GE90 Jul 1 Emirates Airline Finance Lease Standard Chartered Bank|SAMBA Financial Group
777-300ER GE90 Jul 2 Emirates Airline Operating Lease - Sale and Leaseback
777-300ER GE90 Jul 6 TAM Linhas Aereas Pre Delivery Payment
777-300ER GE90 Aug 2 Biman Bangladesh Airlines ECA JP Morgan Chase Bank NA
777-300ER GE90 Sep 1 Jackson Square Aviation Loan/Finance/Refnanced
777-300ER GE90 Oct 2 Biman Bangladesh Airlines Loan/Finance/Refnanced Standard Chartered Bank
777-300ER GE90 Oct 1 Emirates Airline Pre Delivery Payment
777-300ER GE90 Oct 1 Jackson Square Aviation Loan/Finance/Refnanced
777-300ER GE90 Nov 1 Air New Zealand Tax Lease BNP Paribas
777-300ER GE90 Nov 1 British Airways Operating Lease - Sale and Leaseback
777-300ER GE90 Nov 2 Emirates Airline Finance Lease CA-CIB|Emirates NBD|Commonwealth Bank of Australia|
First Gulf Bank|National Bank of Abu Dhabi
777-300ER GE90 Dec 2 Air China ECA
777-300ER GE90 Dec 1 Air China ECA
777-300ER GE90 Dec 1 Air China ECA
777-300ER GE90 Dec 1 Korean Air ECA
787-8 GEnx Jul 10 Ethiopian Airlines ECA
787-8 Trent Sep 11 ANA - All Nippon Airways Loan/Finance/Refnanced Japan Bank for International Cooperation
787-8 GEnx Nov 7 Air India Pre Delivery Payment DVB Bank SE|Deutsche Bank|Bank of Baroda
A318-110 CFM56 Jan 1 Air France Tax Lease CA-CIB
A318-110 CFM56 Jan 1 Air France Finance Lease
A318-110 CFM56 Feb 1 Air France Tax Lease CA-CIB
A318-110 CFM56 Apr 2 Frontier Airlines Operating Lease - Sale and Leaseback
A318-110 CFM56 Jul 2 Frontier Airlines Operating Lease - Sale and Leaseback
A319-110 CFM56 Jan 9 Air India Loan/Finance/Refnanced ICICI Bank
A319-110 CFM56 Mar 2 CIT Aerospace Loan/Finance/Refnanced
A319-110 CFM56 Mar 2 EasyJet Operating Lease - Sale and Leaseback
A319-110 CFM56 Mar 2 TAM Linhas Aereas Tax Lease BNP Paribas|CIC Bank|KfW IPEX-Bank
A319-110 CFM56 May 1 CSA Czech Airlines Finance Lease CA-CIB
A319-110 CFM56 Jun 1 Aircraft Purchase Fleet Loan/Finance/Refnanced CIC Bank
A319-110 CFM56 Sep 1 Avianca ECA JP Morgan Chase Bank NA
A319-110 CFM56 Sep 4 Swiss Operating Lease - Sale and Leaseback
A319-110 CFM56 Oct 1 ALAFCO & Novus Aviation Loan/Finance/Refnanced
A319-110 CFM56 Oct 3 CIT Aerospace Loan/Finance/Refnanced
A319-110 CFM56 Oct 2 LAN Airlines ECA BNP Paribas|Citibank|The Bank of Tokyo-Mitsubishi UFJ
A319-110 CFM56 Oct 1 LAN Airlines Finance Lease
A319-110 CFM56 Nov 4 TAP Portugal Finance Lease DVB Bank SE|GE Japan Corporation|PK AirFinance
A319-110 CFM56 Dec 4 CDB Loan/Finance/Refnanced DVB Bank SE
Aircraft Finance 2012
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47
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
ABN AMRO Bank NV
BBAM Air New Zealand
ANZ Bank|CIC Bank
BOC Aviation Cathay Pacifc
BNP Paribas|CIC Bank
ALIP No.1 Co.
Undisclosed Bank/Broker/Lessor
Jackson Square Aviation Emirates Airline
BNP Paribas
TD Bank
BNP Paribas|Unicredit
PEFCO
SAMBA Financial Group|Standard Chartered Bank
Pembroke Group Emirates Airline
Banco Latino Americano de Comercio Exterior SA|Santander
JP Morgan Chase Bank NA
Deutsche Bank|Abu Dhabi National Leasing|Arab Banking Corp
Undisclosed Bank/Broker/Lessor
DVB Bank SE|NordLB|Citibank
Australia & New Zealand Banking Group|Development Bank of Japan|
The Bank of Tokyo-Mitsubishi UFJ
Sumisho Aircraft Asset Management BV British Airways
HSBC Bank
HSBC Bank|The Bank of Tokyo-Mitsubishi UFJ
The Bank of Tokyo-Mitsubishi UFJ
TD Bank|The Bank of Tokyo-Mitsubishi UFJ|Korea Development Bank|
Korea Finance Corporation
Undisclosed Bank/Broker/Lessor
Japan Bank for International Cooperation
CA-CIB
Showa Leasing
CA-CIB
Apollo Aviation Group Frontier Airlines
Apollo Aviation Group Frontier Airlines
Undisclosed Bank/Broker/Lessor
Sumisho Aircraft Asset Management BV EasyJet
Santander
CA-CIB
Airfeet Credit Corp Swiss
DVB Bank SE
Undisclosed Bank/Broker/Lessor
Citibank|The Bank of Tokyo-Mitsubishi UFJ|Apple Bank
Tiuque Leasing
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
A319-130 V2500 Jan 3 LAN Airlines Finance Lease
A319-130 V2500 Jan 3 Turkish Airlines Tax Lease BNP Paribas
A319-130 V2500 Jan 1 Turkish Airlines Tax Lease Natixis Transport Finance
A319-130 V2500 Mar 1 TAM Linhas Aereas Tax Lease BNP Paribas|CIC Bank|KfW IPEX-Bank
A319-130 V2500 Apr 1 Turkish Airlines Tax Lease BNP Paribas
A319-130 V2500 May 1 Turkish Airlines ECA Citibank
