flightglobal insight’s aircraft finance 2013
TRANSCRIPT
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special RepORt
aiRcRaFt FiNaNce
2013
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foreword
Welcome to Flightglobal Insights Aircraft Finance SpecialReport 2013 brought to you in association with CFM
International and prepared using information from the
extensive Flight Premium portfolio. The report provides an
analytical overview of the year 2012 looking at order and
transaction activities, the nance and leasing markets, as
well as opinions from the appraiser community regarding the
year ahead.
The year 2012 ended with an Airbus and Boeing order
backlog of 9,055 aircraft, up 847 units on the previous year.
This is a new record for the year-end commercial aircraft
backlog. The previous record was 2010 with 8,502 units.
Net orders for Airbus and Boeing totalled 2,036 aircraft in
2012, compared with 2,224 in 2011.
Although Airbuss output rose by 10% in 2012 to a record 588
deliveries, its US rival surpassed the European airframers
tally by 13 aircraft. Boeings total of 601 deliveries represents
the manufacturers second-highest airliner output ever, and
is just 14 units shy of its record 620 shipments in 1999.
The European manufacturer handed over 455 aircraft single-aisle aircraft last year, representing 88% of total deliveries. In
comparison, the 737 represented 69% of Boeings deliveries
in 2012.
Year-on-year backlog at Airbus increased by 245 aircraft to
4,682 units, while Boeing recorded 4,373 units at year-end,
602 more than in 2011 as the US manufacturer sold 914
Max aircraft.
Although Boeing traditionally has been more conservative
with single-aisle production rates, it is catching up with
Airbus now.
During the past two years, 737 production has risen by
more than 20% to 38 aircraft. Rates will increase again to
42 a month in the rst-half of 2014 and, at that time, 737
production rates will match those of the A320 family.
On the longhaul side, the A330/A340 production rate was
9.6 aircraft a month last year, up from 7.25 in 2011. Airbus
handed over 30 A380s in 2012, up from 26 in 2011.
Boeing delivered 26 767s last year compared with 20 in 2011.
The 787 model production rate was 3.8 aircraft a month onaverage, with the 777 production line almost reached seven
aircraft a month, up from 6.1 aircraft in 2011.
With the full implementation of the new Aircraft Sector
Understanding (ASU) this year, the cost of aircraft nancing
will become more expensive. The new ASU raises the export
credit premium for all borrowers, but the rise is steeper for
those with a better credit rating. Higher-risk airlines will still
pay more than they do now but not as much proportionally,
making export credit less attractive to stronger airlines.
Higher pricing under the new ASU will push airlines towards
commercial debt nancing and operating leases, says
Kostya Zolotusky, Boeing Capitals managing director capital
markets, leasing. He believes aircraft leasing will continue to
be a very strong market, growing at a faster rate than seen
in the past decade. Airlines will rent rather than buy aircraft
and so we see the number of aircraft in the global eet that
are on operating leases going towards 50% this decade.
Leasing companies increased their market share to 40% of
new deliveries at Airbus in 2012. The European manufacturer
handed over 122 new aircraft directly to operating lessorslast year out of a total of 588 aircraft, representing a 21%
market share. Another 114 units were acquired by lessors
under purchase and leaseback agreements during the year.
Operating lessors are expected to represent 23% of Airbus
direct deliveries this year.
Increased appetite from the capital markets for commercial
aircraft will likely see more US Export-Import Bank (Ex-Im)
guaranteed bonds and pre-funded bond transactions.
According to data compiled by Boeing Capital and
Flightglobal, Ex-Im bond issuances totalled $5.6 billion in2012. This compares with $587 million worth of transactions
in 2011 and $2.48 billion in 2010.
The nal quarter of 2012 was particularly active with 12
transactions worth $2.3 billion.
Last year, Latam Airlines Group emerged as the largest Ex-
Im bond issuer with an estimated $1.8 billion in nancing.
This report ludes a breakdown of aircraft nance
transactions which took place in 2012. This information has
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4|Flightglobal Insight|AircrAft finAnce 2013
flIghtglobal fInance
olIvIer bonnassIes: edItor
flIghtglobal InsIght
antoIne FaFard:manager
flIghtglobal data research
steven PhIPPs: flIghtglobal ascend
Cover photo: WestEnd61/Rex Features
been extracted from the Flightglobal reports and Ascends
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,
Collateral Verications, IBA Group, ICF SH&E and Tailwind
Capital, who reect on 2012 and provide insight into what we
might expect this year.
We hope that you nd this information useful and that
the Aircraft Finance Special Report 2013 will be a helpful
reference source of closing all your aircraft transactions this
year.
FiNaNce iNteRactiVe
Airline Business and aviation nance specialist DVB Bank have teamedup for the third annual interactive special to scrutinise this market.
Published in parallel with the annual nancing and leasing survey foundin the Airline Business February issue, the special report tackles the keyissues facing the sector through an interactive format.
Topics explored this year lude how the leasing sector is reasing itsproportion of the world eet, and the issue of airliner economic lives.The airlines 2013 nancing requirements and the likely changes infunding sources are also examined.
Leading experts and analysts in the sector were asked for their viewson these major issues. These lude Nigel Taylor of EADS and BoeingsKostya Zolotusky; Bertrand Grabowski and Bert van Leeuwen of DVBBank and analysts Rob Morris and Paul Sheridan from Flightglobalsconsultancy arm Ascend.
The online special also orporates a range of datapresented in interactive format, giving snapshots ofthe largest lessors, funding sources and nancingforecasts by region.
Download the Airline Business nance
interactive at:
ightgoba.com/inance13
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Fleet Watch: 2012
Commercial aviation continues to grow 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
Finding the unds 13
MarKet oUtlooK
What appraisers expect in 2013 15
deals database 2012
By customer 19
cONteNt
to fInd out more about flIghtglobal InsIght and
report sponsorshIp opportunItIes, contact:
Flightglobal Insight
Quadrant House, The QuadrantSutton, Surrey, SM2 5AS, UKTel: + 44 208 652 8724Email: [email protected]:www.fightglobal.com/insight
doWnload an extended electronIc versIon oF thIs rePort at WWW.FlIGhtGlobal.coM/InsIGht
Insight
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The year 2012 was another strong year for commercial
aviation as a record number of aircraft were delivered and
order backlog reached an all-time high at the end of the
year.
Net orders in 2012
The 2,582 net orders for 2012 represent a decrease of 11%
on the previous year. Apart from the regional jet market,
each market group received fewer orders.
Boeing emerged as the leader in the 2012 commercial order
battle with 1,191 net orders, their strongest year se the all-
time high of 2007. Airbus totalled 833 net orders, a decrease
of 43% on the previous year. Bombardier received 35 orders
for the CSeries and 120 for their range of regional aircraft,
while Comac took in 115 orders for the C919. Mitsubishi
Regional Jet recorded an order of 100 MRJ90s, which are
scheduled to be delivered from 2017. Embraer and Irkut
received 56 and 35 net orders respectively in 2012.
Narrowbody net orders decreased by 11% on the previousyear with a total of 2,034 in 2012. Boeing lead with 1,112
narrowobody orders, including 914 for the re-engined 737
Max. Airbus received 739 orders of which 478 were for the
A320neo. Widebody net orders came in at 173, a decrease
of 48% on the previous year. Airbus took in 94 widebody
orders while Boeing received 79. Regional jets beneted
with a year-on-year increase of more than 100% in 2012.
Indonesias Lion Air was responsible for the largest number
of orders during the year as the operator ordered a total of
235 aircraft including 201 737 Max aircraft, 29 737 Next
Generation (NG) aircraft and ve 787s. Budget carrier
Norwegian ordered the A320neo and 737 Max aircraft with
100 of each, as well as 22 737s. United Airlines ordered
100 737 Max and 50 737 aircraft while AirAsia ordered 100
A320s including 64 Neo aircraft. The 100 MRJ90 order came
from US operator SkyWest Airlines in a deal valued at $8.4
billion at list price.
Lessor Air Lease ordered a total of 119 aircraft (75 737 Max,
36 A320neo, four ATR 72s, three A330s and a single Embraer
175) while GECAS ordered 91 aircraft (75 737 Max, 14 737s
and two E-195s).
Other large orders came in during the year from Pegasus
Airlines with 75 A320neo and BOC Aviation with 53 A320s
(including 25 Neo) and 20 C919s.
Commercia aircraft deiveries in 2012
A total of 1,402 commercial aircraft deliveries took place in
2012 including 850 narrowbody and 305 widebody aircraft,
an all-time high for both market groups. Regional jet and
turboprop deliveries totalled 128 and 117, respectively.
It was an aircraft delivery record year for both Airbus and
Boeing. Airbus delivered 577 commercial aircraft, 60 more
than the year before. The manufacturer delivered 448 A320s,
97 A330s, 30 A380s and two A340s. Boeing delivered a total
of 580 commercial aircraft, a signicant 26% increase on the
previous year. The company delivered 402 737s, 83 777s,
46 787s, 26 767s and 23 747s.
In the regional market, Bombardier and Embraer delivered 50
and 106 commercial aircraft, respectively. ATR also delivered
60 commercial turboprops, an all-time high for the manufacturer.
Fleet watch: 2012
commr von onnu o gro
Numb
erofaircraft
Year ending
Source: Ascend Online Fleets (February 2013)
0
500
1,000
1,500
2,000
2,500
2012201120102009200820072006200520042003
Narrowbody Jet
Widebody Jet
Regional Jet
Turboprop
aIrlIner market 10-year vIew - net orders
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represents an increase of more than 1,000 aircraft on the
previous year.
At the end of 2012, Malaysian carrier AirAsia topped the
backlog by operator listing with 339 A320 family aircraft, 264of which are for the Neo variant. AirAsia was also the eet
manager leader with 389 aircraft on order. Lion Air followed
the listing by operator with 329 737s on order, including 150
Max. Southwest Airlines and United Airlines show an order
backlog of 321 and 299 aircraft respectively which they both
own and manage.
In the leasing market, GECAS, ILFC, Air Lease and Aviation
Capital Group showed backlog gures of 286, 225, 244 and
185 respectively.
From an operator region perspective, 44% of the commercial
aircraft delivered in 2012 were for operators based in Asia-
Pacic followed by Europe with 23%.
Order backog at 31 December 2012
Airliner backlog ended the year at 10,833, including 4,660for Airbus and 4,380 for Boeing. The total backlog gure
Numberofaircraft
Year ending
0
300
600
900
1,200
1,500
2012201120102009200820072006200520042003
Source: Ascend Online Fleets (February 2013)
Narrowbody Jet
Widebody Jet
Regional Jet
Turboprop
aIrlIner market 10-year vIew - delIverIes
Number
ofaircraft
Year ending
0
2,000
4,000
6,000
8,000
10,000
12,000
2012201120102009200820072006200520042003
Source: Ascend Online Fleets (February 2013)
Narrowbody Jet
Widebody Jet
Regional Jet
Turboprop
aIrlIner market 10-year vIew - backlog
doWnload an extended electronIc
versIon oF thIs rePort InclUdInG the
deals by aIrcraFt tyPe at
WWW.FlIGhtGlobal.coM/InsIGht
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NOTES: Figures extracted from Ascend Online Fleetsfrom Flightglobal (February 2013). Regional split basedon operator location (when available).
