Airfinance Journal North America returns in May 2019 for the premier gathering of aviation finance professionals across North America to engage in high-end networking & explore the most pressing challenges & opportunities facing North American aircraft finance.
Over two days you’ll benefit from exclusive networking opportunities, ranging from our 1-2-1 meetings service; connecting you directly with who you need to meet, drinks receptions & our dedicated networking space. In addition you’ll be granted access to talks, panels & interviews with the industry’s leading lights, offering business critical insights into the issues your business is tackling on a daily basis.
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08 00 AM Registration & morning refreshments
08 55 AM Chairperson's opening remarks
09 00 AM Why invest in aviation?
The health of the aviation industry broadly correlates with global GDP and global air traffic growth, due to how engrained the sector is in the broader economy. Whilst there are a number of factors to consider when deciding how to invest in this space, getting the fundamentals right is essential.
Hear the experts lay out the current state of the aviation industry’s fundamentals, including traffic growth forecasts, asset value trends and the outlook for liquidity.
09 30 AM The fundamentals of investing in aircraft leasing
Currently, approximately 40% of the world’s commercial aircraft fleet is operated on a lease. This highly attractive market segment has seen a deluge of liquidity and entities emerging in recent years, resulting in increased competition and more money chasing deals. Publicly listed lessors had a challenging 2018 on the stock markets, and are seen by many as undervalued.
Understand what differentiates one leasing company from another. Is it their ownership structure? Their fleet? Their financing?
- Doug Walker, Managing Director & Global Head of Coverage, Seabury Consulting & Corporate Advisory
10 10 AM The five golden rules for managing assets throughout the cycle
The aviation industry is cyclical, despite the current period of consistent growth being characterised by some industry leaders as a “super cycle”. However, the good times will not last forever.
The most savvy investors are able to formulate the appropriate strategies to ensure their investment is protected. Hear what those strategies look like and when best to employ them.
10 50 AM Morning networking & refreshment break
11 20 AM The case for investing in mid to end-of-life assets
New technology narrowbody aircraft are broadly perceived as a safe bet for investors but these assets do not always generate the lofty returns certain investors seek. Older aircraft, whilst presenting their own challenges, can represent significant opportunity for those with the right risk appetite.
Hear the case for engaging in this market segment, how to overcome the challenges therein and generate yield.
12 00 PM Extracting value from the engines
According to Alton Aviation Consultancy, up to approximately 45% of any aircraft’s value can be found not in the airframe but on the engines, in addition to “50% of the total flying-related costs” to airlines. In other words, they’re very, very important.
Hear how investors and lessors can extract value from these assets, the health of the engine trading market and what end of life strategies are most suitable.
- Joe Hussar, Executive Vice President, Portfolio, Engine Lease Finance Corporation
12 40 PM Networking lunch
14 00 PM Which metal is right for you?
Aircraft types vary widely within the narrowbody, widebody and regional aircraft families. Should you be looking at the A320 or 737? The Max or the Neo? A220 or MRJ? The opportunities are numerous.
Which investment will generate the right ROI for your risk profile?
14 40 PM JetBlue strives towards an investment grade balance sheet
The credit profile of New York-based JetBlue has “improved significantly over the past three to four years, thanks to consistent profitability and a meaningful debt reduction” (Airfinance Journal, 2019)
Hear how the airline has achieved these improvements and their strategy for taking the next step toward investment grade
- Ursula Hurley, Senior Vice President, JetBlue Airways Corporation
15 20 PM Are all capital markets deals created equally?
The variety of products available to investors on the capital markets is indicative of the amount of liquidity currently in the market. From EETCs to the booming aircraft ABS market, there are plenty of options available to buy aircraft paper.
Hear from the financiers that are bringing these deals to market about which structures match your risk and return profiles.
16 00 PM Chairperson's closing remarks
16 05 PM Networking drinks reception and close of conference
08 45 AM Morning networking & refreshments
09 30 AM Chairperson's opening remarks
09 35 AM Do the US capital markets have the capacity to support future lessor growth?
According to some analysts, the value of the lessor bond market is primed to double in size to fulfil lessors' capital commitments. The real question, however, is whether or not the capital markets will be able to support that growth.