A319-130 V2500 Jul 1 AerCap Loan/Finance/Refnanced
A319-130 V2500 Nov 4 Finance Lease DVB Bank SE
A319-130 V2500 Dec 1 Global Knafaim Leasing Loan/Finance/Refnanced
A319-130 V2500 Dec 4 TAM Linhas Aereas Finance Lease DVB Bank SE
A320-210 CFM56 Jan 2 Air Arabia Finance Lease
A320-210 CFM56 Jan 2 Air China ECA Natixis Transport Finance
A320-210 CFM56 Jan 4 Air India Loan/Finance/Refnanced ICICI Bank
A320-210 CFM56 Jan 1 AWAS Loan/Finance/Refnanced
A320-210 CFM56 Jan 1 China Aircraft Leasing (HK) Company ECA China Exim Bank
A320-210 CFM56 Jan 3 EasyJet Finance Lease BBAM
A320-210 CFM56 Feb 2 Air China Tax Lease BNP Paribas|Citibank
A320-210 CFM56 Feb 2 Air France Operating Lease - Sale and Leaseback
A320-210 CFM56 Feb 2 AirAsia Finance Lease Helaba Landesbank Hessen Thuringen|KfW IPEX-Bank
A320-210 CFM56 Feb 1 AirAsia Operating Lease - Sale and Leaseback
A320-210 CFM56 Feb 2 airberlin Operating Lease - Sale and Leaseback
A320-210 CFM56 Feb 1 airberlin Operating Lease - Sale and Leaseback
A320-210 CFM56 Feb 2 Alitalia Operating Lease - Sale and Leaseback
A320-210 CFM56 Mar 1 AWAS ECA Natixis Transport Finance
A320-210 CFM56 Mar 1 AWAS Loan/Finance/Refnanced
A320-210 CFM56 Mar 3 China Eastern Airlines ECA| Tax Lease Natixis Transport Finance
A320-210 CFM56 Mar 1 CIT Aerospace Loan/Finance/Refnanced
A320-210 CFM56 Apr 1 Air France Operating Lease - Sale and Leaseback
A320-210 CFM56 Apr 3 Air France Operating Lease - Sale and Leaseback
A320-210 CFM56 Apr 3 BOC Aviation Loan/Finance/Refnanced KfW IPEX-Bank
A320-210 CFM56 Apr 1 China Eastern Airlines Loan/Finance/Refnanced|TaxLease|ECA CIC Bank
A320-210 CFM56 Apr 1 China Southern Airlines Loan/Finance/Refnanced Bank of China
A320-210 CFM56 Apr 1 GECAS ECA China Exim Bank
A320-210 CFM56 Apr 1 TAM Linhas Aereas Pre Delivery Payment Natixis Transport Finance
A320-210 CFM56 May 2 China Eastern Airlines Tax Lease Commerzbank
A320-210 CFM56 May 1 Tunisair ECA CA-CIB
A320-210 CFM56 Jun 2 Avolon Aerospace Leasing ECA Natixis Transport Finance
A320-210 CFM56 Jun 1 AWAS Loan/Finance/Refnanced DVB Bank SE
A320-210 CFM56 Jun 2 CDB Loan/Finance/Refnanced Deutsche Bank|KfW IPEX-Bank|Korea Development Bank
A320-210 CFM56 Jun 1 ICBC Leasing Loan/Finance/Refnanced DVB Bank SE
A320-210 CFM56 Jun 2 Interjet ECA CA-CIB
A320-210 CFM56 Jun 1 Juneyao Airlines ECA China Exim Bank
A320-210 CFM56 Jun 3 LAN Airlines Operating Lease - Sale and Leaseback
A320-210 CFM56 Jun 1 US Airways Loan/Finance/Refnanced
A320-210 CFM56 Jun 4 Virgin America Operating Lease - Sale and Leaseback
A320-210 CFM56 Jun 4 Virgin America Pre Delivery Payment
A320-210 CFM56 Jul 2 AirAsia Loan/Finance/Refnanced Natixis Transport Finance
A320-210 CFM56 Jul 2 Alitalia Finance Lease DVB Bank SE|PK AirFinance
A320-210 CFM56 Jul 2 Avianca Operating Lease - Sale and Leaseback
A320-210 CFM56 Jul 3 Avolon Aerospace Leasing Loan/Finance/Refnanced BNP Paribas
A320-210 CFM56 Jul 2 Avolon Aerospace Leasing Loan/Finance/Refnanced
A320-210 CFM56 Jul 2 GoAir Operating Lease - Sale and Leaseback
A320-210 CFM56 Jul 1 Jackson Square Aviation Loan/Finance/Refnanced
A320-210 CFM56 Aug 2 Air Arabia Finance Lease
A320-210 CFM56 Aug 4 AirAsia Operating Lease - Sale and Leaseback
A320-210 CFM56 Aug 2 AirAsia Operating Lease - Sale and Leaseback
A320-210 CFM56 Aug 4 Gulf Air Operating Lease - Sale and Leaseback
Aircraft Finance 2012
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49
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
Bandurria Leasing
BNP Paribas
Deutsche Pfandbriefbank|BPCE
Santander
BNP Paribas
Credit Lyonnais
Bank Leumi Le-Israel BM
DVB Bank SE
Bank of Japan
BPCE|The Bank of Tokyo-Mitsubishi UFJ
Undisclosed Bank/Broker/Lessor
Nomura Babcock & Brown Co
BNP Paribas|Citibank
Avolon Aerospace Leasing Air France
ICBC Leasing AirAsia
GECAS airberlin
Sumisho Aircraft Asset Management BV airberlin
AWAS Alitalia
Deutsche Pfandbriefbank
Undisclosed Bank/Broker/Lessor
BPCE|Citibank
Undisclosed Bank/Broker/Lessor
Chishima Real Estate Co Air France
Jackson Square Aviation Air France
CA-CIB
Bank of China
CA-CIB|UTB
Apple Bank
Apple Bank|Credit Suisse AG
Avolon Aerospace Leasing LAN Airlines
Undisclosed Bank/Broker/Lessor
Jackson Square Aviation Virgin America
Jackson Square Aviation
DekaBank
Avolon Aerospace Leasing Avianca