Read the monthy FeetWatch smmaries at:www.ightgoba.com/eetwatch
Rgon ovrv or ommr rr n 2012
NORTH AMERICA
europe
SOuTH AMERICA
ASIA-pACIFIC
AFRICA
MIDDlE EAST
2012 net orders: 670
2012 deliveries: 167
Backlog (31 Dec): 2,678
2012 net orders: 270
2012 deliveries: 147
Backlog (31 Dec): 846
2012 net orders: 471
2012 deliveries: 319
Backlog (31 Dec): 1,9182012 net orders: 4
2012 deliveries: 102
Backlog (31 Dec): 873
2012 net orders: 959
2012 deliveries: 617
Backlog (31 Dec): 3,9552012 net orders: 18
2012 deliveries: 48
Backlog (31 Dec): 188
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leasiNg OutlOOk
to 10 or y f vu
Extracts from:
Gecas $34.1 -1.4%
aii cpi Gup $5.616.7%
ai l $5.659.7%
sMbc aii cpi $5.9-11.6%
aWas $6.1 18.6%
cIt ap $7.2-4.2%
boc aii $7.37.9%
acp $7.7-8.8%
bbaM $8.79.8%
IlFc $26.1 -6.0%
TOp FlIGHT
GECAS has kept its impressive lead in the leasing stakes. While
its portfolio by eet value dropped slightly in 2012 to $34.1 billion,
there was a sharper decline at its nearest rival International Lease
Finance (ILFC). Continued growth during the past 12 months has
moved BBAM up to make it the third-largest lessor.
HIGH RISERS
Air Lease (ALC) marches on and less than three years
after launch, a eet portfolio of 151 valued at $5.6 billion
puts it among the top 10 largest lessors in the world. Other
rapid risers in 2012 lude Avolon, which grew its eet value
by 61% to $3.4 billion, and AWAS which grew by 19% to
$6.1 billion.
REGIONAl SHIFT
Aircraft lessors hold a 20% share of the narrowbody aircraft
backlog, and 12% of widebody orders. The latter is down on the
18% share lessors held ve years ago. However, the biggest
movement during that period is in regional jets. Lessors account
for more than a fth of the eet backlog today, compared withonly 3% in 2008.
EASTERN pROMISE
China Aircraft Leasing (CALC), which acquired 36 Airbus A320s
last year, aims to build its portfolio to 100 aircraft by 2015, another
sign of the growing development of the leasing sector in China.
BIG DEAlS
A busy year for acquisitions in the sector was capped in December
when Chinese investors agreed to buy a 90% stake in ILFC from
AIG. It marks a further shift to the east in the nance sector after
Japanese acquisitions earlier in the year. In October, Mitsubishi
UFJ Lease & Finance acquired fast-growing Jackson Square
Aviation after Sumitomo Mitsui completed its purchase of RBS
Aviation Capital at the start of last year.
1,635Lessors frm backlog as at the end o 2012,led by GECAS with 285 aircrat, ollowed by
Air Lease with 244, and ILFC with 225
32%Aircrat lessors shares representalmost a third o the total globaleet and 42% o the Airbus and
Boeing narrowbody market
$181The total eet value o the top 50 aircrat lessorseet portolios in 2012, marking an increase o 6%
over the previous year
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top 50 lessors and management companIes by leet value
r t f t a m 2012 (2011) c $ c f $ c $ s
1 (1) Gecas 34,096 -1.4% 1,742 19.6 -0.7% 1,162 3.4%
2 (2) IlFc 26,123 -6.0% 1,033 25.3 -6.2% 946 3.6%
3 (4) bbaM 8,622 9.8% 332 26.0 8.2% 7,602 88.2%
4 (3) acp 7,707 -8.8% 297 25.9 0.2% 1,937 25.1%
5 (6) boc aii 7,276 7.9% 198 36.7 -2.4% 702 9.6%
6 (5) cIt ap 7,179 -4.2% 268 26.8 -6.0% 68 0.9%
7 (8) aWas 6,131 18.6% 244 25.1 8.9% 116 1.9%
8 (7) sMbc aii cpi 5,913 -11.6% 232 25.5 -6.3% 0 0.0%
9 (12) ai l cpi 5,618 59.7% 151 37.2 2.6% 0 0.0%
10 (9) aii cpi Gup 5,582 16.7% 270 20.7 5.9% 170 3.0%
11 (13) di 4,046 35.6% 35 115.6 4.6% 4,046 100.0%
12 (14) cdb lig 3,795 32.1% 91 41.7 1.6% 0 0.0%
13 (10) ai ai 3,769 1.1% 158 23.9 -10.4% 55 1.4%
14 (16) Mc aii P 3,529 25.0% 110 32.1 -1.1% 788 22.3%
15 (23) a ap lg 3,414 61.3% 89 38.4 -5.8% 0 0.0%
16 (18) Pmk Gup 3,395 33.8% 97 35.0 3.4% 145 4.3%
17 (11) Mqui aiFi 3,179 -12.2% 149 21.3 -8.1% 350 11.0%
18 (17) Icbc lig c 3,174 21.5% 82 38.7 -6.7% 124 3.9%
19 (21) Jk squ aii 2,762 25.2% 65 42.5 -11.4% 0 0.0%
20 (15) sumi a a Mg 2,621 -8.5% 86 30.5 -5.3% 989 37.8%
21 (25) dae cpi 2,528 23.1% 51 49.6 13.5% 0 0.0%
22 (22) hg Kg a cpi 2,301 4.6% 73 31.5 -2.6% 1,688 73.4%
23 (27) Guggim a P 2,278 29.4% 66 34.5 0.0% 0 0.0%
24 (28) orIx aii 2,232 56.4% 120 18.6 14.7% 323 14.5%
25 (19) big cpi cp 2,135 -11.0% 236 9.0 -8.7% 185 8.6%
26 (24) amum cpi 2,067 -1.6% 45 45.9 -3.8% 2,067 100.0%
27 (20) Fly lig 2,024 -8.4% 110 18.4 -9.2% 0 0.0%
28 (26) alaFco 1,566 -18.8% 51 30.7 -4.4% 0 0.0%
29 (31) ni aii cpi 1,478 46.4% 174 8.5 26.2% 0 0.0%
30 (82) cgjig lg c 1,156 668.6% 50 23.1 -23.1% 0 0.0%
31 (30) l cpi I' 970 -7.8% 12 80.9 -0.1% 970 100.0%
32 (29) skWk lig 962 -21.8% 84 11.5 -8.8% 962 100.0%
33 (43) s dum a Mgm 961 87.7% 25 38.5 20.1% 0 0.0%
34 (46) veb-lig Jsc 867 82.2% 41 21.1 -2.2% 0 0.0%
35 (34) Jp 853 8.7% 43 19.8 6.2% 325 38.1%
36 (58) nu aii 786 157.8% 17 46.2 127.5% 515 65.6%
37 (33) ai lig & Mgm 738 -7.4% 35 21.1 11.1% 738 100.0%
38 (35) I G a Fu 676 2.0% 19 35.6 -8.8% 172 25.5%
39 (32) Pg Mi 666 -24.0% 37 18.0 -13.7% 0 0.0%
40 (37) cg ai Mgm 645 3.2% 75 8.6 6.0% 13 2.0%
41 (56) ci ai lg 607 94.6% 16 37.9 21.7% 0 0.0%
42 (48) avIc Ii lg 587 35.6% 33 17.8 2.7% 6 0.9%
43 (38) b ami lg 540 -12.1% 36 15.0 0.1% 17 3.1%
44 (40) dg aii lg c 537 -8.8% 17 31.6 -8.8% 0 0.0%
45 (36) vi a si 509 -18.7% 36 14.1 8.3% 0 0.0%
46 (39) Goal 502 -15.9% 33 15.2 4.5% 0 0.0%
47 (116) bcm lig 499 1248.4% 15 33.3 79.8% 0 0.0%
48 (41) vtb-lig 494 -14.5% 39 12.7 -16.7% 297 60.3%
49 (45) ai Pu F 463 -4.0% 16 28.9 -10.0% 0 0.0%
50 (54) au aii 457 41.8% 21 21.7 8.0% 0 0.0%
total 181,015 6.1% 7,355 24.6 1.0% 27,477 15.2%
Notes: Fleet value based on Ascend estimates 2012. FLY Leasing aircrat managed by BBAM, but not luded in BBAM fgures to avoid double counting. 2011 rankings reworked due to new historical data or two lessors.
RBS Aviation Capital acquired by SMBC. DEFINITIONS:rkig: The survey is based on the Top 50 companies with a substantial operating lease business ranked by the value o their owned and/or managed eets at
the end o December 2012. cg: The change fgures are based on eets/values supplied by Flightglobals Ascend Online Fleets and Values databases or December 2012 and 2011. opig : Lessors are
defned as those with an active operating lease business and a substantial investment in eet. Companies that are solely or predominantly fnanciers have been excluded. F & u: The survey represents a
snapshot o eets, including stored aircrat, with air market generic values supplied by Ascend. Note the composition o eets is constantly changing.