- Marjan Riggi, Senior Managing Director, Financial Institutions and Corporates, Kroll Bond Rating Agency
- Mark Streeter, Managing Director, Airline/Aircraft Credit Research, J.P. Morgan
- John Beekman, Research Analyst, Fidelity Investments
- Andy Cronin, Chief Financial Officer, Avolon
- Dharmesh Ajmera, Partner, Deloitte
10 15 AM Morning networking & refreshment break
10 40 AM New engine technology: What is next?
- What impact have new engine delivery challenges had on airline customers?
- What innovations are OEMs providing in engine technology?
- Evan Harding, LEAP/CFM Marketing Director, CFM
11 10 AM Regional carriers face ageing fleets & rising maintenance cost
- What strategies are North American regional carriers employing to meet a more challenging operating environment?
- Should we expect a period of fleet renewal to take place in response to these trends?
- How prominently has fuel hedging featured amongst this market place?
12 00 PM Networking lunch
13 30 PM Alternative Investment Managers step up their aviation activity
Fitch Ratings have flagged the potential “deteriorating economic backdrop” and increased competition as reasons that the increased activity of Alternative Investment Managers (Alt-IMs) and their private equity sponsors in the leasing space may be ill timed. Hear this panel of experts assess what the ramifications of this new capital may have on the market moving forward.
14 10 PM Where are North American airlines looking to finance their 2019 deliveries?
- Among a more challenging macro-environment, which financing structures make the most sense to North American airlines in 2019?
- How strongly has the US airline industry performed so far in 2019 and how is that reflected in their fleet strategies?
- Where are US airlines looking to raise capital?
14 50 PM Do narrowing aircraft values foreshadow a market correction?
Scope Ratings agency observed in a 2018 report that “approximately two years before the most recent financial crises, market values for different aircraft models narrowed sharply” and argue that this is taking place today. Are they correct in this and should we be preparing for a downturn in 2020?
15 30 PM Afternoon networking & refreshment break
16 00 PM The aircraft ABS market continues to attract new issuers
- The 2018 ABS market continued a three year trend in exceeding 2017’s total value of $6.8 Billion – Why is ABS proving such a popular structure for issuers?
- Do we expect tradeable ABS E-notes to increase in 2019?
- How has the investor base for E-notes evolved?
- Do we expect the liquidity of ABS E-notes to increase in 2019?
16 40 PM Chairperson's closing remarks
- Donald G. Gray, Chair, Aviation & Aerospace Group, Blake, Cassels & Graydon LLP
K&L Gates LLP
Athene Asset Management L.P.
Senior Managing Director, Financial Institutions and Corporates
Kroll Bond Rating Agency
Managing Director - Financial Institutions
Associate Director Project Finance
Scope Ratings AG
Senior Vice President - Asset Valuation
Chief Financial Officer
Sun Country Airlines
Partner - New York
Managing Director, Co-Head of Aviation
Carlyle Aviation Partners
Global Head of Valuations
ASCEND by Cirium
Managing Director, Airline/Aircraft Credit Research
SkyWorks Holdings, LLC
Executive Vice President and Regional Manager, Commercial - USA
BK Associates Inc
Senior Director Customer Finance
Boeing Capital Corporation
Kohlberg Kravis Roberts & Co
Chief Financial Officer
Carlyle Aviation Partners
Managing Director & Global Head of Coverage
Seabury Consulting & Corporate Advisory
Managing Partner - Transport
Hudson Structured Capital Management
Holland & Knight LLP
Managing Director, Assistant Treasurer
Director Structured Credit Group
Mizuho Securities USA
The Airline Analyst
Alton Aviation Consultancy
Chair, Aviation & Aerospace Group
Blake, Cassels & Graydon LLP
Zephyrus Aviation Capital
Atoz Aviation Finance S.à r.l.
Senior Vice President
JetBlue Airways Corporation
Executive Vice President, Portfolio
Engine Lease Finance Corporation
Principal & Executive Vice President
Vx Capital Partners Llc
Director - Aviation Capital Markets and Debt Private Placements
Deutsche Bank Securities
Managing Director and Assistant Treasurer
Delta Air Lines
LEAP/CFM Marketing Director
Managing Director Global Aviation
Director, Structured Credit
Attracting thousands of participants annually from airlines, leasing companies, financial institutions, investment houses and government bodies, our events provide you with an unparalleled platform from which to promote your organisation’s brand, products and services.
