Deal Analysis: AerCap's ECA bond

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
It was a first. A deal that closed against all odds. A bank being investigated, an election in the UK and suddenly the European debt markets went haywire. But the issuer, bank, guarantor and investors held strong in order to close the first European export credit bond, guaranteed by the UK's Export Credits Guarantee Department (ECGD).

Almost a year before the deal closed, the European export credit agencies began discussing the possibility of a guaranteed export credit bond. The US Ex-Im Bank got there first, issuing a $413 million bond for Emirates, and subsequently more deals for other customers. But the European export credit agencies might have had a harder time, because instead of......

---------------------------------------------------------------------------------------------------------------------------
Visit myairlease.com for Aircraft, Engines and APUs available for Lease and Sale!
---------------------------------------------------------------------------------------------------------------------------