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top 50 lessors and management companIes by leet sIze
r t f v2012 (2011) c i +/- wi n rJ/p ($) r a ($)
1 (1) Gecas 1,742 -0.7% -13 194 1,102 446 34,096 1 19.6
2 (2) IlFc 1,033 0.2% +2 277 756 26,123 2 25.3
3 (3) bbaM 332 1.5% +5 33 297 2 8,622 3 26.0
4 (4) acp 297 -8.9% -29 44 246 7 7,707 4 25.9
5 (7) aii cpi Gup 270 10.2% +25 11 259 5,582 10 20.7
6 (5) cIt ap 268 1.9% +5 39 217 12 7,179 6 26.8
7 (9) aWas 244 8.9% +20 50 192 2 6,131 7 25.1
8 (8) big cpi cp 236 -2.5% -6 18 209 9 2,135 25 9.0
9 (6) sMbc aii cpi 232 -5.7% -14 2 218 12 5,913 8 25.5
10 (10) boc aii 198 10.6% +19 27 166 5 7,276 5 36.7
11 (12) ni aii cpi 174 16.0% +24 12 162 1,478 29 8.5
12 (13) ai ai 158 12.9% +18 60 96 2 3,769 13 23.9
13 (17) ai l cpi 151 55.7% +54 28 85 38 5,618 9 37.2
14 (11) Mqui aiFi 149 -4.5% -7 12 133 4 3,179 17 21.3
15 (15) orIx aii 120 36.4% +32 17 100 3 2,232 24 18.6
16 (20) Mc aii P 110 26.4% +23 28 82 3,529 14 32.1
17 (16) Fly lig 110 0.9% +1 6 104 2,024 27 18.4
18 (14) Fk 105 -16.7% -21 105 280 64 2.7
19 (22) am ai lig 99 19.3% +16 99 327 61 3.3
20 (24) Pmk Gup 97 29.3% +22 15 82 3,395 16 35.0
21 (28) cdb lig 91 30.0% +21 23 49 19 3,795 12 41.7
22 (29) a ap lg 89 71.2% +37 7 76 6 3,414 15 38.4
23 (21) sumi a a Mg 86 -3.4% -3 6 77 3 2,621 20 30.5
24 (18) skWk lig 84 -14.3% -14 17 46 21 962 32 11.5
25 (26) Icbc lig c 82 30.2% +19 22 53 7 3,174 18 38.7
26 (23) cg ai Mgm 75 -2.6% -2 44 31 645 40 8.6
27 (27) hg Kg a cpi 73 7.4% +5 17 50 6 2,301 22 31.5
28 (33) Guggim a P 66 29.4% +15 33 33 2,278 23 34.5
29 (25) sk hig 66 -8.3% -6 12 54 408 56 6.2
30 (34) Jk squ aii 65 41.3% +19 6 59 2,762 19 42.5
30 (19) s ai lg 59 -46.8% -52 59 98 85 1.7
32 (40) as 54 42.1% +16 18 36 430 52 8.0
33 (48) ecc lig c 54 50.0% +18 54 368 58 6.8
34 (32) ap aii Gup 52 10.6% +5 16 33 3 427 53 8.2
34 (36) dae cpi 51 8.5% +4 20 31 2,528 21 49.6
34 (30) alaFco 51 -15.0% -9 4 47 1,566 28 30.7
37 (38) cgjig lg c 50 8.7% +4 32 18 1,156 30 23.1
37 (63) Ga ti 48 92.0% +23 15 21 12 387 57 8.1
39 (31) ag cpi 47 4.4% +2 44 3 97 86 2.1
39 (37) amum cpi 45 2.3% +1 14 26 5 2,067 26 45.9
41 (42) Jp 43 2.4% +1 6 37 853 35 19.8
42 (71) veb-lig Jsc 41 86.4% +19 19 12 10 867 34 21.1
43 (45) JF Mgm cp 40 5.3% +2 40 107 84 2.7
44 (39) W s aii 40 -11.1% -5 2 38 92 89 2.3
45 (47) vtb-lig 39 2.6% +1 14 23 2 494 49 12.7
45 (43) Pg Mi 37 -11.9% -5 20 17 666 39 18.0
47 (44) b ami lg 36 -12.2% -5 8 20 8 540 43 15.0
48 (35) vi a si 36 -25.0% -12 36 509 45 14.1
49 (50) Iui Fi c 36 9.1% +3 7 20 9 62 101 1.7
50 (57) di 35 29.6% +8 27 8 4,046 11 115.6
total 7,796 3.8% +286 1,232 5,334 1,230 176,316 22.6
NOTES: Figures based on eet data rom Flightglobals Ascend Online database or December 2012. Total eet is owned and managed. 2011 data recalculated on basis o top 50
lessors by eet size, and not top 50 lessors by eet value ranked by their eet size, as published previously. SMBC Aviation Capital was ormerly RBS Aviation Capital
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12|Flightglobal Insight|AircrAft finAnce 2013
top 50 leasing surveyOu annual eview o the lessos povides a snapshot o the global eet that they own and manage, compiled om
lightglobals Ascend Online database as o Decembe 2012
maInlIne aIrcrat: leased leetm/ t v
($)
a.
($)
aiu w a318 331 23 14.4
a319 9,903 637 15.5
a320 38,285 1,632 23.5
a321 7,872 300 26.2
aIrbus narrowbody total 56,390 2,592 21.8
aiu wi a300 356 32 11.1
a310 115 21 5.5
a330 23,279 395 58.9
a340 2,568 100 25.7
a380 3,047 18 169.3
aIrbus wIdebody total 29,365 566 51.9aIrbus total 85,756 3,158 27.2
big w 717 1,049 128 8.2
727 16 24 0.7
737 cFMI 2,549 756 3.4
737 Jt8d 13 59 0.2
737 nG 49,809 1,841 27.1
757 2,994 293 10.2
dc-8 43 28 1.5
dc-9 1 6 0.1
Md-80 293 177 1.7
Md-90 60 12 5.0
boeIng narrowbody total 56,827 3,324 17.1
big wi 747 5,592 167 33.5767 5,407 334 16.2
777 24,193 271 89.3
787 105 1 105.0
dc-10 5 7 0.7
Md-11 681 41 16.6
boeIng wIdebody total 35,983 821 43.8
boeIng total 92,809 4,145 22.4
maInlIne aIrcrat grand total 178,565 7,303 24.5
regIonal Jets: leased leet
m t v
($)
a.
($)
bmi crJ 1,030 285 3.6crJ700/900/1000 956 75 12.7
bombardIer total 1,986 360 5.5
em e-170/175 1,440 80 18.0
e-190/195 5,128 205 25.0
erJ-145 mi 1,199 189 6.3
embraer total 7,766 474 16.4
ba sm ba 146/a rJ 234 76 3.1
Fkk Fkk F.28/70/100 189 60 3.2
o 279 34 8.2
regIonal Jet grand total 10,454 1,004 10.4
Notes: Embraer data ludes Harbin Chinese production; Others ludes Antonov An-148; Fairchild/Dornier 328Jet;Sukhoi Superjet 100; Mainline total covers Airbus and Boeing only. *BBAM excludes FLY Leasing, whose portolio ismanaged by BBM. Source: Returns to annual leasing survey and Flightglobals Ascend Online database. Survey datacovers all frms with an active operating lease business and a substantial investment in eet and is not restricted totop 50 aircrat lessors as previously published.
narrowbody lessors by leet value
r c v ($) c
1 Gecas 20,716 1,102 -21
2 IlFc 13,902 756 +6
3 bbaM 6,450 297 -1
4 sMbc aii cpi 5,647 218 -12
5 aii cpi Gup 5,362 259 +25
6 acp 5,161 246 -31
7 cIt ap 4,994 217 -1
8 boc aii 4,660 166 +14
9 aWas 4,106 192 +24
10 a ap lig 2,690 76 +28
wIdebody lessors by leet value
r c v ($) c
1 IlFc 12,222 277 -4
2 Gecas 9,504 194 +7
3 di 3,867 27 +6
4 boc aii 2,461 27 +2
5 acp 2,442 44 +2
6 ai ai 2,380 60 +6
7 ai l cpi 2,203 28 +11
8 bbaM 2,126 33 +4
9 aWas 2,018 50 -3
10 cIt ap 1,938 39 +0
regIonal aIrcrat lessors by leet sIze
rc v $ J t c
1 Gecas 3,876 446 418 28 -3
2 ni aii cpi 1,442 162 5 157 +25
3 Fk 280 105 69 36 -28
4 am ai lg 327 99 32 67 +14
5 s ai lig 98 59 0 59 -34
6 ecc lig c 368 54 53 1 +17
7 JF Mgm cp 107 40 7 33 -1
8 ai l cpi 1,008 38 30 8 +24
9 Jp 806 37 35 2 +4
10 eik tu ab 163 33 1 32 +1
turboprops: leased leetm t v
($)
a.
($)
atr atr 42 254 64 4.0
atr 72 1,704 152 11.2
atr total 1,958 216 9.1
ba sm atP/Jm 31/41 79 54 1.5
bmi twi o/d 8 1,778 219 8.1
em eMb-120 17 13 1.3
Fkk 50 84 48 1.7
s 340/2000 275 133 2.1
o 173 68 2.5
total 4,364 751 5.8
maInlIne/regIonal grand total 193,383 9,058 21.3
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finding the fundsrecod poduction means that ailines delivey fnance equiements will incease by 15% this yea to $100 billion,
with banking activity likely to gow signifcantly
The major airframers are set to deliver almost $100 billion
worth of aircraft in 2013 as production rates in Airbus and
Boeings plants surpass the record output of 1,190 units set
last year.
According to projections based on data from the Flightglobals
Ascend Online database, almost $96 billion worth of aircraft
will be delivered by Airbus and Boeing this year (applying
2013 full-life base values). A further $3 billion worth of metal
will be shipped by Bombardier and Embraer.
We estimate that demand for nance is up by 15% this year
over 2012, says Flightglobal Ascend senior aviation analyst
Rob Morris.
Airbus will again be shaded by its US rival, shipping $42 billion
of assets, compared with $53 billion from Seattle. Airbus will
earn more from single-aisles, delivering $24.7 billion worth of
A320 family aircraft against $22.6 billion worth of 737s. But
Toulouse looks set to be beaten fair and square in the more
lucrative widebody market, delivering $17.7 billion worth of
A330s and A380s against an impressive tally of $30.8 billion
in 747s, 767s 777s and 787s by Boeing.
Well over two-fths of the 2013 nancing requirements will be
from Asia-Pacic airlines, which will take $45 billion worth of
airliners. Thats 18% greater than last year, Morris points
out.
Europe accounts for around a fth ($20 billion) of the delivery
nancing needs, while North American carriers will need to
nd almost $15 billion in nancing this year. Morris says that
the North American gure is around 40% greater than 2012.
Deliveries to Middle Eastern carriers will account for around
$10 billion this year.
Morris expects that export credit agency (ECA) activity will be
broadly the same as 2012: We estimate around $24.5 billion
worth of ECA nancings, despite the potential increase in
cost, he says.
Bank activity is expected to grow signicantly, with Asia
Pacic driving much of that growth due to its greater funding
requirements.
Capital market activity is set to increase by as much as 50%.
This will be driven by the increased value of deliveries to North
American airlines, Morris says.
As for the assets, around 80% of deliveries will be types
Ascend classes as liquid, and thus relatively easy to nance.Thats around the same ratio as last year and on this basis
we expect nance will be found for the other 20%, as it was
in 2012.
2013 delIvery values by category and regIon
2013 delIvery values by aIrramer
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Five appraisers review the market in 2012 and
take a look ahead in 2013
Wi there be a ot of order reshfing this year?
Coatera Verications Vp Commercia Aviation
Services Geric Dechavanne: This will depend greatly
on the state of the industry throughout the year. Should
things keep moving at the same pace, we could see some
deferrals from operators that were expecting 2013 to show
more signicant improvements that might be seen. This may
be region specic though as some of the regions, such as
North America, will most likely continue to take delivery of
new aircraft, which are predominantly used as replacement
aircraft versus growth aircraft.
ICF SH&E Vp Ken de Jaeger: ICF SH&E does not
anticipate a material amount of order reshufing in 2013
above and beyond what is typical in most years.
IBA Gros head of vaations and modeing
Start Hatcher: As the market continues to evolve then
understandably airlines and operating lessors will want
the freedom to shufe some of their orders around, where
possible. The backlog of Airbus A319s and Boeing 737-
700s is quite smaller now, but there is plenty of room to
move A320/737-800s up to the A321/737-900ER models.
Likewise, we might expect to see the same for the A350 as
well as the programme gathers momentum.
Ascend director of vaations les Wea: Probably some.
We expect some airlines will push deliveries to the right andairlines with major eet replacement needs (US airlines?)
step in.
Do yo exect a back in orders for the 787 de to
recent concerns? Wi vaes be imacted?
Dechavanne: I dont believe we will see much pullback
unless the current issues create a very signicant delay.
Values should also not get greatly impacted unless the issues
found become more permanent, which is not expected.