Find out more about our sponsorship opportunities
Deloitte‘s Aircraft Leasing and Finance Advisory team delivers first-class advice to clients in a wide range of areas including structuring and financial advice on the establishment or investment into an aircraft leasing platform, M&A and IPO advice, debt raising and treasury advice to leasing clients (including transfer pricing), valuations, changing accounting practices, international tax reform impact, aircraft and lease/loan portfolio securitisations and the cross-border acquisition, leasing and disposal of aircraft. We also provide audit and tax compliance services to some of the largest aircraft lessors in the world. At Deloitte, we make an impact that matters for our clients, our people, our profession, and in the wider society by delivering the solutions and insights they need to address their most complex business challenges. As the world’s largest global professional services and consulting firm, with over 263,000 professionals in more than 150 countries, we bring world-class capabilities and high-quality services to our clients. Our people have the leadership capabilities, experience, and insight to collaborate with clients so they can move forward with confidence.
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 73 markets, with more than 198,000 employees. The Group has key positions in its three main activities: Domestic Markets in Europe, International Financial Services and Corporate & Institutional Banking.
In Asia Pacific, BNP Paribas is one of the best-positioned international financial institutions with an uninterrupted presence since 1860. Currently with over 17,000 employees* and a presence in 14 markets, BNP Paribas provides corporates, institutional and private investors with product and service solutions tailored to their specific needs. It offers a wide range of financial services covering corporate & institutional banking, wealth management, asset management, insurance, as well as retail banking and consumer financing through strategic partnerships.
ATOZ Aviation Finance
ATOZ Aviation Finance offers clients results-focused and pragmatic solutions in their aircraft financing, fleet planning, strategy and risk management projects. The highly experienced team, with a significant airline and aviation industry background, has a strong track record of successfully financing aviation assets of very large to smaller sizes through a wide variety of innovative and efficient structures for a diverse group of lender and investor profiles.
ATOZ Aviation Finance puts emphasis on gaining a deep understanding of clients’ needs and providing continuous guidance during the entire business process. From the ordering of aircraft until such aircraft leave the fleet, or for specific milestones within this cycle, ATOZ Aviation Finance understands how to make each project a success.
Founded in 2004, ATOZ is a high-end independent advisory firm with over 150 most skilled professionals offering a comprehensive range of tax, corporate implementation, corporate finance, transfer pricing and aviation finance services.
CFM International (CFM) was formed in 1974 as a 50/50 joint company between GE and Safran Aircraft Engines. Today, CFM is the world’s leading supplier of commercial transport aircraft engines and the best example of a successful international joint venture. Since the first engine was delivered in 1982, CFM has received orders for more than 48,500 CFM56 and LEAP engines from 550 operators worldwide, of which more than 33,000 engines have been delivered. In addition to the highly successful CFM56 product line, CFM introduced the advanced LEAP-1A engine into commercial service on the Airbus A320neo in August 2016. Through March 2018, 16 other airlines taken delivery of a total of more than 160 LEAP-1A-powered aircraft. The engines have performed exceptionally well in commercial service, with many airlines operating up to 11 flights per day and executing 25-minute turn times. To date, the fleet has logged more than 700,000 highly reliable flight hours. In May 2017, the first LEAP-1B-powered Boeing 737 MAX airplane entered commercial service with Malindo Air in Malaysia. A total of 94 aircraft had been delivered to 24 customers by the end of March 2018. A third model, the LEAP-1C, has been undergoing flight tests on the COMAC C919. Two flight-test aircraft have logged more than 60 hours. Overall, CFM has garnered orders and commitments for more than 15,000 LEAP engines. The engine is delivering a 15 percent improvement in fuel efficiency along with significant reductions in noise and emissions signatures. All of this while maintaining CFM’s industryleading reliability and overall cost of ownership. In 2008, with the launch of the LEAP engine, CFM announced that all services offerings for this new product would come from directly from CFM. The organize could also provide support for CFM56 engines, as well. This was done to support customer requests for seamless product sales and support. Since then, the primary focus of CFM Services has been to provide world-class aftermarket products and programs, working with customers to meet their unique, evolving needs from entry-into-service to mid-life through maturity and retirement.
KPMG is globally recognised as the centre of excellence for the aircraft leasing industry. Almost every aviation finance industry player of any significance can be found on our client list. We have been identified as one of the 30 most influential companies operating in the global aviation sector. We have advised on aviation transactions in over 150 countries worldwide.
