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AIRFINANCE JOURNAL DUBLIN 2020

21-23 JANUARY 2020

The Convention Centre Dublin // Dublin, Ireland // #afjdublin

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Agenda

08.00 Registration & morning refreshments

08.55 Chairperson’s opening remarks 

Drew Fine, Partner, Milbank LLP

09.00 Aviation capital markets review & outlook

  • Where are we in the industry cycle?
  • Traffic growth forecasts, will they materialise?
  • How much liquidity is currently chasing aviation assets and what impact has increased levels of liquidity had on the industry overall?

Mark Streeter, Managing Director, Airline/Aircraft Credit Research, J.P. Morgan

10.00 Which aircraft is a perfect match for your ROI and risk profile?

  • What do investors need to understand about how an aircraft’s liquidity impacts its suitability in different portfolios?
  • What are the key differences between narrowbody, widebody and regional jets in terms of investment?
  • How does an aircraft’s age factor into your investment calculations and how can you best maximise yield in the mid to end-of-life sector?

Mike Yeomans, Head of Valuations, IBA Group Limited
Olga Razzhivina, Senior ISTAT Appraiser, Oriel
Helane Becker, Managing Director, Cowen Inc
Robb Watts, Vice President, Advisory, ACC Aviation Group
Huang Bo, Chief Commercial Officer, CMB Financial Leasing Co. , Ltd
Moderated by: John Luth, Chairman, President & Chief Executive Officer, Seabury Capital

10.40 It’s all about the metal

Developing a nuanced knowledge of the underlying assets which anchor aviation finance transactions across a variety of structures is a key to success for investors considering increasing activity in this space. From well publicised engine delivery delays, the 737-MAX groundings and the distressed aftermarket, a whole manner of issues are shaping the “metal” landscape that investors need to navigate. Hear a panel of experts break down these issues and how investors can use this knowledge to maximise value.

Stephen Hayde, Senior Vice President, Commercial Seraph Aviation Management
Simon Finn, Senior Vice President, MUFG
Enda Clarke, Head of Technical (Aviation), CCB Leasing Corporation
Michael Downey, Vice President, Technical, ICBC Leasing
Moderated by: Paul Briggs, Partner, Bird & Bird

11.20 Morning networking break & refreshments

11.40 Assessment of financial reporting under IFRS 16 – dealing with the disappearance of rent

  • Operating leased assets are now on balance sheet and analysts face the “disappearance” of aircraft rent as an expense item under IFRS 16 (but not under ASC 842). What are the other dissimilarities between the two standards?
  • Has comparability been enhanced or degraded and what workarounds are available to enhance comparability?
  • What disclosures should airlines provide to assist users of their financial statements evaluate their financial health?

Michael Duff, Managing Director, The Airline Analyst

12.10 Finding yield in the lessor bond market

  • Publicly listed lessors have issued billions of dollars-worth of paper in recent years, with Avolon’s mammoth offering of $2.5 billion unsecured notes being a stand out, how can investors maximise yield in this marketplace?
  • What difference do varying lessor business models make to investors with varying ROI and risk profiles?
  • Why have publicly listed lessors been perceived to be undervalued in the stock markets and what impact does this have on potential investors?
  • Investing in lessor ABS pools and sidecars.

Kristine Liwag, Vice President, Bank of America Merril Lynch Global Research
Marjan Riggi, Senior Managing Director, KBRA
Johann Juan, Director, Non-Bank Financial Institutions, Fitch Ratings

Moderated by: Drew Fine, Partner, Millbank LLP

12.50 Networking lunch

14.00 GOL Airlines – Brazil’s leading domestic carrier

  • The emerging markets have produced a great variety credit strength, what are the KPIs investors need to be aware of when considering investing in airlines from the developing world?
  • What kind of returns can investors expect across a variety of structures including EETCs and JOL/COs
  • What advantages do airlines operating out of Latin America enjoy in contrast to other regions?

Richard Lark, Chief Financial Officer, GOL

14.30 Airline stress and overcapacity

  • To provide some grounding for the following panel, hear Avinomic’s Philipp Goedeking offer an analysis of some of the root causes of stress in the airline industry.