Boeing has too much invested in this aircraft to not do what
is necessary to get the aircraft back up and ying. I am
condent that once the full issues have been identied, they
will be xed and the programme will continue as planned. I
believe that in todays environment, there is a lot of pressure
from operators to have the original equipment manufacturers
(OEM) produce more technologically advanced aircraft
and due to this, there will always be issues that need to be
worked out in the initial deliveries of these aircraft. This is
what we are currently experiencing with the 787.
De Jaeger: ICF SH&E would not anticipate any signicant
new orders being signed until the root cause of the 787
battery issues have been identied. The investigation is still
early and any commentary on the valuation impact would be
pure speculation at this point.
Hatcher: Providing Boeing can sort this problem out, get
the current eet ying and prevent any long-term delays
then a value crisis should be averted. But can it be done
quickly and effectively to prevent further delays? The early
line numbers already have big question marks above themas analysts try to assess their true capability versus those
built further down the line this could just be another reason
why the majority of these early builds will not attract the
lessors in the same way as the later builds. Once you couple
the issues of weight, engine mod level and now battery
issues, these early-build aircraft will have a different value
treatment anyway but that is no different to any other new
programme in history either! Once the issues are sorted (still
early days on when that will be) and the latest engines are
in full production then it will be time for Boeing to prove just
how good the design is. If this is part of a more serious issue,
then we would expect to see some value impact. Given thebad press, I would expect to see more A350 orders this year
particularly for those who have been sitting on the fence.
Some 787 orders will fall away but we may possibly see
more reshufing towards the larger variant(s?).
Taiwind Caita Bryson Monteeone: Pullbacks only if
there is a signicant re-design to the aircraft similar to the
A380 programme, and operators cannot wait for additional
lift should the program be paused.
Wea: Too early to say and probably not.
maRket OutlOOk
wh rr x n 2013
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Do yo anticiate more aircraft to be arked in 2013?
Why?
Dechavanne: Yes. Unless trafc picks up signicantly this
year, operators will continue to replace older less efcientaircraft with newer aircraft, which means that more aircraft
will be parked, perhaps indenitely.
De Jaeger: ICF SH&E does not anticipate an increase in
the eet of parked aircraft in 2013; as always, bankruptcies
and unpredictable exogenous events can and do cause
spikes.
Hatcher: It is still tough out there and despite the expectation
that fuel prices will stabilise, certain aircraft types will be
parked up. Certainly the A340s and 747s will continue to
feel the pain, likewise the smaller members of large families
will continue to move to the desert. As passenger demand
continues to rise, we may actually see more aircraft returning
to service. Many airlines have become savvier to managing
their available seat kilometres and operating lessors will be
pushing hard to return many of their parked aircraft back into
service. The overall number parked will remain the same, but
the inmates will change. Undoubtedly some young aircraft
will make their way into the desert as funding remains tight
but new investors will continue to emerge and return a little
condence back to the market.
Monteeone: As long as OEMs continue to pump out new
aircraft en masse at aggressive production rates, and
nancing/leasing for new aircraft remains more compelling,
many used aircraft will have no place to go but be parked.
Wea: More important question are the permanent
retirements and Ascend is interested to see if the
youthfulness of the retirements we have seen last year
continues in 2013.
Do yo beieve the new ASu wi see airines rethink the
amont of new aircraft they order?
Dechavanne: This will not have much of an impact. Although
the cost of nancing new aircraft has and will go up, it is still
less expensive than trying to nance used aircraft.
De Jaeger: Export credit nancing has certainly provided a
signicant amount for new deliveries, and one consequence
has been a migration of demand toward new aircraft, at
the expense of used equipment. As the new ASU comes
into effect, the relative attractiveness of used equipment
will likely increase again, but we will still continue to see
signicant new orders as the industry grows.
Hatcher: Nothing seems to affect how airlines think about
new orders. Judging by recent activity, the game is centred
on ooding the market with capacity, which is inevitablegiven that OEMs will raise production in order to reduce its
backlog quicker or simply at the same rate that it is lling
up! Having said that, airlines cannot continue in this way
innitum and we may see some reduction in orders from
some of the main culprits of recent years but there are still
countless operators out there who have yet to place their
order. Providing the airline has a reasonable business case
then funding will appear from new avenues in the Middle
East and Asia.
Monteeone: Not as long there remains an abundance
of easy nancing, especially by lessors willing to less than
stellar credits.
Which aircraft saw the greatest recovery in 2012?
Dechavanne: I wouldnt say that any aircraft saw a
recovery. There were several new aircraft that remained
stable, such as the 777-300ER and the A330-300 but the
market still remained soft for most aircraft. On the used out-
of-production side, the 757 remained the most stable aircraft
compared to others.
De Jaeger: We really did not see much recovery in any of
the aircraft types, but if we have to choose one aircraft, it
would be the 737-900ER.
Hatcher: This is probably too strong a statement for any
aircraft in 2012 as the market continues to remain at
and depressed. Specic types continue to move around
in relatively large numbers that does provide some
encouragement, although a single operator or specic
regions are usually behind it i.e. MD-90s, 757s and Fokker
70/100s although the latter two have been holding their
own for a number of years now.
Monteeone: Large turboprops.
Wea: Not sure anything really recovered in the jet sector.
Which aircraft erformed the worst in 2012?
Dechavanne: Whilst most markets remained soft in 2012,
the values of the 767-300ERs, older 737-800s, and A340s
were hit the most.
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De Jaeger: The ERJ-135/140/145 family.
Hatcher: Any A340!
Monteeone: 737 Next Generation aircraft and intermediatewidebodies.
Wea: Not a sensible question, different yobs have vastly
different result, I would suspect late build 747-400Fs were
pretty weak and the A340-300 is in a tailspin.
Do yo see the second-hand market for narrowbodies
imroving this year?
Dechavanne: Unfortunately no. There might be some
stability if trafc numbers are better than expected but due to
the fact that the OEMs have continued to ramp up production
and nancing of used aircraft remains difcult, this will
continue to negatively impact second-hand aircraft.
De Jaeger: ICF SH&E expects the market for used but
young (5-15 years old) narrowbody aircraft to improve this
year, as more airlines and investors see the relative value in
the aircraft at current trading levels.
Hatcher: Difcult to imagine. Too many new aircraft are
due for delivery to spark any sudden surge and they will
take all the nancing up too! We expect to see more lessor-lessor sales as new investors emerge to play the game. We
will expect to see a slight return of lease rates rst (despite
low interest rates) before any pricing will return.
Monteeone: Narrowbodies will remain in-ux as there
remains both a technological sunset for the Next Generation
aircraft and perhaps a built-in obsolescence for the Neo
and Max variants. Airlines seem to be happy with operating
lessors taking on the residual risk as lessors continue to ll
up their order books with large orders.
Wea: We need to see improved volumes of trades beforewe can call this.
Do yo see the second-hand market for widebodies
imroving this year?
Dechavanne: No. My answer is similar to the one for
narrowbody aircraft. There might be some level of stability
with some aircraft should the cargo market improve thereby
reasing the demand for converted freighters. Otherwise,
2013 will not be too dissimilar from 2012.
De Jaeger: ICF SH&Es baseline expectation is that the
second-hand widebody market would not improve in 2013
given the planned production levels; however, if the 787
battery issues are not resolved quickly, we would anticipate
some increased demand from airlines to extend existingleases of medium widebody aircraft, providing support for
elevated lease rates. Such support would not necessarily
translate to improvements in values.
Hatcher: Some types will move about but they will be
older variants as the new types dont trade outside of the
sale and leaseback market or post-repossession. If fuel
prices does remain intact for 2013, then we could see a
rise in freight trafc but I still believe there are too many big
freighters parked up to spur any sudden conversion frenzy
this year although it would be good to see the low-cost
freighter programme come to fruition. Feel stock are looking
good but they may not be let go at market pricing if their
book values remain too high. A340s will continue to trade
this year but appraisers will struggle to keep up with the
dropping values. Part-outs will probably drop away as well
as that market reaches saturation. The year 2013 will also
see an reasing number of A330s on the market. Off-lease,
the pricing may appear scary, but providing they can nd
new homes or conversion prospects, the amount of desert
time will hopefully remain short.
Monteeone: Yes, only if the 787 continues to have problemsand operators require immediate lift. Otherwise intermediate
widebodies might soften.
Wea: The 787 grounding could give the lease rates a llip.
Book value depreciation would be a good outcome for any
aircraft.
