2013 aviation finance and operating leasing school asia paci˜c · · 2013-10-22l effect of...

www.air�nancejournal.com/HKSchool2013

Course Leaders:

2013 Aviation Finance and Operating Leasing School Asia Paci�c

www.air�nancejournal.com/HKSchool20134th - 6th November 2013 - Conrad, Hong Kong

School Directors:l Anup Mysoor, Managing Director, Asia Head, Aviation

Investment Banking, Citi

l Adam Gilmour, Managing Director, Head of Asia Pacific, Derivatives Sales & Structuring, Citi

l Richard Evans, Director and EMEA, Head of Transportation Export Finance, Citigroup

l Thomas Bliemel, MD, Global Structured Solutions, Citigroup

l Matthew Simonetti, Global Structured Solutions, Citigroup

l Scott Miller, Associate, Aviation Investment Banking, Citi

l Peter Huijbers, Regional Head of Commercial, Asia Pacific & Latin America, Hong Kong Aviation Capital

l Nick Hardge, Head of Transaction Management, Hong Kong Aviation Capital

l Oisin Murray, Head of Technical, Hong Kong Aviation Capital

l Paul Dwyer, Head of Risk, Hong Kong Aviation Capital

l Rick Macker, Head of Capital Markets, Hong Kong Aviation Capital

l Russell Hubbard, Regional Head of Commercial, EMEA & North America, Hong Kong Aviation Capital

Guest Lecturers:l Andrew Cowen, Deputy CEO, Hong Kong Express l Bill Cumberlidge, Executive Director, KV Aviationl Caron Hughes, Partner, KPMG Chinal John Wikoff, Head of Transportation Finance, Goldman Sachsl Jin Matsushita, Department Head, Corporate Finance Solutions

Department, IB products Group, Mizuho Securitiesl Jon Sharp, President & CEO, ELFCl John Timpany, Partner, KPMG Chinal Mark Western, Partner, Maples and Calder l Matthew Bisley, Partner, Allen & Overy

l Nicolas Parrot, Head of Aviation Finance Group Asia Pacific, BNP Paribas Singapore

l Paul Ng, Global Head of Aviation, Stephenson Harwoodl Paul Jebely, Head of Aviation, Asia and Africa, Clyde & Co l Samson Lee, Managing Director, Head of Debt Capital Markets,

BOC Internationall Dr. Stuart Hatcher, Head of Valuations and Risk, IBAl Vicente Alava Pons, Managing Director, Aviation Finance,

DVB Group Merchant Bank (Asia)

Day 1: Monday 4th November 2013

0830 Registration and morning coffee

0850 Introduction by course leader Anup Mysoor, Managing Director, Asia Head, Aviation Investment Banking, Citi

0900 Overview of the aircraft financing market lCyclicality of the aviation industry lLessors and airlines funding costs lEffect of implementation of Basel III on commercial lending lDevelopments in debt capital markets lEffect of volatility on equity financing lExport credit back financing lLocal currency lending lAlternative investors in the aviation industry Anup Mysoor, Managing Director, Asia Head, Aviation Investment Banking, Citi Scott Miller, Associate, Aviation Investment Banking, Citi

0940 Commercial lending and syndication lDirector loans lLoan facilities lLTV analysislPricing mechanisms lPDP financelLending considerations - airlines vs. lessorslCredit risks – airlines vs. lessorsAnup Mysoor, Managing Director, Asia Head, Aviation Investment Banking, Citi Scott Miller, Associate, Aviation Investment Banking, Citi

1010 Equity market financing lIPOslUnderwriting processlSources of equitylKey considerations in secondary issuance – common stock vs.

preferred stock lConvertible bondsAnup Mysoor, Managing Director, Asia Head, Aviation Investment Banking, Citi Scott Miller, Associate, Aviation Investment Banking, Citi

1040 Networking coffee break

1100 Debt capital markets financing lCredit instruments and facilities lEETCs lSecuritization lABS lIslamic finance Anup Mysoor, Managing Director, Asia Head, Aviation Investment Banking, Citi Scott Miller, Associate, Aviation Investment Banking, Citi

1140 Development of local currency and aircraft financing marketslAccessibility of local currency issuance – what does it mean to

Asian airlines? lMTN programmeslIs the CNH bond mainly a currency product? lBenchmark yield curves and liability management lRated vs. unrated issuance lLiquidity in the secondary market lInstitutional base Samson Lee, Managing Director, Head of Debt Capital Markets, BOC International