Philipp Goedeking, Managing Partner, Avinomics

14.35 Just how strong is the global airline industry?

  • The strength of a select few highly performing airlines can often skew the average perception of the industry’s strength, what data do investors need to appreciate the fuller picture?
  • What differences exist geographically between airline markets?
  • Is further consolidation necessary in Europe and emerging markets to achieve sustainable profitability and create value for investors?

Helene Spro, Director, Aviation Finance, Scope Ratings
Daniel Roeska, Vice President & Senior Analyst, Sanford C. Bernstein
Philipp Goedeking, Managing Partner, Avinomics
Jonathan Root, Senior Vice President, Moody’s Investors Service
Andrew Matters, Deputy Chief Economist, IATA
Moderated by: Nick Swinburne, Partner, Millbank LLP

15.15 Afternoon networking break & refreshments

15.40 What investors need to know about aircraft ABS and CLO Transactions

Giyora Eiger, Vice President, Senior Analyst, Moody’s Investors Service
Radha Tilton, Managing Director, Goldman Sachs
Sajid Zaidi, Head of Securitised Products, Morgan Stanley
Daniel Hartnett, Partner, Arnold & Porter
Matthew Simonetti, Director, Global Structured Finance, Citi
Moderated by: Armin Rothauser, Managing Director, Starwood Capital

16.20 Planes, trains and automobiles – Where does aviation place in the transportation sector?

  • How do asset value forecasts compare between aviation, shipping and the automobile industry?
  • What advantages does aviation enjoy over other transportation assets?
  • What are the fundamentals that investors need to understand about investing in the transportation sector to ensure ROI?

Anyi Lee, Director, Global Structured Debt, Transportation, Citi
David Andrews, Managing Partner, Transport, Hudson Structured Capital Management

17:00 Sun Country closing keynote

Jude Bricker, Chief Executive Officer, Sun Country Airlines

17.30 Chairperson’s closing remarks

Drew Fine, Partner, Milbank LLP

17.35 Drinks reception

8.00 Registration and networking breakfast

8.55 Chairperson’s opening remarks    

James Kelly, Partner, KPMG 

9.00 Opening keynote interview   

John Slattery, President & Chief Executive Officer, Embraer Commercial Aviation
Interviewed by: Laura Mueller, Managing Director, Airfinance Journal

9.30 The last 40 years of aviation finance: The evolution of investment banking

Greg Lee, Managing Director, Goldman Sachs

10.00 Will a fragmented European airline market maintain profitability in 2020?

Structurally, the European airline market is significantly more fragmented than in North America, with more than half the continent’s profits being generated by the “Big Four”. Hear from the leaders of some of Europe’s most successful airlines give a rare insight into the fleet and financing strategies that keep them ahead of the competition.

Torbjorn Wist, Chief Financial Officer, SAS Airlines
Iain Wetherall, Chief Financial Officer, Wizz Air
Raffael Quintas Alves, Chief Financial Officer, TAP Air Portugal
Steve Gunning, Chief Financial Officer, International Airlines Group
Moderated by: Steven Udvar-Hazy, Executive Chairman, Air Lease Corporation

10.50 Morning networking break & refreshments

11.20 Is aircraft leasing now a low margin business?

  • A substantial increase in competition in the operating leasing space have driven margins for lessors lower, is this to be considered the new normal?
  • Will contract terms previously considered imperative to lessors continue to erode?
  • How well positioned are aircraft lessors to weather more challenging macro-economic factors such as rising fuel prices and interest rates?

Firoz Tarapore, Chief Executive Officer, DAE Capital
Hani Kuzbari, Managing Director, Novus Aviation Capital
Paul Sheridan, Chief Executive Officer, AMCK Aviation
Patrick Hannigan, President & Chief Commercial Officer, CDB Aviation
Michael Inglese, Chief Executive Officer, Director, Aircastle
Moderated by: Kevin Butler, Managing Director, TMF Group

12.00 The launch of Skytra – an Airbus Company

Elise Weber, Chief Sales & Marketing Officer, Skytra 
Matthew Tringham, Chief Strategy & Product Officer, Skytra 

12.30 Airfinance Journal & CDB Aviation Scholarship presentation

12.40 Networking lunch

14.10 Financing the fleets of the future – which structures will dominate 2020?

  • Airline profitability has been under pressure across the board in 2019, with cost of fuel and capital increasing – how will airline treasuries counteract these trends?
  • Which financing solutions vary across differing airline business models?
  • Which assets are likely to be in high demand in 2020?