BNP Paribas|Sumitomo Mitsui Banking Corp
The Bank of New York Mellon
GECAS GoAir
DVB Bank SE
Bank of Japan
Avolon Aerospace Leasing AirAsia
ICBC Leasing AirAsia
MC Aviation Partners/Mitsubishi Corp Gulf Air
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
A320-210 CFM56 Aug 2 Jackson Square Aviation Loan/Finance/Refnanced Natixis Transport Finance
A320-210 CFM56 Sep 4 Avianca ECA JP Morgan Chase Bank NA
A320-210 CFM56 Sep 1 Cebu Pacifc Air Finance Lease
A320-210 CFM56 Sep 1 China Eastern Airlines Finance Lease BBAM
A320-210 CFM56 Sep 1 Jackson Square Aviation Loan/Finance/Refnanced CA-CIB
A320-210 CFM56 Sep 1 LAN Airlines Operating Lease - Sale and Leaseback
A320-210 CFM56 Oct 2 Avianca Loan/Finance/Refnanced Citibank
A320-210 CFM56 Oct 1 CIT Aerospace Loan/Finance/Refnanced
A320-210 CFM56 Oct 5 Indonesia AirAsia Finance Lease
A320-210 CFM56 Oct 3 Jackson Square Aviation Loan/Finance/Refnanced
A320-210 CFM56 Oct 3 Jazeera Airways Loan/Finance/Refnanced
A320-210 CFM56 Oct 4 LAN Airlines ECA BNP Paribas|Citibank|The Bank of Tokyo-Mitsubishi UFJ
A320-210 CFM56 Oct 4 LAN Airlines Finance Lease
A320-210 CFM56 Oct 2 Lao Airlines Loan/Finance/Refnanced
A320-210 CFM56 Oct 1 Spirit Airlines Operating Lease - Sale and Leaseback
A320-210 CFM56 Oct 1 Spring Airlines Finance Lease Standard Chartered Bank
A320-210 CFM56 Oct 1 US Airways EETC/ETC/PTC
A320-210 CFM56 Nov 1 AirAsia Operating Lease - Sale and Leaseback
A320-210 CFM56 Nov 2 TAP Portugal Finance Lease DVB Bank SE|GE Japan Corporation|PK AirFinance
A320-210 CFM56 Nov 1 Uzbekistan Airways Operating Lease - Sale and Leaseback
A320-210 CFM56 Dec 1 AerSale Loan/Finance/Refnanced
A320-210 CFM56 Dec 2 CDB Loan/Finance/Refnanced DVB Bank SE
A320-210 CFM56 Dec 2 ICBC Leasing Loan/Finance/Refnanced DVB Bank SE
A320-210 CFM56 Dec 1 Jackson Square Aviation Loan/Finance/Refnanced
A320-230 V2500 Jan 1 Air China ECA Natixis Transport Finance
A320-230 V2500 Jan 3 Archway Aviation Loan/Finance/Refnanced DVB Bank SE
A320-230 V2500 Jan 3 China Southern Airlines ECA| Tax Lease KfW IPEX-Bank|Natixis Transport Finance
A320-230 V2500 Jan 2 IndiGo Operating Lease - Sale and Leaseback
A320-230 V2500 Jan 1 JetBlue Airways Loan/Finance/Refnanced CIC Bank
A320-230 V2500 Jan 4 LAN Airlines Finance Lease
A320-230 V2500 Jan 4 Volaris Operating Lease - Sale and Leaseback
A320-230 V2500 Jan 3 Volaris Pre Delivery Payment
A320-230 V2500 Feb 1 Air Lease Corporation Loan/Finance/Refnanced KfW IPEX-Bank
A320-230 V2500 Feb 2 Avianca|TACA International Airlines Operating Lease - Sale and Leaseback
A320-230 V2500 Feb 1 SilkAir Operating Lease - Sale and Leaseback
A320-230 V2500 Feb 1 Sky Wings Airlines Loan/Finance/Refnanced
A320-230 V2500 Feb 3 Tiger Airways Operating Lease - Sale and Leaseback
A320-230 V2500 Feb 4 Wizz Air Operating Lease - Sale and Leaseback
A320-230 V2500 Mar 1 AerDragon Aviation Partners ECA China Exim Bank
A320-230 V2500 Mar 1 Airfnancial Management Loan/Finance/Refnanced
A320-230 V2500 Mar 1 Avolon Aerospace Leasing Loan/Finance/Refnanced
A320-230 V2500 Mar 3 CIT Aerospace Loan/Finance/Refnanced
A320-230 V2500 Mar 5 Hong Kong Aviation Capital Loan/Finance/Refnanced China Development Bank
A320-230 V2500 Mar 2 IndiGo Operating Lease - Sale and Leaseback
A320-230 V2500 Mar 1 JetBlue Airways Loan/Finance/Refnanced
A320-230 V2500 Apr 1 China Southern Airlines Tax Lease| ECA KfWIPEX-Bank|CA-CIB
A320-230 V2500 Apr 1 JetBlue Airways Loan/Finance/Refnanced
A320-230 V2500 Apr 6 TAM Linhas Aereas Pre Delivery Payment Natixis Transport Finance
A320-230 V2500 May 1 Avolon Aerospace Leasing Loan/Finance/Refnanced CA-CIB
A320-230 V2500 May 1 Middle East Airlines Loan/Finance/Refnanced Fransabank
A320-230 V2500 May 2 US Airways Pre Delivery Payment Natixis Transport Finance
A320-230 V2500 Jun 2 AerCap Loan/Finance/Refnanced Deutsche Bank
A320-230 V2500 Jun 1 Jackson Square Aviation Loan/Finance/Refnanced Natixis Transport Finance
A320-230 V2500 Jul 1 Eastok Aviation Loan/Finance/Refnanced
A320-230 V2500 Jul 1 Jackson Square Aviation Loan/Finance/Refnanced
A320-230 V2500 Aug 1 AerCap Loan/Finance/Refnanced NordLB
A320-230 V2500 Aug 1 AWAS ECA Natixis Transport Finance
Aircraft Finance 2012
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Flightglobal Insight
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51