1210 ECA financing – what has changed? lECA financing structures lEffect of the new ASU on aircraft lending lFee structures and pricing trendslDevelopments in ECA debt capital market productslApplying Cape Town discounts in ECA financingRichard Evans, Director and EMEA, Head of Transportation Export Finance, Citigroup

1250 Lunch

1410 Developments in global debt capital marketslInvestment grade vs. high yield lRegS vs. 144AlCredit and rating issues lLiquidity and market makers lInstitutional investors lRecent EETC transactionsThomas Bliemel, MD, Global Structured Solutions, CitigroupMatthew Simonetti, Global Structured Solutions, Citigroup

1500 Asset and liability management for airlines - FX rates and fuel hedging lWhat is asset and liability management? lWhat are the major risks for airlines? lSetting up a risk management framework lHedging instruments Adam Gilmour, Managing Director, Head of Asia Pacific, Derivatives Sales & Structuring, Citi


1550 Key considerations in financing an old aircraft lWhat is the definition of vintage aircraft? lWhy finance an old aircraft? lHow to maximise the asset and returnlResidual value risk of used aircraftlAircraft selectionBill Cumberlidge, Executive Director, KV Aviation

1630 Basic aircraft finance structures and documentationlTypes of debt covenantslRequirements of information disclosurelProtection of covenants lOperating lease, finance lease and tax leasePaul Ng, Global Head of Aviation, Stephenson Harwood

1710 Lease portfolio sales and dispositions – documentary issueslHow lease portfolios are transferredlDue diligence involvedlDocumentation requiredlIssues arising for airlines, banks and lessorsPaul Ng, Global Head of Aviation, Stephenson Harwood

1750 Close of day one followed by cocktail reception

2013 Aviation Finance and Operating Leasing School Asia Pacific | 4th – 6th November 2013, Conrad, Hong Kong

© Euromoney Seminars 2013. Euromoney Seminars reserves the right to alter the venue and/or speakers. Euromoney Seminars is a division of Euromoney Institutional Investor (Jersey) Limited

1440 Fundamentals of aircraft valuationslSupply and demand for aircraftlMythologies for valuations lFactors affecting aircraft values lInterpretation of market information lSecondary markets Dr. Stuart Hatcher, Head of Valuations and Risk, IBA


1540 Selecting the right aircraft types for your business modelslEvolving airline business modelslDevelopments of LCCs models in AsialHow do airlines business models affect the selection of aircraft?lLessor business models and addressing airline requirementslAssessing the impact of technology and production rate on

aircraft valueslHow do airlines, lenders and lessors forecast and manager

the RVs?lPurchasing agreements – things to look out forAndrew Cowen, Deputy CEO, Hong Kong Express

1620 Understanding the engine as an asset class lComponents of a engine lSpare parts management lValue propositions for engines – how do lessors assess the

residual value of engines? lEffect of PMA and DER - OEM counter-activitylEffect of new types of engines on the residual value of

existing enginesJon Sharp, President & CEO, ELFC

1705 Engine leasing and engine cycles lHow does engine financing fit alongside aircraft financing? lThe added importance of maintenance, repair and overhaul

(MRO) for engines lManaging the engine through its lifecycle to maximise returns lRepossessing an engine and the Cape Town Convention Jon Sharp, President & CEO, ELFC

1750 Close of day two

Day 2: Tuesday 5th November 2013


0850 Introduction by course leader: Why leasing instead of buying? Peter Huijbers, Regional Head of Commercial, Asia Pacific & Latin America, Hong Kong Aviation Capital

0900 Fundamentals of the leasing industry lIndustry dynamics - what has changed? lAircraft leasing competitive landscape lHow to manage the cycle lStrategic implications of the current market conditionsPeter Huijbers, Regional Head of Commercial, Asia Pacific & Latin America, Hong Kong Aviation Capital

0940 Operating platforms for lessors lDeal processlControls and approvalslTechnical specificationslNegotiation and management skillslIT systems and fleet managementlLease managementNick Hardge, Head of Transaction Management, Hong Kong Aviation Capital

1020 Credit risk management for lessors lAsset risklCredit risklStructural risklJurisdictional risk and repossession considerations lTechnical, maintenance and record issueslInsurance Paul Dwyer, Head of Risk, Hong Kong Aviation Capital