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aIrlIner Inance deals announced In 2008 wIth analysIs by operator/lessor
deals database 2012
by uomraIrcraft fInance deals announced In 2012
cum cu M num i
ai m egi
p
d uu
1im aii South Arica Feb 1 MD-87 JT8D Loan/Finance/Refnanced
acp Netherlands Jun 1 A320-200 CFM56 Loan/Finance/Refnanced
acp Netherlands Aug 2 737-800 CFM56 Loan/Finance/Refnanced
acp Netherlands Oct 1 A330-300 Trent ECA / EXIM
acp Netherlands Oct 5 737-800 CFM56 Loan/Finance/Refnanced
acp Netherlands Dec 10 737-800 CFM56 Pre Delivery Payment
a cpi sui USA Jan 1 737-500 CFM56 Loan/Finance/Refnanced
a cpi sui USA Mar 1 737-500 CFM56 Loan/Finance/Refnanced
a rui aii Russia Jul 2 A330-300 Trent ECA / EXIM
a rui aii Russia Aug 3 A330-300 Trent ECA / EXIM
ami Mexico May 3 737-800 CFM56 ECA / EXIM
aii ai si USA Aug 10 ERJ-145 AE 3007 Loan/Finance/Refnanced
as USA Jan 2 737-300 CFM56 Loan/Finance/Refnanced
as USA Jan 6 747-400 CF6 Loan/Finance/Refnanced
as USA Mar 9 MD-90 V2500 Loan/Finance/Refnanced
as USA May 1 737-400 CFM56 Loan/Finance/Refnanced
as USA Oct 1 747-400 PW4000 Loan/Finance/Refnanced
as USA Nov 1 747-400 Combi CF6 Loan/Finance/Refnanced
as USA Dec 2 737-400 CFM56 Loan/Finance/Refnanced
as USA Dec 1 737-400 CFM56 Loan/Finance/Refnanced
as USA Dec 1 747-400 PW4000 Loan/Finance/Refnanced
as USA Dec 1 767-300ER RB211 Loan/Finance/Refnanced
as USA Dec 1 MD-90 V2500 Loan/Finance/Refnanced
ai hig c ami USA Dec 1 A320-200 CFM56 Loan/Finance/Refnanced
ai ai UAE Apr 2 A320-200 CFM56 Loan/Finance/Refnanced
ai ai UAE May 2 A320-200 CFM56 ECA / EXIM
ai ai UAE Jun 4 A320-200 CFM56 ECA / EXIM
ai ai UAE Jun 2 A320-200 CFM56 Finance Lease
ai a Kazakhstan Oct 2 190 CF34 ECA / EXIM
ai a Kazakhstan Nov 2 A321-200 V2500 ECA / EXIM
ai cpi Gup USA Sep 1 MD-82 JT8D Loan/Finance/Refnanced
ai ci China Jan 1 A320-200 CFM56 Tax Lease| Loan/Finance/Refnanced
ai ci China Jan 1 A330-200 Trent Loan/Finance/Refnanced| Tax Lease
ai ci China Feb 6 A321-200 V2500 Tax Lease| ECA / EXIMai ci China Mar 4 A320-200 CFM56 ECA / EXIM
ai ci China Mar 1 737-800 CFM56 Loan/Finance/Refnanced
ai ci China Mar 1 777-300ER GE90 Loan/Finance/Refnanced
ai ci China May 1 A320-200 CFM56 Tax Lease
ai ci China May 1 A320-200 V2500 Tax Lease
ai ci China May 1 777-300ER GE90 Capital Markets
ai ci China Jul 2 777-300ER GE90 Capital Markets
ai ci China Aug 2 777-300ER GE90 Capital Markets
ai ci China Sep 1 737-800 CFM56 Loan/Finance/Refnanced
ai F France Jan 1 A318-100 CFM56 Tax Lease
ai F France Jan 1 A380-800 GP7200 Loan/Finance/Refnanced
ai F France Mar 1 777-300ER GE90 Tax Lease
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aIrcraft fInance deals announced In 2012
cum cu M num i
ai m egi
p
d uu
ai F France Apr 1 A380-800 GP7200 ECA / EXIM| Tax Lease
ai F France Apr 1 A380-800 GP7200 ECA / EXIM| Tax Leaseai F France Nov 1 A318-100 CFM56 Tax Lease
ai F France Nov 1 A319-100 CFM56 Tax Lease
ai F France Nov 1 777-300ER GE90 Tax Lease
ai Ii India Apr 2 787-8 GEnx Loan/Finance/Refnanced
ai Ii India Oct 1 787-8 GEnx Loan/Finance/Refnanced
ai nw Z New Zealand Jul 4 ATR 72-600 PW100 Tax Lease
ai nw Z New Zealand Dec 3 A320-200 V2500 Tax Lease
ai tii French Polynesia Jun 2 ATR 42-600 PW100 Tax Lease
aiai Malaysia Jun 1 A320-200 CFM56 Loan/Finance/Refnanced
aiai Malaysia Jul 2 A320-200 CFM56 Finance Lease
aiai Malaysia Sep 1 A320-200 CFM56 Loan/Finance/Refnanced
aibigcg Russia Jan 5 747-8F GEnx Finance Lease
ai ai USA Apr 1 A330-200 Trent ECA / EXIMaiii France Apr 1 ATR 72-500 PW100 Finance Lease
aiik - sa aiik South Arica Aug 3 ERJ-135 AE 3007 Loan/Finance/Refnanced
ak aii USA Sep 2 737-400 CFM56 Loan/Finance/Refnanced
a nipp aiw Japan Feb 1 767-300ER CF6 Finance Lease
a nipp aiw Japan Jul 1 777-200ER PW4000 Tax Lease
a nipp aiw Japan Oct 1 777-200ER PW4000 Finance Lease
agi ai USA Jan 1 MD-87 JT8D Loan/Finance/Refnanced
agi ai USA Jan 2 MD-88 JT8D Loan/Finance/Refnanced
agi ai USA Jun 2 757-200 RB211 Loan/Finance/Refnanced
agi ai USA Jun 2 MD-87 JT8D Loan/Finance/Refnanced
agi ai USA Jul 2 MD-87 JT8D Loan/Finance/Refnanced
agi ai USA Oct 2 MD-87 JT8D Loan/Finance/Refnanced
ami aii USA Oct 8 737-800 CFM56 Loan/Finance/Refnanced
ami aii USA Oct 2 777-200 Trent Loan/Finance/Refnanced
aMra lig Ireland Sep 1 Q400 PW100 Loan/Finance/Refnanced
ap aii Gup USA Sep 1 757-200 PW2000 Loan/Finance/Refnanced
aw aii UK Dec 2 A319-100 V2500 Loan/Finance/Refnanced
aw aii UK Dec 2 A321-200 V2500 Loan/Finance/Refnanced
ai aii South Korea Jun 1 777-200ER PW4000 ECA / EXIM
asl aii Gup Ireland Aug 3 737-800 CFM56 Loan/Finance/Refnanced
a ai USA Jan 6 747-8F GEnx ECA / EXIM
a ai USA Mar 2 747-400ER CF6 Loan/Finance/Refnanced
a ai USA Mar 3 767-300ER CF6 Loan/Finance/Refnanced
a ai USA Jun 1 747-8F GEnx Capital Markets
a ai USA Jul 1 747-8F GEnx Capital Markets
a ai USA Oct 1 747-8F GEnx Capital Markets
a ai USA Dec 1 747-8F GEnx Capital Markets
ai Colombia Apr 1 A319-100 CFM56 ECA / EXIM
ai Colombia Nov 2 A320-200 CFM56 ECA / EXIM
ai Colombia Nov 1 A330-200F Trent ECA / EXIM
ai| taca Ii aii Aug 4 A320-200 TBC Pre Delivery Payment
aii cpi Gup USA May 3 737-800 CFM56 Capital Markets
aii cpi Gup USA May 6 737-800 CFM56 ECA / EXIM
aii cpi Gup USA Jun 1 A320-200 V2500 Loan/Finance/Refnanced
aii tgi USA Mar 1 737-400 CFM56 Loan/Finance/Refnanced
avIc Ii lig China Jul 2 CRJ900 CF34 ECA / EXIM
am ai lig Canada Feb 2 Dash 8-100 PW100 Loan/Finance/Refnanced
am ai lig Canada May 2 Dash 8-200 PW100 Loan/Finance/Refnanced
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aIrcraft fInance deals announced In 2012
cum cu M num i
ai m egi
p
d uu
a ap lig Ireland Jan 1 A320-200 CFM56 Loan/Finance/Refnanced
a ap lig Ireland Jan 1 A320-200 V2500 Loan/Finance/Refnanceda ap lig Ireland Feb 1 A320-200 CFM56 ECA / EXIM
a ap lig Ireland Feb 3 A320-200 V2500 ECA / EXIM
a ap lig Ireland Feb 1 A330-200 Trent ECA / EXIM
a ap lig Ireland Feb 4 737-800 CFM56 ECA / EXIM
a ap lig Ireland Mar 2 190 CF34 Loan/Finance/Refnanced
a ap lig Ireland Apr 1 A320-200 CFM56 Loan/Finance/Refnanced
a ap lig Ireland Apr 1 A320-200 V2500 Loan/Finance/Refnanced
a ap lig Ireland May 2 737-800 CFM56 Loan/Finance/Refnanced
a ap lig Ireland Jun 2 A320-200 V2500 Loan/Finance/Refnanced
a ap lig Ireland Jul 1 A321-200 V2500 Loan/Finance/Refnanced
a ap lig Ireland Sep 1 A321-200 V2500 Loan/Finance/Refnanced
a ap lig Ireland Oct 1 777-300ER GE90 Loan/Finance/Refnanced
a ap lig Ireland Dec 3 737-800 CFM56 Loan/Finance/RefnancedaWas Ireland Jan 1 737-800 CFM56 Loan/Finance/Refnanced
aWas Ireland Feb 2 A319-100 V2500 Loan/Finance/Refnanced
aWas Ireland Feb 2 A320-200 CFM56 ECA / EXIM| Tax Lease
aWas Ireland Feb 1 A320-200 CFM56 Loan/Finance/Refnanced
aWas Ireland Feb 5 A320-200 TBC Loan/Finance/Refnanced
aWas Ireland Feb 3 A320-200 V2500 ECA / EXIM| Tax Lease
aWas Ireland Feb 1 A321-200 V2500 ECA / EXIM| Tax Lease
aWas Ireland Feb 5 737-800 CFM56 Loan/Finance/Refnanced
aWas Ireland Mar 7 A320-200 TBC Pre Delivery Payment
aWas Ireland Apr 1 A320-200 CFM56 Loan/Finance/Refnanced
aWas Ireland Apr 1 737-700 CFM56 Loan/Finance/Refnanced
aWas Ireland Jun 1 A320-200 CFM56 Capital Markets
aWas Ireland Jun 1 A320-200 CFM56 Loan/Finance/Refnanced
aWas Ireland Jun 8 A320-200 TBC ECA / EXIM
aWas Ireland Jun 20 A320-200 TBC Pre Delivery Payment
aWas Ireland Jun 1 A320-200 V2500 Capital Markets
aWas Ireland Jun 1 737-800 CFM56 Capital Markets
aWas Ireland Jun 3 737-800 CFM56 ECA / EXIM
aWas Ireland Sep 1 A320-200 CFM56 Loan/Finance/Refnanced
aWas Ireland Sep 1 737-800 CFM56 ECA / EXIM
aWas Ireland Sep 2 737-800 CFM56 Loan/Finance/Refnanced
aWas Ireland Oct 1 A330-200 CF6 Loan/Finance/Refnanced
aWas Ireland Oct 1 737-800 CFM56 Loan/Finance/Refnanced
aWas Ireland Nov 2 A320-200 TBC ECA / EXIM
aWas Ireland Nov 1 A320-200 V2500 ECA / EXIM
aWas Ireland Nov 2 737-800 CFM56 Loan/Finance/Refnanced
aWas Ireland Dec 3 737-800 CFM56 Loan/Finance/Refnanced
aWas Ireland Dec 5 737-800 CFM56 Pre Delivery Payment