Amedeo is a leading aircraft asset manager and principal investor in leasing transactions to our customer airlines globally. Amedeo is the asset manager for LSE-listed investment companies and Voyager Aviation Holdings (Voyager), originating and managing aircraft leasing transactions on behalf of these entities.
We are an Ireland-based global aircraft leasing company with assets approximately $2.2 Billion.
Our strategy is to continue growing Voyager as a leading lessor of mostly new and young passenger aircraft.
We are managed by Amedeo (www.amedeo.aero), an industry-leading asset manager and aircraft investor. Our team, working together with Amedeo, will actively pursue growth in all three acquisition channels – new orders directly with the aircraft manufacturers, sale and leaseback transactions with airlines, and portfolio acquisitions from other lessors. Our aim is to generate stable and highly visible revenues, earnings and cash flows.
The current portfolio is on lease to 9 airlines in 8 countries. Our customers are mainly flag carriers and other strongly-positioned airlines which typically deploy our aircraft on key international routes. We have grown rapidly over the past four years and our focus has been on markets with the greatest growth in demand for air travel, especially in the Asia-Pacific region.
While our heritage is based on primarily acquiring wide-body aircraft, over time we intend to broaden both our asset base and our global footprint. We designed our business model from a strong capital base provided by our shareholders, Amedeo Capital Limited and two large New York based private equity firms.
Bronze & Cocktail Sponsor
Holland & Knight
Holland & Knight’s Aircraft Finance Team has earned an international reputation for transactional work involving the domestic and cross-border acquisition, financing and leasing of aircraft, engines and spare parts. Our lawyers have completed hundreds of aircraft acquisition, financing, leasing and restructuring transactions on behalf of the world’s leading leasing companies, financial institutions, manufacturers and airlines. Our team’s presence across offices in multiple time zones ensures clients that coverage is timely, responsive and serves their best interests. Holland & Knight is a global law firm with more than 1,300 attorneys in 28 offices in the United States, Latin America and the United Kingdom.
Engine Lease Finance Corporation
Engine Lease Finance (ELF) is the world’s leading independent spare engine financing and leasing company, specialising in the provision of flexible short, medium and long-term spare engine support packages for the airline industry. Headquartered in Shannon, Ireland, ELF is a group company of Mitsubishi UFJ Lease & Finance Company Limited ("MUL"), whose shares are wholly owned by MUL. ELF has the financing power and stability to meet the varied needs of airlines and to meet the commercial challenges presented by today’s rapidly changing world markets. ELF has access to extensive funding at favourable rates, therefore ensuring low cost flexible financing for the airline. ELF’s client base includes some of the world’s most established airlines, some of the newest start-ups and many of the seasoned LCCs around the world. The client base also includes several significant MRO providers, airframe lessors and the OEMs.
About CDB Aviation
CDB Aviation Lease Finance DAC (“CDB Aviation”) is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”) a 33-year-old Chinese leasing company that is backed mainly by the China Development Bank. China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating. www.cdbaviationleasefinance.com
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606).
Willis Lease Finance Corporation
Willis Lease has earned an industry-wide reputation for service, innovation, technical support and in-depth knowledge of commercial aviation. Our core business is leasing commercial aircraft engines to airlines, OEMs and MROs — worldwide. Along with short- and long-term leasing, we have developed and implemented strategic engine pooling programs which provide pool members with attractive benefits. We provide innovative leasing solutions to our customers. These leasing activities are integrated with engine and aircraft trading, engine lease pools supported by cutting-edge technology, as well as technical and asset management, provided through its subsidiary Willis Asset Management Limited, and various end-of-life solutions for aircraft, engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc. With one of the largest and most diverse portfolios of engines in the aviation industry, we can meet a wide range of customer technical and operating requirements. Quick responses to AOG emergencies illustrate how our worldwide team of dedicated professionals responds 24/7. Our experience, knowledge and leadership in engine leasing gives our customers a competitive advantage with Power to Spare — Worldwide®.