1120 Technical asset management of a fleetlKey considerations in establishing safety standards in

different jurisdictions lKey challenges for managing a mega fleet lMRO – what is good maintenance planning and what is not?lHow to manage a diversified pool of maintenance reserves

and costs lTechnical considerations in a lease agreement lThe importance of technical records for engineering Oisin Murray, Head of Technical, Hong Kong Aviation Capital

1200 Aircraft portfolio management lCriteria for aircraft selection lKey considerations in financing - old vs. new lManaging the aircraft life cycle lRemoving residual value risk in the existing fleet lRepossession and remarking lLease vs. sell vs. part-out vs. convert – how to decide?Russell Hubbard, Regional Head of Commercial, EMEA & North America, Hong Kong Aviation Capital

1240 Lunch

1400 How do lessors finance their fleet? lWhy there is a constant source of funding for global lessors lHow to diversify funding cost – does size matter? lLessor’s credit vs. aircraft – which one is more important to

lenders for assessing the risks lHow to utilize your capital structure to minimize funding costslAsset and liability management in financing the fleetRick Macker, Head of Capital Markets, Hong Kong Aviation Capital


Lessor 38%

Airline 36%

Financier 11%

Legal and Consultancy �rm 7%

Investor 3%

Manufacturer 2%

Other 3%

Breakdown of last year’s attendees:


Day 3: Wednesday 6th November 2013


0900 Introduction by course leader

0910 Effect of Basel III on commercial lendinglFramework of Basel IIIlCapital requirementslLiquidity in commercial lending lImplementation of Basel IIIlImpact on aviation lendingNicolas Parrot, Head of Aviation Finance Group Asia Pacific, BNP Paribas

0950 EETCs as a standalone asset class lWhat is EETC? lWhy do airlines and lessors issue EETCs? lIssues on rating lJurisdiction risk - Cape Town and Chapter 11 lSecurities package lLatest developments in EETCs John Wikoff, Head of Transportation Finance, Goldman Sachs


1100 Alternative sources of liquidity – JOLs and JOLCOslOverview of Japanese leasing industry lCharacteristic of Japanese lessors lJOLs and JOLCOs –how do they differ from each other?lEquity syndication and investor base lJOLCOs - exercising the call option for purchasing aircraft lResidual value guarantee for aircraft

Jin Matsushita, Department Head, Corporate Finance Solutions

Department, IB products Group, Mizuho Securities

1140 Asset backed lender’s perspectives on credit risk and asset risklAsset risks vs. credit riskslLCCs vs. legacy carriers lRisk exposures of lessors – how do they differ from ABS lenders? lHow do ABS lenders manage their risks? lKey considerations to lending in the current environment Vicente Alava Pons, Managing Director, Aviation Finance, DVB Group Merchant Bank (Asia)

1220 The key components of leasing documentation lLegal and regulatory backdroplRegulatory risks and responsibilities lKey components of a commercial aircraft lease lCategories and structures of aircraft leasing documentslLegal considerations in structuring lWhat can go wrong in documentation?

Paul Jebely, Head of Aviation, Asia and Africa, Clyde & Co

1300 Lunch

1420 Lease accounting under IFRSlLease classification under accounting standardslAccounting treatments for leases lUpdates on new accounting standards and

depreciation mythologies lConsolidation of subsidiaries and SPVs Caron Hughes, Partner, KPMG China

1500 Taxation for aircraft leasing lWhat is the international tax regime for leasing? lLatest developments in tax treatieslTaxation in cross-border leasing lTaxation in buying and selling of aircraft lTax relief in different jurisdictionsJohn Timpany, Partner, KPMG China


1550 SPVs: The use of SPVs in aircraft finance and leasing transactions lWhat is an SPV?lWhy use an SPV?lWhere to incorporate the SPV?lHow to structure a deal using an SPV?Mark Western, Partner, Maples and Calder

1630 Dispute resolutions lWhat is a dispute?lDocumenting dispute resolution procedureslChoice of governing law lResolving disputeslEnforcing securitieslCape town treaties and repossessionMatthew Bisley, Partner, Allen & Overy

1710 Course summary and close of school

Following the School, the 14th Annual Asia Pacific Airfinance Conference will be held on 7th & 8th November, also at theConrad Hong Kong.