boc aii Singapore Jan 1 737-700 CFM56 Loan/Finance/Refnanced
boc aii Singapore Mar 1 A320-200 V2500 Loan/Finance/Refnanced
boc aii Singapore Mar 2 737-700 CFM56 Loan/Finance/Refnanced
boc aii Singapore Apr 2 A320-200 CFM56 Loan/Finance/Refnanced
boc aii Singapore Apr 3 A320-200 V2500 Loan/Finance/Refnanced
boc aii Singapore Apr 1 A321-200 CFM56 Loan/Finance/Refnanced
boc aii Singapore Apr 1 737-700 CFM56 Loan/Finance/Refnanced
boc aii Singapore Apr 2 195 CF34 Loan/Finance/Refnanced
boc aii Singapore Jun 1 A330-200F Trent ECA / EXIM
boc aii Singapore Jun 2 777-300ER GE90 ECA / EXIM
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boc aii Singapore Nov 4 A320-200 V2500 Loan/Finance/Refnanced
bcm lig China May 1 A320-200 V2500 Loan/Finance/Refnancedbcm lig China Sep 2 A320-200 CFM56 Loan/Finance/Refnanced
bcm lig China Sep 2 737-800 CFM56 Loan/Finance/Refnanced
bcm lig China Sep 1 777-200LRF GE90 Loan/Finance/Refnanced
bii aiw UK Mar 1 777-300ER GE90 Tax Lease
bii aiw UK Nov 1 A320-200 V2500 Loan/Finance/Refnanced
bii aiw UK Nov 1 A320-200 V2500 Tax Lease
bu ai Nepal Jul 1 ATR 72-500 PW100 Loan/Finance/Refnanced
cgu Luxembourg Nov 1 747-8F GEnx ECA / EXIM
cgu Luxembourg Dec 1 747-8F GEnx Loan/Finance/Refnanced
c Pif Hong Kong Feb 2 A330-300 Trent Tax Lease
c Pif Hong Kong Apr 2 777-300ER GE90 Tax Lease
c Pif Hong Kong Sep 2 A330-300 Trent ECA / EXIM
c Pif Hong Kong Nov 1 A330-300 Trent Loan/Finance/Refnancedcdb lig cmp China May 2 737-800 CFM56 Loan/Finance/Refnanced
cdb lig cmp China Jul 3 A320-200 V2500 Loan/Finance/Refnanced
cdb lig cmp China Sep 4 A319-100 TBC Loan/Finance/Refnanced
cdb lig cmp China Sep 1 A320-200 TBC Loan/Finance/Refnanced
cdb lig cmp China Sep 1 A330-200 TBC Loan/Finance/Refnanced
cdb lig cmp China Sep 3 737-800 CFM56 Tax Lease
cdI cg aii China Aug 1 737-300 CFM56 Loan/Finance/Refnanced
cu Pif ai Philippines Jan 7 A320-200 CFM56 Pre Delivery Payment
cu Pif ai Philippines Jul 3 A320-200 CFM56 ECA / EXIM
cmi South Arica Mar 1 CRJ100 CF34 Loan/Finance/Refnanced
cgjig lig cmp China Oct 1 A320-200 CFM56 ECA / EXIM
ci ai lig Hong Kong Jan 1 A320-200 CFM56 ECA / EXIM
ci ai lig Hong Kong Jan 2 737-800 CFM56 ECA / EXIMci ai lig Hong Kong Jun 1 737-800 CFM56 ECA / EXIM
ci cg aii China Sep 1 777-200LRF GE90 Loan/Finance/Refnanced
ci e aii China Mar 4 A320-200 CFM56 Tax Lease
ci e aii China May 1 A320-200 CFM56 Loan/Finance/Refnanced
ci e aii China May 1 A330-300 Trent Finance Lease
ci e aii China Jun 1 A319-100 CFM56 Finance Lease
ci e aii China Jun 1 A319-100 V2500 Finance Lease
ci e aii China Oct 2 737-700 CFM56 Loan/Finance/Refnanced
ci e aii China Oct 1 737-800 CFM56 Loan/Finance/Refnanced
ci e aii China Dec 1 A320-200 CFM56 Loan/Finance/Refnanced
ci e aii China Dec 3 A321-200 V2500 Loan/Finance/Refnanced
ci e aii China Dec 2 A330-200 Trent Loan/Finance/Refnanced
ci su aii China Feb 1 A319-100 CFM56 Loan/Finance/Refnanced
ci su aii China Feb 2 A330-200 PW4000 ECA / EXIM| Tax Lease
ci su aii China Feb 3 737-800 CFM56 Loan/Finance/Refnanced
ci su aii China Mar 1 737-700 CFM56 Loan/Finance/Refnanced
ci su aii China Mar 1 737-800 CFM56 Loan/Finance/Refnanced
ci su aii China May 3 737-800 CFM56 Tax Lease
ci su aii China Jun 1 A320-200 V2500 ECA / EXIM| Tax Lease
ci su aii China Jun 2 737-800 CFM56 Tax Lease
ci su aii China Jul 2 A320-200 V2500 Tax Lease
ci su aii China Nov 1 A321-200 V2500 Tax Lease
ci W aii lig Ireland Jun 2 A320-200 CFM56 Loan/Finance/Refnanced
cIaF-lig Egypt Mar 1 737-800 CFM56 Loan/Finance/Refnanced
cIt ap USA May 1 737-800 CFM56 ECA / EXIM
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cIt ap USA Jun 3 A320-200 CFM56 ECA / EXIM
cIt ap USA Jun 1 A321-200 V2500 ECA / EXIMcIt ap USA Jun 1 A330-200 CF6 ECA / EXIM
cmi (su ai) South Arica Feb 2 737-400 CFM56 Loan/Finance/Refnanced
cmi (su ai) South Arica Jun 2 737-800 PW100 ECA / EXIM
cmi (su ai) South Arica Sep 1 737-300 CFM56 Loan/Finance/Refnanced
cmi (su ai) South Arica Oct 1 737-300 CFM56 Loan/Finance/Refnanced
cm Ii USA Feb 1 A320-200 V2500 Loan/Finance/Refnanced
ci aii USA Mar 17 737-900 CFM56 Capital Markets
ci aii USA Mar 4 787-8 GEnx Capital Markets
ci aii USA Sep 18 737-900 CFM56 Capital Markets
ci aii USA Sep 3 787-8 GEnx Capital Markets
ci Venezuela Sep 2 190 CF34 ECA / EXIM
cz aii Czech Republic Apr 4 A320-200 CFM56 Tax Lease| ECA / EXIM
dae cpi UAE Nov 1 777-200LRF GE90 Loan/Finance/Refnanceddae cpi UAE Dec 5 A319-100 CFM56 Loan/Finance/Refnanced
dae cpi UAE Dec 2 A320-200 CFM56 Loan/Finance/Refnanced
dae cpi UAE Dec 5 A320-200 V2500 Loan/Finance/Refnanced
dae cpi UAE Dec 2 737-700 CFM56 Loan/Finance/Refnanced
dae cpi UAE Dec 2 737-800 CFM56 Loan/Finance/Refnanced
dae cpi UAE Dec 2 777-300ER GE90 Loan/Finance/Refnanced
d ai li USA Mar 4 A320-200 CFM56 Loan/Finance/Refnanced
d ai li USA Mar 6 757-200 PW2000 Loan/Finance/Refnanced
d ai li USA Mar 3 767-300ER CF6 Loan/Finance/Refnanced
d ai li USA Mar 2 767-300ER PW4000 Loan/Finance/Refnanced
d ai li USA Mar 17 MD-88 JT8D Loan/Finance/Refnanced
d ai li USA Mar 8 MD-90 V2500 Loan/Finance/Refnanced
d ai li USA Apr 1 757-200 PW2000 Loan/Finance/Refnancedd ai li USA Jun 9 A319-100 CFM56 Capital Markets
d ai li USA Jun 7 A320-200 CFM56 Capital Markets
d ai li USA Jun 1 757-200 PW2000 Capital Markets
d ai li USA Jun 8 767-300ER PW4000 Capital Markets
d ai li USA Jun 6 767-400ER CF6 Capital Markets
d ai li USA Jul 10 MD-88 JT8D Loan/Finance/Refnanced
d ai li USA Sep 6 MD-90 V2500 Loan/Finance/Refnanced
d ai li USA Oct 4 CRJ200 CF34 Loan/Finance/Refnanced
d ai li USA Oct 13 CRJ900 CF34 Loan/Finance/Refnanced
dui aii Fu Germany May 4 747-400 CF6 Loan/Finance/Refnanced
ej UK Mar 6 A320-200 CFM56 Tax Lease
e a Israel Jan 2 737-900 CFM56 Pre Delivery Payment
emi aii UAE Jan 1 A380-800 GP7200 Loan/Finance/Refnanced
emi aii UAE Jan 1 A380-800 GP7200 Tax Lease
emi aii UAE Jan 2 777-300ER GE90 Tax Lease
emi aii UAE Feb 1 A380-800 GP7200 Finance Lease
emi aii UAE May 1 777-300ER GE90 ECA / EXIM
emi aii UAE Jun 4 A380-800 GP7200 Capital Markets
emi aii UAE Jul 4 777-300ER GE90 Capital Markets
emi aii UAE Jul 1 777-300ER GE90 ECA / EXIM
emi aii UAE Sep 1 777-300ER GE90 Capital Markets
emi aii UAE Dec 1 A380-800 GP7200 Finance Lease
emi aii UAE Dec 1 A380-800 GP7200 ECA / EXIM
eipi aii Ethiopia Jul 1 787-8 GEnx Loan/Finance/Refnanced
eipi aii Ethiopia Nov 4 787-8 GEnx Capital Markets
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aIrcraft fInance deals announced In 2012
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ei aiw UAE Jan 1 777-300ER GE90 Capital Markets
ei aiw UAE Feb 1 777-300ER GE90 Capital Marketsei aiw UAE Apr 1 777-300ER GE90 ECA / EXIM
ei aiw UAE Jun 1 777-300ER GE90 Capital Markets
ei aiw UAE Dec 1 777-300ER GE90 Capital Markets
eup aii UK Jan 1 737-300 CFM56 Loan/Finance/Refnanced
epJ aii USA Jul 5 CRJ200 CF34 Loan/Finance/Refnanced
epJ aii USA Jul 2 CRJ700 CF34 Loan/Finance/Refnanced
F epi USA Sep 1 Dash 8-100 PW100 Loan/Finance/Refnanced
Fe USA Jan 4 MD-11F CF6 Capital Markets
F UK Nov 1 175 CF34 Finance Lease
Fui UAE Sep 3 737-800 CFM56 ECA / EXIM
Fi ak aii tu USA Jul 1 Dash 8-100 PW100 Loan/Finance/Refnanced
Fi ak aii tu USA Oct 1 Dash 8-100 PW100 Loan/Finance/Refnanced
Gecas USA Jul 2 737-800 CFM56 Loan/Finance/RefnancedGecas USA Nov 1 767-200ERF CF6 Loan/Finance/Refnanced
Gecas USA Dec 3 A320-200 CFM56 Capital Markets
Gecas USA Dec 7 A320-200 V2500 Capital Markets
Gecas USA Dec 20 737-700 CFM56 Capital Markets
Gecas USA Dec 10 737-800 CFM56 Capital Markets
Gecas USA Dec 3 747-400F CF6 Capital Markets
Gecas USA Dec 3 777-200ER PW4000 Capital Markets
Gecas USA Dec 57 CRJ200 CF34 Capital Markets
Gecas USA Dec 7 CRJ700 CF34 Capital Markets
Gecas USA Dec 27 190 CF34 Capital Markets
Gmi Germany Mar 1 A319-100 CFM56 Loan/Finance/Refnanced
G Kim lig Israel Jul 1 757-200 RB211 Loan/Finance/Refnanced
Gai India Aug 72 A320-200neo PW1000G Pre Delivery Payment
Guggim aii P USA May 11 757-300 RB211 Loan/Finance/Refnanced