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
Vector Aircarft Leasing
Nomura Babcock & Brown Co
CA-CIB|Siemens Financial Services AB
AWAS LAN Airlines
Undisclosed Bank/Broker/Lessor
AirAsia
DVB Bank SE|NordLB|Citibank
National Bank of Kuwait|Undisclosed Bank/Broker/Lessor
Citibank|The Bank of Tokyo-Mitsubishi UFJ|Apple Bank
Tiuque Leasing
Bank of Lao
Avolon Aerospace Leasing Spirit Airlines
Standard Chartered Bank
ICBC Leasing AirAsia
CDB Uzbekistan Airways
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
BPCE|The Bank of Tokyo-Mitsubishi UFJ
DVB Bank SE
BPCE
ORIX Aviation IndiGo
Bandurria Leasing
Jackson Square Aviation Volaris
Jackson Square Aviation
GECAS Avianca|TACAInternationalAirlin
es
ICBC Leasing SilkAir
Undisclosed Bank/Broker/Lessor
Pembroke Group Tiger Airways
Hong Kong Aviation Capital Wizz Air
AeroTurbine
CA-CIB
Undisclosed Bank/Broker/Lessor
China Development Bank
MC Aviation Partners/Mitsubishi Corp IndiGo
Undisclosed Bank/Broker/Lessor
CIC Bank
CA-CIB
Fransabank
Credit Suisse AG|Apple Bank|BayernLB
Sky Union
DVB Bank SE
NordLB
AIRCRAFT FINANCE 2012
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
A320-230 V2500 Aug 1 China Southern Airlines Operating Lease - Sale and Leaseback
A320-230 V2500 Sep 1 AerCap Loan/Finance/Refnanced
A320-230 V2500 Sep 2 British Airways Tax Lease CA-CIB|RBS|Bank of China|Bank of Tokyo-Mitsubishi|
BNP Paribas|Commerzbank|ICBC|ING Bank|
Sumitomo Mitsui Bank|Mizuho Corp Bank|BBAM
A320-230 V2500 Sep 1 Jackson Square Aviation Loan/Finance/Refnanced DVB Bank SE
A320-230 V2500 Oct 4 CIT Aerospace Loan/Finance/Refnanced
A320-230 V2500 Oct 3 IndiGo Operating Lease - Sale and Leaseback
A320-230 V2500 Oct 1 Jackson Square Aviation Loan/Finance/Refnanced
A320-230 V2500 Oct 1 JetBlue Airways Loan/Finance/Refnanced
A320-230 V2500 Oct 2 Spirit Airlines Operating Lease - Sale and Leaseback
A320-230 V2500 Oct 2 Volito Aviation Services Loan/Finance/Refnanced DVB Bank SE
A320-230 V2500 Nov 1 AerDragon Aviation Partners ECA China Exim Bank
A320-230 V2500 Nov 3 IndiGo Operating Lease - Sale and Leaseback
A320-230 V2500 Nov 2 Intrepid Aviation Group Loan/Finance/Refnanced DVB Bank SE
A320-230 V2500 Dec 1 AWAS Loan/Finance/Refnanced KfW IPEX-Bank
A320-230 V2500 Dec 4 IndiGo Operating Lease - Sale and Leaseback
A320-230 V2500 Dec 1 IndiGo Operating Lease - Sale and Leaseback
A320-230 V2500 Dec 1 Spirit Airlines Operating Lease - Sale and Leaseback
A321-110 CFM56 Jun 1 KV Aviation Loan/Finance/Refnanced Erste Bank
A321-210 CFM56 Jan 8 Air India Loan/Finance/Refnanced ICICI Bank
A321-210 CFM56 Feb 2 Niki ECA NordLB
A321-210 CFM56 Sep 1 Aerofot Russian Airlines Finance Lease
A321-210 CFM56 Nov 1 Air France Operating Lease - Sale and Leaseback
A321-230 V2500 Jan 1 Air China ECA Natixis Transport Finance
A321-230 V2500 Jan 2 Turkish Airlines Tax Lease BBAM
A321-230 V2500 Jan 3 Turkish Airlines Tax Lease BBAM
A321-230 V2500 Jan 1 Turkish Airlines Tax Lease BBAM|Natixis Transport Finance
A321-230 V2500 Feb 2 Air China Tax Lease BNP Paribas|Citibank
A321-230 V2500 Feb 1 TAM Linhas Aereas Tax Lease BBAM
A321-230 V2500 Mar 1 TAM Linhas Aereas Tax Lease BNP Paribas|CIC Bank|KfW IPEX-Bank
A321-230 V2500 May 2 Turkish Airlines Tax Lease Commerzbank
A321-230 V2500 May 10 US Airways Pre Delivery Payment Natixis Transport Finance
A321-230 V2500 Jun 1 China Eastern Airlines Operating Lease - Sale and Leaseback
A321-230 V2500 Jun 2 Deucalion Aviation Funds Loan/Finance/Refnanced DVB Bank SE
A321-230 V2500 Jun 1 Mihin Lanka Operating Lease - Sale and Leaseback
A321-230 V2500 Jun 2 US Airways Loan/Finance/Refnanced
A321-230 V2500 Jun 2 US Airways Operating Lease - Sale and Leaseback
A321-230 V2500 Sep 3 Monarch Airlines Operating Lease - Sale and Leaseback
A321-230 V2500 Oct 1 Jackson Square Aviation Loan/Finance/Refnanced
A321-230 V2500 Oct 6 US Airways EETC/ETC/PTC
A321-230 V2500 Oct 3 US Airways Loan/Finance/Refnanced
A321-230 V2500 Oct 1 US Airways Loan/Finance/Refnanced
A321-230 V2500 Nov 4 SAS Finance Lease DVB Bank SE|Nordea
A321-230 V2500 Nov 1 US Airways Loan/Finance/Refnanced
A321-230 V2500 Nov 2 US Airways Operating Lease - Sale and Leaseback
A321-230 V2500 Nov 10 Vietnam Aircraft ECA Sumitomo Mitsui Banking Corp|KfW IPEX-Bank
A321-230 V2500 Dec 1 Jackson Square Aviation Loan/Finance/Refnanced