Pierre Houle, Managing Director, Treasurer, Air Canada
Meghan Montana, Managing Director, Assistant Treasurer American Airlines
Edward McGarvey, Senior Vice President, Treasurer, Atlas Air Worldwide
Christine Rovelli, Vice President, Group Treasurer, Finnair
Joelmir Baumgratz, Treasurer, Azul Brazilian Airlines
Moderated by: Justin Benson, Partner, White & Case LLP

14.50 Inclusion and sustainability – a synergistic framework for the next 40 years

This groundbreaking discussion will explore the convergence of inclusion and sustainability as essential elements of the aviation industry’s continued future success. The workforce of tomorrow will be increasingly multi-faceted – Gen Z and beyond, LGBTQ, a rainbow of cultures, belief systems and ethnicities. This cohort prizes individual expression and social impact over the accumulation of material wealth. To attract the best innovative thinkers of tomorrow and ensure the long-term health of the sector, aviation enterprises must fully embrace ESG, not as a necessary evil, but rather, as a core competency. And to retain this hard-fought talent, we must create inclusive workplaces that nurture creativity and the free flow of ideas, and fully harness the power of diverse thought.

Daire Keogh, Deputy President, City University Dublin
Mayank Bhatnagar, Senior Vice President, Human Resources, GECAS
Jack O’Connor, Youth Delegate, Ireland, United Nations
Clare Scherrer, Partner, Managing Director, Goldman Sachs
Moderated by: Amelia Anderson, Co-Founder & President, AWAR

15.40 Afternoon networking break & refreshments

16.00 Pilarski says…drink!

Back by ever popular demand, hear one of the industry’s most prominent & respected economists give his forecast on the industry’s future and what headwinds we ought to be cognisant of – in his trademark entertaining style.

Adam Pilarski, Senior Vice President, AVITAS

16.30 Lessor CEO Interviews

Hear the CEO’s of the world’s most influential leasing companies discuss what they see as the future of aviation finance and their strategies for achieving it.

Greg Conlon, President & Chief Executive Officer, GECAS
Interviewed by: Greg Lee, Managing Director, Goldman Sachs

John Plueger, Chief Executive Officer & President, Air Lease Corporation
Interviewed by: Laura Mueller, Managing Director, Airfinance Journal

Aengus Kelly, Chief Executive Officer, AerCap
Interviewed by: Oliver Clark, Editor, Airfinance Journal

Domhnal Slattery, Chief Executive Officer, Avolon
Interviewed by: Olivier Bonnassies, Managing Editor, Airfinance Journal

17.50 Chairperson’s closing remarks

James Kelly, Partner, KPMG

17.55 40th anniversary celebratory drinks reception

08.00 Morning networking & refreshments

09.05 Chairperson’s opening remarks   

Laura Mueller, Managing Director, Airfinance Journal 

09.10 Is the aircraft finance industry overfunded?  

For a number of years now the amount of capital chasing deals in the aircraft finance space has been steadily increasing, along with the number of individual entities involved, and sources of capital. What impact has this had on the industry more broadly and what ought to be done about it?

Andy Cronin, Chief Financial Officer, Avolon
Keith Helming, Senior Adviser, BOCOMM Leasing
Le Luo, Head of Sales, Ireland, CMB Financial Leasing Co. , Ltd  
Andy Mansell, Co-Founder, Split Rock Aviation
Moderated by: Kieran O’Brien, Partner, KPMG

9.50 Volaris continues to bear the standard for Latin American LCCs

Hear Volaris’ Chief Financial Officer, Sonia Jerez Burdeus, deliver a presentation about Volaris’ financial strategy moving forward, which structures make sense to help fund new aircraft deliveries and where she sees the state of the Mexican market for airlines.