Guggim aii P USA Sep 2 A330-200 Trent Loan/Finance/Refnanced
Guggim aii P USA Nov 1 A330-300HGW PW4000 Loan/Finance/Refnanced
Guggim aii P USA Dec 1 A330-200 Trent Loan/Finance/Refnanced
Guggim aii P USA Dec 2 777-300ER GE90 Loan/Finance/Refnanced
Gu ai Bahrain Jul 2 A321-200 V2500 Finance Lease
hi aii China Jan 1 A320-200 V2500 Finance Lease
hi aii China Jan 3 737-800 CFM56 Loan/Finance/Refnanced
hi aii China Apr 1 A320-200 V2500 Finance Lease
hi aii China Apr 2 737-800 CFM56 ECA / EXIM
hi aii China Jun 2 190 CF34 Loan/Finance/Refnanced
hi aii China Jul 1 737-800 CFM56 Loan/Finance/Refnanced
hi aii China Aug 1 A319-100 V2500 ECA / EXIM
hi aii China Aug 2 737-800 CFM56 ECA / EXIM
hi aii China Aug 1 737-800 CFM56 Loan/Finance/Refnanced
hi aii China Sep 2 737-400 CFM56 Finance Lease
hi aii China Nov 2 190 CF34 Loan/Finance/Refnanced
hi aii China Dec 2 A319-100 V2500 Finance Lease
hi aii China Dec 1 A320-200 CFM56 Finance Lease
hi aii China Dec 3 737-800 CFM56 Pre Delivery Payment
hwii aii USA Oct 1 A330-200 Trent Loan/Finance/Refnanced
hwii aii USA Dec 1 A330-200 Trent Loan/Finance/Refnanced
hg Kg aii cpi Hong Kong May 1 A330-200 Trent Loan/Finance/Refnanced
hg Kg aii cpi Hong Kong Dec 1 A320-200 V2500 Loan/Finance/Refnanced
Icbc lig China Jan 1 A320-200 CFM56 Loan/Finance/Refnanced
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IlFc USA Jan 2 A319-100 CFM56 Capital Markets
IlFc USA Jan 6 A320-200 CFM56 Capital MarketsIlFc USA Jan 2 A320-200 V2500 Capital Markets
IlFc USA Jan 2 A321-200 CFM56 Capital Markets
IlFc USA Jan 1 A321-200 V2500 Capital Markets
IlFc USA Jan 1 A330-200 Trent Capital Markets
IlFc USA Jan 2 A330-300 PW4000 Capital Markets
IlFc USA Jan 4 A330-300 Trent Capital Markets
IlFc USA Jan 5 A340-300 CFM56 Capital Markets
IlFc USA Jan 1 A340-600 Trent Capital Markets
IlFc USA Jan 1 737-700 CFM56 Capital Markets
IlFc USA Jan 1 747-400 CF6 Capital Markets
IlFc USA Jan 1 747-400ERF CF6 Capital Markets
IlFc USA Jan 14 757-200 PW2000 Capital Markets
IlFc USA Jan 6 757-200 RB211 Capital MarketsIlFc USA Jan 7 767-300ER CF6 Capital Markets
IlFc USA Jan 2 767-300ER PW4000 Capital Markets
IlFc USA Jan 3 777-200ER GE90 Capital Markets
IlFc USA Jan 1 777-200ER PW4000 Capital Markets
IlFc USA Apr 2 A319-100 V2500 Capital Markets
IlFc USA Apr 2 A320-200 CFM56 Capital Markets
IlFc USA Apr 2 A320-200 V2500 Capital Markets
IlFc USA Apr 2 A321-100 V2500 Capital Markets
IlFc USA Apr 2 A321-200 CFM56 Capital Markets
IlFc USA Apr 1 A321-200 V2500 Capital Markets
IlFc USA Apr 1 A330-200 CF6 Capital Markets
IlFc USA Apr 1 A330-200 PW4000 Capital Markets
IlFc USA Apr 2 A330-200 Trent Capital Markets
IlFc USA Apr 2 737-300 CFM56 Capital Markets
IlFc USA Apr 4 737-400 CFM56 Capital Markets
IlFc USA Apr 1 737-500 CFM56 Capital Markets
IlFc USA Apr 1 737-700 CFM56 Capital Markets
IlFc USA Apr 3 737-800 CFM56 Capital Markets
IlFc USA Apr 7 737-800 CFM56 Loan/Finance/Refnanced
IlFc USA Apr 2 757-200 PW2000 Capital Markets
IlFc USA Apr 1 757-200 RB211 Capital Markets
IlFc USA Apr 2 767-300ER CF6 Capital Markets
IlFc USA Apr 3 767-300ER PW4000 Capital Markets
IlFc USA Apr 1 777-200ER GE90 Capital Markets
IlFc USA Apr 1 777-300ER GE90 Capital Markets
IlFc USA Dec 2 777-300ER GE90 Capital Markets
Ij Mexico May 2 A320-200 CFM56 ECA / EXIM
Ij Mexico Jun 20 Superjet 100 SaM146 ECA / EXIM
Ij Mexico Nov 2 A320-200 CFM56 Loan/Finance/Refnanced
Ipi aii Gup USA Sep 1 A330-200 Trent Pre Delivery Payment
Ipi aii Gup USA Sep 2 A330-300 Trent Pre Delivery Payment
I ai si Nov 1 777-200LRF GE90 Loan/Finance/Refnanced
I ai si Dec 2 737-800 CFM56 Loan/Finance/Refnanced
I G ai Fu Australia Jun 2 737-800 CFM56 Loan/Finance/Refnanced
I ai USA Oct 1 Dash 8-100 PW100 Loan/Finance/Refnanced
Jk squ aii USA Jan 2 A321-200 V2500 Loan/Finance/Refnanced
Jk squ aii USA Mar 2 A320-200 V2500 Loan/Finance/Refnanced
Jk squ aii USA May 1 737-800 CFM56 Loan/Finance/Refnanced
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aIrcraft fInance deals announced In 2012
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Jk squ aii USA Jun 2 A320-200 V2500 ECA / EXIM
Jk squ aii USA Jun 1 737-800 CFM56 Loan/Finance/RefnancedJk squ aii USA Jul 2 737-900 CFM56 ECA / EXIM
Jz aiw Kuwait Jun 1 A320-200 CFM56 ECA / EXIM
Jzz Canada Aug 6 Q400 PW100 ECA / EXIM
J Miw USA Nov 1 767-300ER PW4000 Loan/Finance/Refnanced
J Miw USA Nov 3 MD-82 JT8D Loan/Finance/Refnanced
J Miw USA Nov 1 MD-83 JT8D Loan/Finance/Refnanced
J Miw USA Nov 7 Fokker 100 RB.183 Tay Loan/Finance/Refnanced
Jbu aiw USA Jan 1 190 CF34 Loan/Finance/Refnanced
Jbu aiw USA Jun 2 A320-200 V2500 Capital Markets
Jbu aiw USA Jun 1 A320-200 V2500 Loan/Finance/Refnanced
Jbu aiw USA Jun 2 190 CF34 Capital Markets
Jbu aiw USA Jun 3 190 CF34 Loan/Finance/Refnanced
Jbu aiw USA Oct 1 190 CF34 Loan/Finance/RefnancedJbu aiw USA Nov 1 A320-200 V2500 Loan/Finance/Refnanced
Jbu aiw USA Dec 1 A320-200 V2500 Loan/Finance/Refnanced
J Ii USA Jan 2 737-400 CFM56 Loan/Finance/Refnanced
J Ii USA Jun 1 737-400 CFM56 Loan/Finance/Refnanced
J Ii USA Jul 1 MD-83 JT8D Loan/Finance/Refnanced
J Ii USA Oct 2 737-500 CFM56 Loan/Finance/Refnanced
J Ii USA Dec 2 737-500 CFM56 Loan/Finance/Refnanced
J Jp Japan Nov 1 A320-200 V2500 Finance Lease
Jui rm aii USA Apr 1 737-400 CFM56 Loan/Finance/Refnanced
Ju aii China Aug 1 A320-200 CFM56 Loan/Finance/Refnanced
K aiw Kenya Jun 1 777-300ER GE90 Pre Delivery Payment| Loan/Finance/Refnanced
K aiw Kenya Jun 9 787-8 GEnx Pre Delivery Payment| Loan/Finance/Refnanced
K aiw Kenya Jun 10 190 CF34 Pre Delivery Payment| Loan/Finance/Refnanced
KlM r du aii Netherlands Feb 2 737-700 CFM56 Tax Lease
KlM r du aii Netherlands Jul 1 777-300ER GE90 ECA / EXIM| Finance Lease
KlM r du aii Netherlands Oct 3 737-800 CFM56 Tax Lease
K ai South Korea Jan 3 737-800 CFM56 Finance Lease
K ai South Korea Jan 1 747-400ERF PW4000 Finance Lease
K ai South Korea Jan 2 777-300 PW4000 Finance Lease
K ai South Korea Dec 1 A380-800 GP7200 ECA / EXIM
K ai South Korea Dec 1 747-8F GEnx ECA / EXIM
K ai South Korea Dec 2 777-300ER GE90 ECA / EXIM
Kv aii Australia Jan 1 747-400SF CF6 Loan/Finance/Refnanced
lan aii Chile Mar 1 A319-100 CFM56 ECA / EXIM
lan aii Chile Mar 2 767-300ER CF6 Finance Lease
lan aii Chile Jun 9 767-300ER CF6 ECA / EXIM
lan aii Chile Aug 6 A320-200 CFM56 ECA / EXIM
lan aii Chile Aug 1 787-8 Trent Finance Lease
lan aii Chile Oct 2 787-8 Trent Finance Lease
li ai Indonesia Jan 1 737-800 CFM56 ECA / EXIM
li ai Indonesia Feb 4 737-900 CFM56 Capital Markets
li ai Indonesia Dec 2 ATR 72-500 PW100 Loan/Finance/Refnanced
li ai Indonesia Dec 2 ATR 72-600 PW100 Loan/Finance/Refnanced
lot Pi aii Poland Nov 5 787-8 Trent ECA / EXIM
lu Germany Mar 1 A380-800 Trent Tax Lease
lu Germany Apr 1 747-8I GEnx Finance Lease
lu Germany May 2 A380-800 Trent ECA / EXIM
lu Germany Jun 1 747-8I GEnx Tax Lease
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lui Luxembourg Aug 2 Q400 PW100 Finance Lease
lui Luxembourg Nov 1 Q400 PW100 Finance Leaselui Luxembourg Dec 1 737-800 CFM56 Finance Lease
Mi aii Malaysia Jan 1 A330-200F PW4000 Finance Lease
Mi aii Malaysia May 4 A330-300HGW PW4000 ECA / EXIM
Mi e aii Lebanon Jan 1 A320-200 V2500 Loan/Finance/Refnanced
nipp cg aii Japan Dec 1 747-8F GEnx Loan/Finance/Refnanced
ni aii cpi Denmark Apr 5 ATR 72-600 PW100 ECA / EXIM| Tax Lease
ni aii cpi Denmark Jul 3 Dash 8-300 PW100 Loan/Finance/Refnanced
nwgi Norway Dec 2 787-8 Trent Pre Delivery Payment
nu aii Lebanon Jan 1 A330-300HGW PW4000 Loan/Finance/Refnanced
nu aii Lebanon May 1 777-300ER GE90 Loan/Finance/Refnanced
nu aii Lebanon Jun 1 777-300ER GE90 Loan/Finance/Refnanced
nu aii Lebanon Nov 1 777-300ER GE90 Loan/Finance/Refnanced
oi aii Ireland Sep 1 A330-200 Trent Loan/Finance/RefnancedPgu aii Turkey Jan 2 737-800 CFM56 ECA / EXIM
Piippi aii Philippines Jun 1 777-300ER GE90 ECA / EXIM
Pii ai Tanzania Dec 1 ATR 42-600 PW100 Finance Lease
Q Australia Mar 1 A320-200 V2500 Tax Lease