A321-230 V2500 Dec 1 Lufthansa Tax Lease BBAM|The Bank of Tokyo-Mitsubishi UFJ
A321-230 V2500 Dec 1 US Airways Loan/Finance/Refnanced
A330-200 CF6 Mar 2 Guggenheim Aviation Partners Loan/Finance/Refnanced DVB Bank SE
A330-200 CF6 Apr 3 Air Lease Corporation Loan/Finance/Refnanced Nord LB
A330-200 CF6 Aug 1 AWAS Loan/Finance/Refnanced Westpac Banking Corp
A330-200 CF6 Sep 1 Alitalia Operating Lease - Sale and Leaseback
A330-200 CF6 Sep 1 Intrepid Aviation Group Loan/Finance/Refnanced KfW IPEX-Bank
A330-220 PW4000 Jan 1 China Southern Airlines Tax Lease| ECA Natixis Transport Finance
Aircraft Finance 2012
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Flightglobal Insight
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53
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
BoCom Leasing China Southern Airlines
Undisclosed Bank/Broker/Lessor
Nomura Babcock & Brown Co
Undisclosed Bank/Broker/Lessor
CDB IndiGo
DVB Bank SE|NordLB|Citibank
Undisclosed Bank/Broker/Lessor
Avolon Aerospace Leasing Spirit Airlines
DVB Bank SE
MC Aviation Partners/Mitsubishi Corp IndiGo
AWAS IndiGo
RBS Aviation Capital IndiGo
GECAS Spirit Airlines
Erste Bank
NordLB
VEB-Leasing JSC
CIT Aerospace Air France
BPCE|The Bank of Tokyo-Mitsubishi UFJ
Sumitomo Mitsui Banking Corp Nomura Babcock & Brown Co
Unicredit Nomura Babcock & Brown Co
Sumitomo Mitsui Banking Corp Nomura Babcock & Brown Co
BNP Paribas|Citibank
Nomura Babcock & Brown Co
Santander
Commerzbank
BoCom Leasing China Eastern Airlines
Air Lease Corporation Mihin Lanka
Undisclosed Bank/Broker/Lessor
Jackson Square Aviation US Airways
CIT Aerospace Monarch Airlines
DVB Bank SE|NordLB|Citibank
Undisclosed Bank/Broker/Lessor
US Airways
Undisclosed Bank/Broker/Lessor
CIT Aerospace US Airways
NordLB
Nomura Babcock & Brown|
Sumitomo Mitsui Finance & Leasing
Undisclosed Bank/Broker/Lessor
NordLB
Westpac Banking Corp
Air Lease Corporation Alitalia
BPCE
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
A330-220 PW4000 Feb 2 Korean Air Finance Lease KfW IPEX-Bank
A330-220 PW4000 Apr 1 China Southern Airlines Tax Lease| ECA KfW IPEX-Bank|CA-CIB
A330-220 PW4000 Sep 1 Air Greenland Loan/Finance/Refnanced CA-CIB
A330-220 PW4000 Nov 3 TAP Portugal Finance Lease DVB Bank SE|GE Japan Corporation|PK Air Finance
A330-220 PW4000 Dec 1 Air Lease Corporation Loan/Finance/Refnanced KfW IPEX-Bank
A330-240 Trent Jan 2 Hawaiian Airlines Loan/Finance/Refnanced KfW IPEX-Bank|Helaba Landesbank Hessen Thuringen|
Natixis Transport Finance
A330-240 Trent Feb 2 Avianca|TACA International Airlines Operating Lease - Sale and Leaseback
A330-240 Trent Feb 2 Deucalion Aviation Funds Loan/Finance/Refnanced BNP Paribas|DVB Bank SE
A330-240 Trent Mar 1 AWAS ECA Natixis Transport Finance
A330-240 Trent Apr 1 China Eastern Airlines Loan/Finance/Refnanced|TaxLease|ECA CIC Bank
A330-240 Trent Apr 2 Hawaiian Airlines Loan/Finance/Refnanced BNP Paribas|NordLB
A330-240 Trent Apr 1 Oman Air ECA Citibank
A330-240 Trent Jun 1 ALAFCO & Novus Aviation Loan/Finance/Refnanced DVB Bank SE
A330-240 Trent Jun 2 US Airways Loan/Finance/Refnanced
A330-240 Trent Aug 1 Avianca Operating Lease - Sale and Leaseback
A330-240 Trent Sep 2 Hawaiian Airlines Loan/Finance/Refnanced
A330-240 Trent Sep 3 Hawaiian Airlines Operating Lease - Sale and Leaseback
A330-240 Trent Oct 2 US Airways EETC/ETC/PTC
A330-240 Trent Dec 1 Avolon Aerospace Leasing Loan/Finance/Refnanced BNP Paribas
A330-240F Trent Jan 1 Turkish Airlines Tax Lease BNP Paribas
A330-300HGW CF6 Dec 1 Guggenheim Aviation Partners Loan/Finance/Refnanced CA-CIB|BNP Paribas
A330-300HGW CF6 Dec 1 Guggenheim Aviation Partners Loan/Finance/Refnanced CA-CIB|BNP Paribas
A330-320HGW PW4000 Feb 1 AerCap Loan/Finance/Refnanced Helaba Landesbank Hessen Thuringen
A330-320HGW PW4000 Mar 2 Malaysia Airlines Operating Lease - Sale and Leaseback
A330-320HGW PW4000 Mar 2 Pembroke Group Loan/Finance/Refnanced Standard Chartered Bank
A330-320HGW PW4000 Apr 2 Malaysia Airlines Operating Lease - Sale and Leaseback
A330-320HGW PW4000 Jun 2 Jackson Square Aviation Loan/Finance/Refnanced Natixis Transport Finance
A330-320HGW PW4000 Aug 1 Malaysia Airlines Tax Lease BNP Paribas
A330-320HGW PW4000 Nov 1 Air Caraibes Finance Lease
A330-340 Trent Feb 5 Cathay Pacifc Operating Lease - Sale and Leaseback
