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Friday, 20/09/2017, 03:31:41 AM
Commercial debt in vogue as CA‐CIB tops deal
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Alex Derber 10/07/2017 Commercial loans dominated air finance activity last year, according to Airfinance Journal’s 2016 Market Report, although capital markets could have an increasingly

important role in 2017, says the head of asset finance at Crédit Agricole Corporate and Investment Bank (CACIB).

“If airlines and lessors outside the US are prepared to be publicly rated the share of unsecured capital markets [deals] for nonUS issuers will increase,” says Jose

Abramovici.

Excluding operating leases, commercial loans accounted for 56% of the 376 deals reported to Airfinance Journal for 2016, while capital market financing accounted

for 22%.

CACIB has already completed 13 capital market deals this year, compared with eight during the whole of 2016.

Abramovici notes that capital market financing centered on the US market last year, partly due to the spread of EETCs, and the report shows that two US banks,

Citigroup and Goldman Sachs did indeed arrange the most capital market deals in 2016.

However, two French banks, CACIB and BNP Paribas, topped the overall ranking for number of air finance deals arranged, recording 68 and 66, respectively.

“We have a broad geographical footprint and we have a broad product footprint,” comments Bertrand Dehouck, managing director – head of aviation EMEA, BNP

Paribas.

Both BNP Paribas and CACIB showed a similar geographic split in their activities: CACIB concluded 23 deals in Europe, 21 in North America, 14 in Asia and 10 in the

rest of the world; BNP did 23 in Europe, 21 in North America, 16 in Asia and six in the rest of the world.

Those ratios contrast with a global aircraft backlog weighted towards Asia, and with recent deliveries, which have been 31% to Asia, 30% to Europe and 29% to

North America, according to Airfinance Journal’s Orders and Deliveries Report Q1 2017

Nonetheless, Dehouck expects BNP’s geographic spread to remain broadly similar going forward, and says the bank won’t start pushing one particular region.

“Asia is taking a lot of aircraft but China is selffinancing, so once you remove their deliveries it’s not that much more new aircraft in Asia.”

Being “completely product agnostic”, Dehouck is unwilling to speculate about which forms of finance might gain or lose popularity this year, although he recognises

that commercial loans will remain popular.

BNP Paribas arranged 37 air finance loans in 2016, while CACIB did 35.

“There is abundant liquidity from traditional aviation banks, and also new investors into loans such as insurance companies, asset managers, as well as regional

banks,” says Abramovici.

In the near future, however, he also expects to see more assetbacked securities for midlife aircraft (a category many banks struggle to finance), as well as more

secured and unsecured private placements by lessors.

Nguồn: Airfinance Journal

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