Q Australia Mar 1 737-800 CFM56 Tax Lease
rgi equipm tu USA Aug 2 Q400 PW100 Loan/Finance/Refnanced
rgu aii France Oct 1 ERJ-145 AE 3007 Finance Lease
rpui aii USA Aug 2 Q400 PW100 Loan/Finance/Refnanced
rgii Gup Russia Jan 15 737-700 CFM56 Pre Delivery Payment
rgii Gup Russia Jan 25 737-800 CFM56 Pre Delivery Payment
rgii Gup Russia Jan 10 737-900 CFM56 Pre Delivery Payment
r ai M Morocco Mar 2 737-800 CFM56 ECA / EXIM
rwai Rwanda Nov 2 CRJ900 CF34 ECA / EXIM
ri Ireland Mar 2 737-800 CFM56 Tax Lease
ri Ireland Jul 7 737-800 CFM56 Capital Markets
si l Fi South Arica Oct 1 737-400 CFM56 Loan/Finance/Refnanced
sas Multi-National (Europe) Dec 3 A330-300 Trent Loan/Finance/Refnanced
sui ai aii Saudi Arabia Jan 1 A321-200 CFM56 Loan/Finance/Refnanced
sF aii China Mar 2 737-300 CFM56 Finance Lease
sF aii China Mar 2 757-200F RB211 Finance Lease
sg aii China May 1 737-800 CFM56 Loan/Finance/Refnanced
sg aii China Nov 4 737-800 CFM56 Loan/Finance/Refnanced
sz aii China Jan 1 737-800 CFM56 Loan/Finance/Refnanced
sz aii China Mar 4 737-800 CFM56 Loan/Finance/Refnanced
sz aii China Jun 2 A320-200 V2500 Loan/Finance/Refnanced
sz aii China Aug 3 737-800 CFM56 Loan/Finance/Refnanced
sz aii China Dec 2 A320-200 V2500 Loan/Finance/Refnanced
sz aii China Dec 4 737-800 CFM56 Loan/Finance/Refnanced
siu aii China May 1 A320-200 V2500 ECA / EXIM
siu aii China Aug 1 A319-100 V2500 Loan/Finance/Refnanced
siu aii China Aug 1 A320-200 V2500 Loan/Finance/Refnanced
siu aii China Aug 1 A321-200 V2500 ECA / EXIM
siu aii China Aug 3 A321-200 V2500 Loan/Finance/Refnanced
sk aii Chile May 1 A319-100 CFM56 Tax Lease
sk aii Chile Jul 1 A319-100 CFM56 Tax Lease
skW aii USA Jul 2 CRJ200 CF34 Loan/Finance/Refnanced
skW aii USA Dec 1 CRJ200 CF34 Loan/Finance/Refnanced
s aii South Arica Feb 1 ATR 42-300 PW100 Loan/Finance/Refnanced
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aIrcraft fInance deals announced In 2012
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d uu
su ai aiw South Arica Jan 3 A340-200 CFM56 Loan/Finance/Refnanced
su ai aiw South Arica Mar 2 A320-200 V2500 Loan/Finance/Refnancedsu ai aiw South Arica Jul 1 A330-200 Trent Loan/Finance/Refnanced
suw aii USA Feb 1 737-700 CFM56 Loan/Finance/Refnanced
spig aii China Jan 1 A320-200 CFM56 ECA / EXIM
spig aii China Jan 2 A320-200 CFM56 Finance Lease
spig aii China Mar 3 A320-200 CFM56 Loan/Finance/Refnanced
sg ap Brazil Nov 6 A330-200 Trent Pre Delivery Payment
sg ap Brazil Nov 3 A330-200F Trent Pre Delivery Payment
taca Ii aii El Salvador Apr 1 A320-200 V2500 Loan/Finance/Refnanced
taca Ii aii El Salvador Sep 1 A319-100 V2500 ECA / EXIM
taM li a Brazil Mar 2 A320-200 CFM56 Tax Lease
taM li a Brazil Jun 2 A320-200 CFM56 ECA / EXIM
taM li a Brazil Jun 2 777-300ER GE90 ECA / EXIM
taM li a Brazil Jul 6 A320-200 V2500 ECA / EXIMtaM li a Brazil Jul 2 A320-200 V2500 Finance Lease
taM li a Brazil Jul 2 777-300ER GE90 Capital Markets
taM li a Brazil Sep 4 A319-100 V2500 Loan/Finance/Refnanced
ti aiw Ii Thailand Apr 3 A380-800 Trent ECA / EXIM
ti aiw Ii Thailand Sep 2 A330-300 Trent Loan/Finance/Refnanced| Tax Lease
ti aiw Ii Thailand Nov 2 A330-300 Trent Tax Lease| Loan/Finance/Refnanced
ti aiw Ii Thailand Nov 1 A380-800 Trent ECA / EXIM
tm ck aii UK Dec 2 A330-200 Trent Loan/Finance/Refnanced
ti aii lig USA May 1 737-800 CFM56 Loan/Finance/Refnanced
tUI aii Germany Nov 1 A330-300 Trent Loan/Finance/Refnanced
tUI aii Germany Nov 2 737-800 CFM56 Tax Lease
tUI aii Germany Dec 10 737-800 CFM56 Pre Delivery Payment
tuki aii Turkey Jan 1 A330-200F Trent ECA / EXIM| Tax Lease
tuki aii Turkey Jan 3 A330-300 Trent ECA / EXIM| Tax Lease
tuki aii Turkey Jan 7 737-900 CFM56 ECA / EXIM
tuki aii Turkey Feb 2 A321-200 V2500 Tax Lease
tuki aii Turkey Feb 2 A321-200 V2500 Tax Lease| ECA / EXIM
tuki aii Turkey Mar 2 A321-200 V2500 Tax Lease
tuki aii Turkey May 2 737-800 CFM56 Tax Lease
Ui aii USA Mar 1 737-800 CFM56 Loan/Finance/Refnanced
Ui aii USA Mar 1 777-200ER GE90 Loan/Finance/Refnanced
Ui aii USA Oct 1 737-800 CFM56 Loan/Finance/Refnanced
Ui aii USA Dec 15 757-200 PW2000 Loan/Finance/Refnanced
UPs aii USA Jan 1 767-300ERF CF6 Finance Lease
UPs aii USA Feb 1 767-300ERF CF6 Finance Lease
UPs aii USA Mar 1 767-300ERF CF6 Finance Lease
UPs aii USA Apr 2 767-300ERF CF6 Finance Lease
UPs aii USA May 1 767-300ERF CF6 Finance Lease
UPs aii USA Dec 1 767-300ERF CF6 Finance Lease
Us aiw USA Apr 4 A321-200 CFM56 Capital Markets
Us aiw USA Apr 10 A321-200 V2500 Capital Markets
Us aiw USA Apr 2 A321-200 V2500 Finance Lease
Us aiw USA Aug 1 A321-200 V2500 Loan/Finance/Refnanced
Us aiw USA Oct 1 190 CF34 Loan/Finance/Refnanced
Us aiw USA Nov 7 A321-200 V2500 Capital Markets
Us aiw USA Nov 3 A330-200 Trent Capital Markets
Us aiw USA Nov 1 190 CF34 Loan/Finance/Refnanced
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aiRcRaFt FiNaNce2013
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NoTe:Aircraft nance deals announced during 2012 with analysis by customer, nancier and aircraft type. The aircraft transactioninformation contained in this section includes new and second-hand deals. Deals with unknown customers have not been included.
SourCe: Aviation Exchange (www.ascendworldwide.com/aviationexchange)
aIrcraft fInance deals announced In 2012
cum cu M num i
ai m egi
p
d uu
Uti Russia Jun 4 737-800 CFM56 ECA / EXIM
Uti Russia Oct 20 A321-200 CFM56 Pre Delivery PaymentUzki aiw Uzbekistan Feb 2 767-300ER PW4000 Loan/Finance/Refnanced
veb-lig Russia Nov 4 777-300ER GE90 ECA / EXIM
vim aii Vietnam Jun 4 A321-200 V2500 Loan/Finance/Refnanced
vim aii Vietnam Aug 4 A321-200 V2500 Loan/Finance/Refnanced
vim aii Vietnam Nov 1 A321-200 V2500 Loan/Finance/Refnanced
vim aii Vietnam Dec 1 A321-200 V2500 ECA / EXIM
vim aii Vietnam Dec 1 A321-200 V2500 Loan/Finance/Refnanced
vigi aui Australia Jun 2 737-800 CFM56 Loan/Finance/Refnanced
vigi aui Australia Jun 2 190 CF34 Loan/Finance/Refnanced
vig Oct 2 737-700 CFM56 Loan/Finance/Refnanced
vi aii si Sweden Jun 5 A319-100 CFM56 Loan/Finance/Refnanced
vi aii si Sweden Jun 2 A319-100 V2500 Loan/Finance/Refnanced
vi aii si Sweden Jun 2 A320-200 V2500 Loan/Finance/Refnancedvi aii si Sweden Jun 1 A321-200 V2500 Loan/Finance/Refnanced
vi aii si Sweden Jun 2 737-700 CFM56 Loan/Finance/Refnanced
vi aii si Sweden Jun 2 737-800 CFM56 Loan/Finance/Refnanced
v cpi P USA Jul 2 MD-88 JT8D Loan/Finance/Refnanced
v cpi P USA Nov 3 MD-88 JT8D Loan/Finance/Refnanced
Wcp Germany Oct 1 A380-800 Trent Loan/Finance/Refnanced
WJ Canada Jan 2 737-800 CFM56 ECA / EXIM
xim aii China Dec 1 737-800 CFM56 Loan/Finance/Refnanced
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AircrAft finAnce2013
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deAls dAtAbAse 2012
by aircraft modelaircrafT finance deals announced in 2012
airrft modl engin typ Month Numr of
irrft
customr Dl strutur arrngrs
175 CF34 Jun-12 1 Operating Lease - Sale and Lease Back
175 CF34 Jun-12 3 Operating Lease - Sale and Lease Back
175 CF34 Jul-12 4 Operating Lease - Sale and Lease Back
175 CF34 Sep-12 1 Operating Lease - Sale and Lease Back
175 CF34 Nov-12 1 Flybe Finance Lease (HEH) Hamburger EmissionsHaus & Cie
190 CF34 Jan-12 1 JetBlue Airways Loan/Finance/Refnanced BNDES - Brazilian Development Bank
190 CF34 Mar-12 2 Operating Lease - Sale and Lease Back
190 CF34 Mar-12 1 Purchase - Lease Attached
190 CF34 Mar-12 2 Avolon Aerospace Leasing Loan/Finance/Refnanced Helaba Landesbank Hessen Thuringen
190 CF34 Jun-12 2 Operating Lease - Sale and Lease Back
190 CF34 Jun-12 2 Purchase - Lease Attached
190 CF34 Jun-12 2 Hainan Airlines Loan/Finance/Refnanced
190 CF34 Jun-12 2 JetBlue Airways Capital Markets
190 CF34 Jun-12 3 JetBlue Airways Loan/Finance/Refnanced
190 CF34 Jun-12 10 Kenya Airways Pre Delivery Payment| Loan/Finance/Refnanced Ariexim Bank
190 CF34 Jun-12 2 Virgin Australia Loan/Finance/Refnanced CIC Bank| Deutsche Bank
190 CF34 Jul-12 5 Purchase - Lease Attached
190 CF34 Sep-1