For further information, please email [email protected]

Air�nance Conference

7th & 8th November 2013 - Conrad, Hong Kong

14th Annual

Asia Paci�c

Lead sponsor

Silver sponsors

Gold sponsors

Bronze sponsors

6th November 2013 Aircraft Trading Day 2013

INCLUDING SEPARATELY BOOKABLE DAY

www.air�nancejournal.com/APacAF14

Eco sponsor

AN EXPECTED

600 ATTENDEES

Lessor 38%

Airline 36%

Financier 11%

Legal and Consultancy �rm 7%

Investor 3%

Manufacturer 2%

Other 3%

Since 2000, over 600 aircraft finance professionals have been trained at this School, many of whom are now leading their own teams around the world. Companies who have sent representatives to the School in the past include:

• AdministrativeCommissionofTianjinDongjiang Free Trade Port Zone

• AeronauticsFund• AirAsia-X• AirAstana• AirChina• Airbus• AsianaAirlines• AviationCapitalGroup• AWAS• BankIslamBruneiDarussalam• BankofAmericaN.A• BOCAviation• BombardierAerospace• BOTLeaseCo,.Ltd• CanadaPensionPlanInvestmentBoard• CALC• CenturyTokyoLeasingCorporation• ChinaAirlines• ChinatrustCommercialBank• ChinaConstructionBank• ChinaDevelopmentBank• ChinaMerchantsBank

• CreditIndustrieletCommercial• DevelopmentBankofJapan• DVBBank• Embraer• EmiratesAirlines• GarudaIndonesia• GECAS• GoldenMyanmarAirways• GuggenheimAviationPartners• HongKongAviationCapital• HSHNordbank• IAE• IBJLeasingCo.,Ltd• ILFC• IRKUTCorporation• JadeCargoInternationalCo.Ltd.• JapanBankforInternationalCooperation• JejuAir• KasikornFactoryandEquipmentCo.Ltd.• KasikKornbankPublicCompanyLimited• KBZBank• KenyaAirways• King&WoodMallesons

• KPMG• MyanmarAirwaysInternational• Makarim&TairaS.• NordLB• PermataBank• PKAirfinance• ProkhasSDNBHD• PTAskomindoDinamika• PTSriwijayaAir• ReedSmithLLP• RegentAirways• SingaporeAirlines• SingaporeEconomicDevelopmentBoard• SkywestAirlines• SomonAir• SriLankaAirlines• StandardCharteredBank• SuperJetInternational• TheTokyoStarBank• VietnamAircraftLeasingCompany• TurkishAirlines• WestLBAG• White&Case

2013 Aviation Finance and Operating Leasing School Asia Pacific

4th – 6th November 2013, Conrad, Hong Kong

www.airfinancejournal.com/HKSchool2013

Airfinance Events’ 2013 Aviation Finance and Operating Leasing School Asia Pacific will once again bring together a first class faculty of senior aviation finance professionals from all sectors of the market. Across the three-day training course, attendees will receive in-depth knowledge and thorough briefings on all aspects of aircraft finance and leasing market, from understanding different finance and lease structures to tax implications and legal risk management.

The three-day school will cover:

•Comprehensiveviewsonaircraft financing instruments

•EETC,localcurrencyandECAbackeddebtcapitalmarket transactions.

•Aircraftleasingandassetmanagement•Enginevaluationandleasing•Taxationforaircraftleasingandleaseaccounting

under IFRS•Legalconsiderationsinaircraftfinancing

and leasing•FXratesandfuelhedging

Who should attend the School:

•Airlinerepresentatives

•AircraftManufacturers

•Consultants

•Lessors

•Financiers

•Lawyers

www.air�nancejournal.com/HKSchool2013

Course Leaders:

2013 Aviation Finance and Operating Leasing School Asia Paci�c

www.air�nancejournal.com/HKSchool20134th - 6th November 2013 - Conrad, Hong Kong

RegistrationStandard School fee US$4,999

Please quote EAE 260 on all correspondance Total US$

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Post: Ashley LiEuromoney SeminarsEuromoney Institutional Investor (Jersey) Limited27/F, 248 Queen’s Road EastWanchai, Hong Kong

2013 Aviation Finance and Operating Leasing School Asia Pacific • 4th – 6th November 2013, Conrad, Hong Kong

PACKAGE: 14th Annual Asia Paci�c Air�nance Conference and School

US$6,698

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2013 aviation finance and operating leasing school asia paci˜c · · 2013-10-22l effect of...

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