Air France closes Jolco in tough market

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
The French flag carrier closed a Japanese operating lease with call option (Jolco) for a 2007-vintage Boeing widebody aircraft. Air France has financed one Boeing 777-300ER in the......

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China Southern mandates Jolco finance

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
China Southern has mandated DBS to finance three Boeing 737-800s using Japanese operating leases with call option (Jolcos).
DBS will finance the debt portion in Singapore dollars, while an undisclosed equity arranger will provide......

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Malaysia Airlines gets Boeing 737NG

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
Malaysia Airlines has closed a Jolco financing for one 737-800 on March 28 2011. This delivery is part of......

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Air France/KLM closes Jolco for A318

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
Air France/KLM has closed a Japanese operating lease with call option (Jolco) for......

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First JOL for TAM

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
TAM, based in Brazil, has financed one A321 with a Japanese operating lease (JOL). Natixis Transport Finance acted as overall arranger and debt provider, while......

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Air France closes JOLCO financing

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
Air France has closed financing for one Airbus A318 using a Japanese operating lease with......

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MAS closes JOL finance

JANE’S ARTICLE - 15/12/10 - PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
MAS mandated CA-CIB to arrange the financing of four B-737-800 aircraft. As previously reported by Jane's , arranger BNP Paribas closed Jolco financing on eight ATR 72-500 aircraft that were delivered to MAS between 2008 and 2009, with financing on the last aircraft closing in December 2009. Banks took......

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Lufthansa finances three aircraft with JOLs

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
Four international banks arranged the Japanese operating lease (JOL) financing for three Airbus aircraft. Commerzbank, Deutsche bank, DBS Singapore and ICBC were mandated lead arrangers. Deutsche Bank......

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China Eastern mandates DBS for five A320s

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
China Eastern has mandated DBS Bank for the financing of five Airbus A320s using a Japanese operating lease with call option (Jolco). DBS Bank is sole arranger, with the equity underwritten by Nomura Babcock & Brown. The first A320 has already delivered. The remaining......

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Feature: Fewer investors interested in JOLs

AIRFINANCE JOURNAL ARTICLE – PAID SUBSCRIPTION REQUIRED FOR FULL ACCESS
The Japanese operating lease (JOL) has been popular since the first deal closed in 1999. Since then hundreds of aircraft have been financed using this structure, with equity investors looking for depreciation benefits.
While in recent years equity investors have provided multiple billions of dollars for the purchase of aircraft, 2009 was more depressed than the last recession.
Last year was slower than 2005 in large part to do with the unavailability of debt and the ability to raise equity in Japan, says Robert Melson, partner, K&L Gates. Debt was not only more difficult to access but also more expensive. Also, there were fewer equity investors, and those still in the market for tax products were more difficult to identify.
Regional aircraft and narrowbodies were more popular than widebodies because they do not require as much debt. One source says that while it......

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Turkish refinances A321 with JOL

AIRFINANCE JOURNAL ARTICLE - SUBSCRIPTION REQUIRED FOR FULL ACCESS
Turkish Airlines has closed a Japanese operating lease (JOL) for one A321-200.....

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