A330-340 Trent Feb 5 Deucalion Aviation Funds Loan/Finance/Refnanced
A330-340HGW Trent Jan 1 Turkish Airlines Tax Lease BNP Paribas
A330-340HGW Trent Jan 2 Turkish Airlines Tax Lease Natixis Transport Finance
A330-340HGW Trent Feb 1 AerCap Loan/Finance/Refnanced Helaba Landesbank Hessen Thuringen
A330-340HGW Trent Feb 3 Aerofot Russian Airlines ECA| Finance Lease Citibank|Natixis Transport Finance
A330-340HGW Trent Feb 1 Cathay Pacifc Operating Lease - Sale and Leaseback
A330-340HGW Trent Feb 1 Deucalion Aviation Funds Loan/Finance/Refnanced
A330-340HGW Trent May 2 AerCap ECA Natixis Transport Finance
A330-340HGW Trent Jul 1 AerCap ECA
A330-340HGW Trent Aug 1 Etihad Airways ECA Citibank
A330-340HGW Trent Sep 1 Thai Airways International Finance Lease BNP Paribas|Sumitomo Mitsui Banking Corp|
Development Bank of Japan
A330-340HGW Trent Sep 2 Thai Airways International Finance Lease HSBC Bank|The Bank of Tokyo-Mitsubishi UFJ
A330-340HGW Trent Oct 3 Aerofot Russian Airlines Operating Lease - Sale and Leaseback
A330-340HGW Trent Oct 2 TransAsia Airways Loan/Finance/Refnanced
A330-340HGW Trent Nov 1 Aerofot Russian Airlines Operating Lease - Sale and Leaseback
A330-340HGW Trent Nov 1 BOC Aviation Loan/Finance/Refnanced
A330-340HGW Trent Nov 3 Egyptair ECA JP Morgan Chase Bank NA
A340-310 CFM56 Jul 1 Air France Operating Lease - Sale and Leaseback
A380-840 Trent Jan 2 Qantas ECA Citibank
A380-840 Trent Feb 2 Qantas ECA HSBC Bank
A380-840 Trent Apr 2 China Southern Airlines Loan/Finance/Refnanced Bank of China
Aircraft Finance 2012
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Flightglobal Insight
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55
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
BNP Paribas|CIC Bank|CA-CIB|
KfWIPEX-Bank|Korea Development Bank
CIC Bank
GECAS Avianca|TACAInternationalAirlin
es
BNP Paribas
Deutsche Pfandbriefbank
CA-CIB
BNP Paribas| NordLB
Citibank
Undisclosed Bank/Broker/Lessor
Avolon Aerospace Leasing Avianca
Undisclosed Bank/Broker/Lessor
Unconfrmed Operating Lessor Hawaiian Airlines
BNP Paribas
BNP Paribas
BNPParibas|China Trust Commercial Bank|
Helaba Landesbank Hessen Thuringen|Nord LB
BNP Paribas|NordLB|ChinaTrust Commercial Bank
Helaba Landesbank Hessen Thuringen
Pembroke Group Malaysia Airlines
Standard Chartered Bank
Jackson Square Aviation Malaysia Airlines
Credit Suisse AG|Apple Bank|BayernLB
BNP Paribas|DBS Bank
Airinvest 2 SAS
Deucalion Aviation Funds Cathay Pacifc
GE Japan Corporation
BNP Paribas
Deutsche Pfandbriefbank| BPCE
Helaba Landesbank Hessen Thuringen
Deucalion Aviation Funds Cathay Pacifc
GE Japan Corporation
BayernLB
CA-CIB
Citibank
BNP Paribas|Sumitomo Mitsui Banking Corp|
Development Bank of Japan
HSBC Bank|The Bank of Tokyo-Mitsubishi UFJ
GECAS Aerofot Russian Airlines
Taiwan Co-op Bank|Industrial Bank of Taiwan|
Agricultural Bank of Taiwan|Cathay Uni Bank|
Hua Nan Bank|Yuanta Bank|Chang Hwa Bank|Jih Sun Bank
BOC Aviation Aerofot Russian Airlines
Undisclosed Bank/Broker/Lessor
JP Morgan Chase Bank NA
Apollo Aviation Group Air France
Citibank
HSBC Bank
Bank of China
AIRCRAFT FINANCE 2012
56
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Flightglobal Insight
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
A380-840 Trent Jun 1 Lufthansa Tax Lease Societe Generale|Commerzbank
A380-840 Trent Aug 1 Singapore Airlines Loan/Finance/Refnanced CIC Bank
A380-840 Trent Aug 1 Singapore Airlines Finance Lease EastMerchant Capital
A380-840 Trent Nov 1 China Southern Airlines ECA JP Morgan Chase Bank NA
A380-860 GP7200 Mar 1 Emirates Airline Finance Lease Doric Asset Finance
A380-860 GP7200 Mar 1 Emirates Airline Finance Lease Doric Asset Finance
A380-860 GP7200 Mar 1 Emirates Airline Finance Lease Doric Asset Finance
A380-860 GP7200 Mar 1 Emirates Airline Finance Lease Doric Asset Finance|Hansa Treuhand Ship Beteiligungs
A380-860 GP7200 Mar 1 Emirates Airline Finance Lease Westpac Banking Corp|Commerzbank|Doric Asset Finance
A380-860 GP7200 Apr 1 Korean Air ECA CA-CIB
A380-860 GP7200 Apr 4 Korean Air ECA CA-CIB|KfWIPEX-Bank
A380-860 GP7200 May 2 Emirates Airline Finance Lease Deutsche Bank|National Bank of Abu Dhabi|Emirates NBD
A380-860 GP7200 Jun 1 Air France Loan/Finance/Refnanced CA-CIB
A380-860 GP7200 Jun 1 Air France Tax Lease CA-CIB