Sonia Jerez Burdeus, Executive Vice President & Chief Financial Officer, Volaris

10.20 Making the aviation industry environmentally sustainable

Phil Seymour, Chief Executive Officer, IBA Aviation Group
Paul Jebely, Partner, Pillsbury, Winthrop & Shaw LLP
Hugo Kanter, Managing Director, Global Head of Aviation Finance, Head of Transport Finance ING Wholesale Banking
Moderated by: Andy Mansell, Co-Founder, Split Rock Aviation

11.00 Morning networking break & refreshments

11.20 Has the aircraft ABS product gone mainstream?

  • Why has the proportion of E-notes in ABS deals increased and what are the implications for issuers and investors?
  • How have issuers and arrangers managed to achieve increasingly investor friendly debt structures?
  • How strongly has the secondary market developed and what is the outlook for 2020?

Radha Tilton, Managing Director, Goldman Sachs
Giyora Eiger, Vice President, Senior Credit Officer, Moody’s Investor Services
Mary Kane, Managing Director, Head of ABS Research, Citi
Moderated by: Catherine Duffy, Partner, Finance, A&L Goodbody

12.00 Global Aircraft Trading System – preparing to go live

Daniel da Silva, Vice President, Strategic and Regulatory Policy, Boeing Capital
David Walton, Chief Operating Officer, BOC Aviation
Tom Woods, Partner, Head of Tax and Legal Services, KPMG
David Swan, Chief Operating Officer, SMBC Aviation Capital
Moderated by: Jeffrey Wool, Secretary General, Aviation Working Group

12.40 CFM Closing keynote

Christophe Poulain, Vice President, Commercial Strategy, CFM

13.10 Chairperson’s closing remarks

13.15 Networking lunch and close of conference

VENUE

Complimentary Airline & Investor Passes

We offer complimentary passes to airlines and investors. 

*All complimentary delegate passes are subject to approval from the Airfinance Journal Events team. Unfortunately, we are unable to offer this promotion to sell-side representatives or Investment Banks. Sell-side representatives and Investment Banks can register for this event using the standard registration link.

For more information please contact Victoria Warrington-Green

| registrations@airfinancejournal.com |
| +44 (0) 20 7779 8349 |

CONTACT US

Sponsorship: Elliot Taylor

 elliot.taylor@airfinancejournal.com |
| +44 (0) 20 7779 8388 |

Speaking: Jonathon Leader

|  jonathon.leader@airfinancejournal.com |
| +44 (0) 20 7779 8481 |

Marketing: Zakariya Bensouda

 Zakariya.bensouda@euromoneyplc.com |
| +852 2842 6942 |

Airfinance Journal

Airfinance Journal is a market leading financial publication of the global aircraft and aviation business. Published continually since 1979, it has been at the forefront of supporting and informing aviation professionals. Airfinance Journal includes the latest news, analysis and data relating to the financing of airlines, aircraft leasing companies and manufacturers.

Airfinance Journal Events brings together thousands of airlines, banks, lessors, manufacturers and investors from all over the globe at international locations to connect and do business.

With over $153 billion worth of aircraft needing financing in 2019, it has never been more important for the industry to come together, face-to-face, to build relationships and get deals done.

Other Airfinance Journal products include:

The Journal includes the latest news, analysis and data relating to the financing of airlines, aircraft leasing companies and manufacturers.

Deal Tracker provides a detailed insight into the aircraft deals market covering both the loan and capital markets, public and private.

Fleet Tracker is the system to monitor aircraft fleets, analyse trends and discover new opportunities.

The Airline Analyst is the most comprehensive and detailed picture of airlines’ financial and operational data available in the market.

Financial Ratings offers a powerful insight to the absolute and relative strength or weakness of any given airline, based on a single quantitative score for each airline and founded on average fleet age and four key financial ratios.

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For more information please contact: Jonathan McReynolds

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Dublin School of Aviation Finance

Sponsored by

DLA Piper

Taking place over January 21st – 22nd , the Dublin School of Aviation Finance reflects Airfinance Journal’s commitment to the future of the aviation finance industry by offering junior industry professionals the opportunity to expand their knowledge and network with senior decision makers. Featuring some of the industry’s most senior veteran voices, over 2 days students will delve into the fundamental challenges and opportunities facing aviation finance professionals today, in addition to completing a practical task reflecting the process of structuring an aircraft financing. The school is a must-attend for anyone wishing to advance through the ranks of aviation finance. 

Register or contact Zakariya Bensouda for more information: E: zakariya.bensouda@euromoneyplc.com