Blake, Cassels & Graydon LLP
Blakes has Canada’s largest aviation law practice, with a focus on aircraft financing and aviation commercial law. We represent most of the world’s largest aviation manufacturers, aircraft and engine leasing companies, advisors, government export credit agencies, aviation financiers, international banks and hedge funds. We also represent aerospace manufacturers and satellite system operators in respect of commercial product liability, regulatory and financial matters. Blakes Aviation Group is ranked #1 in Transportation: Aviation by both Chambers Canada and Legal 500 Canada 2018. Blakes serves as international external counsel for the Aviation Working Group (AWG), the industry association for the world’s leading aircraft and engine manufacturers, lessors and financiers. Our lawyers are members of Aerospace Industries Association of Canada, Air Transport Association of Canada, Canadian Aviation Regulatory Council, Canadian Business Aircraft Association, Helicopter Association International, International Aviation Women’s Association, Society of Transport Aircraft Trading, Women in Aerospace and Women in Aviation.
Metropolitan Club New York
The Metropolitan Club is a private social club in Manhattan, New York City.
Gentlemen are required to wear jackets and ties at all times (turtlenecks and ascots are not acceptable). Appropriate attire for ladies is dresses, skirts, dressy pant suits and business pant suits. Jeans and T-shirts are absolutely not acceptable.
Complimentary Airline & Investor Passes
We invite all airlines & investors to register for a complimentary pass to attend Airfinance Journal North America.
Once you've registered you'll gain access to our bespoke AFJ Concierge Meeting Service where you tell us who you want to meet and we make it happen!
*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 here.
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The Airfinance Journal team recognises that you need to get as much value as possible from attending Airfinance Journal North America, especially as in the billion dollar industry of aircraft finance, it can be difficult to meet the right people at the right time.
With this in mind we’ve introduced a personalised concierge meeting service - AFJ Concierge.
Our team take the strain by doing the leg work for you, so all you need to do is arrive at Airfinance Journal North America ready to do business.
How it works
Step 1: Send the AFJ Concierge a list of up to 10 individuals or organisations you’d like to meet, along with a little explanation of why you’d like to meet them.
Step 2: Our dedicated research team will reach out to the list on your behalf. We can use our industry knowledge to suggest any additional contacts that could add value to your attendance.
Step 3: We'll diary manage to find the best time and place for you to meet.
Step 4: Check-in with our concierge team onsite.
Step 5: Get deals done!
How do I get involved?
Do I need to be registered for Airfinance Journal North America to take advantage of the service?
Yes. This service is only available to registered delegates of Airfinance Journal North America.
What if people on my list don’t want to meet me?
We'll do our best to arrange meetings with your wishlist. If someone on your list doesn't wish to meet you, we'll use our industry know-how to suggest other delegates that might be of interest to you.
It's key that you provide us with a solid rationale of why you want to meet each person on your list, the better the reasonsing, the more likely they are to agree to a meeting and the better informed we will be to suggest additional delegates for you.
How will you schedule the meeting?
The AFJ Concierge will either use our meetings system to book the appointment for you or they will send you and the person you wish to meet a calendar invite.
What happens if the person I’m meeting doesn’t turn up?
If you let the team onsite know that the person you're supposed to be meeting hasn't turned up, they will be able to check if the person is onsite and reach out to them for you. Depending on the circumstances, we will do our best to reschedule the meeting for you.
Will I get the contact details of the person I’m meeting beforehand?
If the person you want to meet has agreed for their details to be shared pre-event then yes. If not you'll be able to collect their details during your meeting.
Have a question? Contact the AFJ Concierge today
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Airfinance Journal Awards 2018
When? Thursday 2 May 2019
Where? Metropolitan Club, New York
The AFJ Global Awards Dinner offers you a very special night while networking opportunities abound. A chance to celebrate success in the majestic Metropolitan Club, an iconic venue with its history, grand entrance and magnificent stairways, all of which come together to provide a remarkable back drop for the awards. A night of exuberance with fine company, dining and much coveted awards, all in the presence of the finest minds in the industry.
For enquiries about sponsorship or booking a place or tables at the Awards Dinner, please contact Chris Gardner at firstname.lastname@example.org (+44 20 7779 8231)
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New York School of Aviation Finance 2019
When? 29th April - 1st May
Where? Downtown Association New York, United States
Join peers from across North America to gain in-depth knowledge of the latest funding products, discover how to stay ahead of the curve in competitive markets and learn how to put together complex and innovative financing structures. Taught by leading industry figures; the school promises to be a vital stepping stone in the career of any aspiring aviation finance leader.
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