A380-860 GP7200 Jun 1 Air France ECA CA-CIB|DekaBank|Helaba Landesbank Hessen Thuringen
A380-860 GP7200 Aug 1 Air France Finance Lease Dr Peters
A380-860 GP7200 Sep 2 Emirates Airline ECA JP Morgan Chase Bank NA
A380-860 GP7200 Oct 2 Emirates Airline Pre Delivery Payment
ATR 42-300 PW100 Jun 1 Nordic Aviation Capital Loan/Finance/Refnanced
ATR 42-300 PW100 Oct 1 Nordic Aviation Capital Loan/Finance/Refnanced
ATR 42-300 PW100 Dec 1 Regourd Aviation Operating Lease - Sale and Leaseback
ATR 42-300F PW100 Feb 2 Farnair Switzerland Operating Lease - Sale and Leaseback
ATR 42-300F PW100 Sep 1 Solenta Aviation Loan/Finance/Refnanced
ATR 42-500 PW100 Jun 1 Nordic Aviation Capital Loan/Finance/Refnanced
ATR 42-500 PW100 Jul 1 Solenta Aviation Loan/Finance/Refnanced
ATR 72-200 PW100 Feb 1 Aurigny Air Services Loan/Finance/Refnanced Erste Bank
ATR 72-200F PW100 Feb 1 Farnair Switzerland Operating Lease - Sale and Leaseback
ATR 72-500 PW100 Jan 6 Lion Air ECA CA-CIB
ATR 72-500 PW100 Feb 5 Lion Air ECA Undisclosed Bank/Broker/Lessor
ATR 72-500 PW100 May 4 Avation Loan/Finance/Refnanced CA-CIB
ATR 72-500 PW100 May 1 Flybe Nordic Loan/Finance/Refnanced Undisclosed Bank/Broker/Lessor
ATR 72-500 PW100 Jun 18 UTair Loan/Finance/Refnanced Intensa Sanpaolo| Unicredit
ATR 72-500 PW100 Jul 1 Fly540 ECA
ATR 72-500 PW100 Sep 3 Flybe Nordic Operating Lease - Sale and Leaseback
ATR 72-600 PW100 Feb 10 Lion Air ECA Undisclosed Bank/Broker/Lessor
ATR 72-600 PW100 May 4 Avation Loan/Finance/Refnanced CA-CIB
ATR 72-600 PW100 Aug 4 Royal Air Maroc ECA BNP Paribas|KfW IPEX-Bank
ATR 72-600 PW100 Sep 10 Azul ECA Santander|Deutsche Bank
ATR 72-600 PW100 Dec 10 UNI Air Loan/Finance/Refnanced
CRJ 1000ER NextGen CF34 Aug 3 Air Nostrum Tax Lease (HEH) Hamburger EmissionsHaus & Cie KG
CRJ 1000ER NextGen CF34 Dec 1 Air Nostrum Finance Lease
CRJ 100ER CF34 Jun 1 Graviation Flugvermietungsgellschaft Loan/Finance/Refnanced
CRJ 100LR CF34 Jun 1 Graviation Flugvermietungsgellschaft Loan/Finance/Refnanced
CRJ 200ER CF34 Feb 2 AK Bars Aero Operating Lease - Sale and Leaseback
CRJ 200ER CF34 Jun 10 ExpressJet Airlines Loan/Finance/Refnanced US Bank NA
CRJ 200LR CF34 Jul 1 Mesa Airlines Loan/Finance/Refnanced NatWest Aerospace Trust Company
CRJ 200LR CF34 Aug 1 Mesa Airlines Loan/Finance/Refnanced
CRJ 200LR CF34 Dec 2 SCAT Loan/Finance/Refnanced
CRJ 701 CF34 May 2 Lighthouse Aviation Loan/Finance/Refnanced Erste Bank
CRJ 701ER CF34 Jun 4 Loan/Finance/Refnanced
CRJ 701ER CF34 Aug 25 American Eagle Airlines Operating Lease - Sale and Leaseback
CRJ 702ER NextGen CF34 Jul 2 Ibex Airlines Operating Lease - Sale and Leaseback
CRJ 702ER NextGen CF34 Jul 1 SkyWest Airlines Loan/Finance/Refnanced
CRJ 702ER NextGen CF34 Aug 22 American Eagle Airlines Operating Lease - Sale and Leaseback
CRJ 702ER NextGen CF34 Sep 2 SkyWest Airlines Loan/Finance/Refnanced
CRJ 702ER NextGen CF34 Oct 2 SkyWest Airlines Loan/Finance/Refnanced
Aircraft Finance 2012
|
Flightglobal Insight
|
57
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
Commerzbank|Oberbank AG|Societe Generale
Australia & New Zealand Banking Group|CIC Bank
Australia & New Zealand Banking Group|
Sumitomo Mitsui Banking Corp
NordLB
NordLB|Helaba Landesbank Hessen Thuringen
Commerzbank| Westpac Banking Corp
Sumitomo Mitsui Banking Corp|Citibank
Sumitomo Mitsui Banking Corp|Citibank|Korea Development Bank
Undisclosed Bank/Broker/Lessor
CA-CIB
CA-CIB CA-CIB
CA-CIB|DekaBank|
Helaba Landesbank Hessen Thuringen
CA-CIB
CIC Bank NordLB
JP Morgan Chase Bank NA
Undisclosed Bank/Broker/Lessor
Sparekassen Hobro
Sparekassen Hobro
CM-CIC Bail SA Regourd Aviation
OFSB Farnair Switzerland
Laserline Properties VI
Sparekassen Hobro
Investec Bank
Erste Bank
OFSB Farnair Switzerland
KfW IPEX-Bank
HSBC Bank|Afriexim Bank
Finnair Aircraft Finance Flybe Nordic
KfW IPEX-Bank
Santander|Deutsche Bank
Cathay United Bank|First Commercial Bank
Montrose Global Capital
TransCapitalBank
TransCapitalBank
Magpie Aviation Leasing AK Bars Aero
AAR Parts Trading
Sberbank
Erste Bank
Export Development Canada
American Airlines American Eagle Airlines
IBJ Leasing Ibex Airlines
Undisclosed Bank/Broker/Lessor
American Airlines American Eagle Airlines
Undisclosed Bank/Broker/Lessor
Undisclosed Bank/Broker/Lessor
AIRCRAFT FINANCE 2012
58
