2009 Deals of the Year: Overall winners

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
Overall Deal of the Year --- Emirates issues $413m Ex-Im Bond

At the end of 2008 liquidity was tight, but aircraft still needed to deliver. Even pricing on Ex-Im Bank-guaranteed transactions was unusually high, reaching about Libor plus 120 basis points in the first quarter of 2009, if banks were lending at all. And so, the Ex-Im backed-bond was born.

“During the depths of the financial crisis in the fourth quarter of 2008, all the questions were focused on whether or not Ex-Im Bank would fund the aircraft loans directly instead of guaranteeing loans made by others,” says Robert Morin, executive vice-president, US Ex-Im Bank.
Emirates Airlines, which had a number of aircraft scheduled to deliver in 2009, had to find a way to finance these aircraft.
After speaking to several banks about structuring an export credit capital markets transaction, Emirates mandated Credit Agricole-CIB and Goldman Sachs in early 2009 to......

-----------------------------------------------------------------------------------------------------------------
Visit myairlease.com for Lessors, Appraisers, Financiers and Legal firms!
-----------------------------------------------------------------------------------------------------------------