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Flightglobal Insight
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Aircraft Finance 2012
AIRCRAFT FINANCE DEALS ANNOUNCED IN 2011
Aircraft type Engine
type
Month Number
of aircraft
Customer Deal structure Arrangers
CRJ 900ER NextGen CF34 Jan 3 Estonian Air Loan/Finance/Refnanced
CRJ 900ER NextGen CF34 Aug 3 PLUNA Loan/Finance/Refnanced
Dash 8-100 PW100 Mar 1 ERA Aviation Loan/Finance/Refnanced
Dash 8-100 PW100 Dec 1 ERA Aviation Operating Lease - Sale and Leaseback
Dash 8-200 PW100 Feb 2 Dynamic Aviation Group Loan/Finance/Refnanced
Dash 8-300 PW100 Feb 2 Regent Airways Loan/Finance/Refnanced Eastern Bank
Dash 8-300 PW100 Mar 1 Wideroe Finance Lease
Dash 8-300 PW100 Mar 1 Wideroe Operating Lease - Sale and Leaseback
Dash 8-300 PW100 May 3 Compass Capital Corp Loan/Finance/Refnanced CIC Bank
Dash 8-300 PW100 Aug 1 Regional One Loan/Finance/Refnanced
Dash 8-300 PW100 Oct 3 Dynamic Aviation Group Loan/Finance/Refnanced
Dash 8-300 PW100 Dec 1 Dynamic Aviation Group Loan/Finance/Refnanced
ERJ-135ER AE 3007 Aug 2 American Eagle Airlines Operating Lease - Sale and Leaseback
ERJ-135LR AE 3007 May 1 Airlink - SA Airlink Loan/Finance/Refnanced
ERJ-135LR AE 3007 Aug 37 American Eagle Airlines Operating Lease - Sale and Leaseback
ERJ-140LR AE 3007 Aug 59 American Eagle Airlines Operating Lease - Sale and Leaseback
ERJ-145LR AE 3007 Jul 2 Solenta Aviation Loan/Finance/Refnanced
ERJ-145LR AE 3007 Aug 118 American Eagle Airlines Operating Lease - Sale and Leaseback
MD-11CF PW4000 May 1 Martinair Loan/Finance/Refnanced CA-CIB|Sumitomo Mitsui Banking Corp
MD-11F CF6 Dec 2 Aircastle Advisor Loan/Finance/Refnanced DVB Bank SE
MD-11F CF6 Dec 2 EVA Air Operating Lease - Sale and Leaseback
MD-82 JT8D Mar 4 Allegiant Air Loan/Finance/Refnanced Citadel Securities
MD-83 JT8D Feb 1 CSI Aviation Services Loan/Finance/Refnanced
MD-83 JT8D Mar 46 Allegiant Air Loan/Finance/Refnanced Citadel Securities
MD-83 JT8D Jul 2 Jetran International Loan/Finance/Refnanced
MD-83 JT8D Nov 1 Loan/Finance/Refnanced
MD-87 JT8D Mar 4 Allegiant Air Loan/Finance/Refnanced Citadel Securities
MD-87 JT8D Aug 1 Genesis Custom Jetliners Loan/Finance/Refnanced
MD-88 JT8D Mar 4 Allegiant Air Loan/Finance/Refnanced Citadel Securities
Q400 PW100 Jun 1 SkyWork Airlines Finance Lease
Q400 PW100 Jun 1 SkyWork Airlines Operating Lease - Sale and Leaseback
Q400 PW100 Aug 1 SA Express Loan/Finance/Refnanced
Q400 PW100 Aug 2 SA Express Loan/Finance/Refnanced
Q400 PW100 Nov 1 SkyWork Airlines Operating Lease - Sale and Leaseback
Q400 NextGen PW100 Jan 2 Air Niugini Finance Lease
Q400 NextGen PW100 Jan 4 Qantas Finance Lease
Q400 NextGen PW100 Jun 2 Finance Lease
Q400 NextGen PW100 Jul 5 Horizon Air Loan/Finance/Refnanced
Q400 NextGen PW100 Jul 11 SpiceJet ECA
Q400 NextGen PW100 Nov 1 SA Express Loan/Finance/Refnanced
Superjet 100-95LR SaM-146 Apr 2 Armavia Operating Lease - Sale and Leaseback
NOTE: Aircraft nance deals announced during 2011 with analysis by customer, nancier and aircraft type. The aircraft transaction
information contained in this section includes new and second-hand deals.
SOURCE: Flightglobal Ascend Online database/Flightglobal Finance Pro
Aircraft Finance 2012
|
Flightglobal Insight
|
59
AIRCRAFT FINANCE 2012
Debt providers Equity providers Buyer Seller
Export Development Canada
Export Development Canada
State of Alaska - Department of Commerce
Frontier Alaska Aviation Trust ERA Aviation (Alaska)
PNC Bank NA
Eastern Bank
Siemens Financial Services AB
Siemens Financial Services AB Wideroe
PNC Bank NA
PNC Bank NA
PNC Bank NA
American Airlines American Eagle Airlines
Nedbank
American Airlines American Eagle Airlines
American Airlines American Eagle Airlines
Investec Bank
American Airlines American Eagle Airlines
ChinaTrust Commercial Bank
Aircastle Advisor EVA Air
New Mexico Bank & Trust
Grand Bank of Texas
American Airlines AerCap
Scope Leasing
UBS
Centaurium Aviation AG SkyWork Airlines
Newshelf 1096 (Pty)
Nicolas Mc Fall
Centaurium Aviation AG SkyWork Airlines
Champion No34
Undisclosed Bank/Broker/Lessor
Siemens Financial Services Colgan Air
Undisclosed Bank/Broker/Lessor
Export Development Canada
Westbank Aviation Finance
VEB-Leasing JSC Armavia
The legendary CFM56
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