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Agenda Overview

Day 1: Tuesday, June 11, 2019

8:00AM Registration
8:50AM Welcoming remarks by Airfinance Journal
9:00AM Overview of aircraft financing market
  • Characteristics of airline industry
  • Financing menu for airlines and lessors
  • PDP financing
  • Major financing tools: commercial loan, bond market, ECA, tax lease
Lune Wang, Director And Deputy General Manager, Comsys (Tianjin) Leasing Company
9:40AM Risk management for lessors
  • Risk management framework
  • Asset risk
  • Airline credit risk and evaluation
  • Balance between risk & return
  • Liability risk
  • Jurisdictional risk and repossession considerations
Andrew Weixi, Executive Director, Aviation Leasing Department, CMB FINANCIAL LEASING (IRELAND) LTD
10:20AM Airline strategy and management
  • Evolving airline business models
  • How do airlines’ business models affect the selection of aircraft?
  • Key considerations for leasing vs buying
  • Gaining competitiveness through mergers and acquisitions
David Yu, Managing Director and Chief Investment Officer, Inception Aviation Holdings
11:00AM Networking break
11:30AM Remarketing of aircraft
  • Asset management strategies for airlines and lessors
  • Remarket procedures, documentation and records
  • Negotiation management
  • Single vs portfolio asset remarketing
  • Case studies
  • Remarketing challenges in 2019
Vincent Lam, SVP Asia Pacific – Aircraft Remarketing, Air Partner
12:10PM End of life solution for aircraft
  • Key drivers of aircraft retirement
  • Average aircraft retirement age by models
  • Comparison of major disassembly locations around the world
  • Part out cost by aircraft models
12:50PM Lunch
2:00PM Understanding the engine as an asset class
  • The engine leasing market
  • The business model
  • The importance of engine maintenance
  • Residual values and exit strategies
  • The engine OEMs in the aftermarket
Shaojun Zhu, CFM Marketing Director, Greater China, GE Aviation
2:40PM How do lessors choose a tax efficient jurisdiction for aircraft leasing
  • Latest developments in tax treaties
  • Evolving tax regimes of tax efficient jurisdictions
  • Key considerations for choosing a tax efficient jurisdiction for registration
  • Typical structures of the transactions
  • Taxation in cross-border leasing
Pieter Burger, Partner, Financial Services Tax, Deloitte Ireland LLP
3:20PM Cape Town Convention
  • What is Cape Town Convention
  • Cape Town Convention’ advantages to aircraft financiers, lessors and airlines
  • Insolvencies and default remedies
  • How has it evolved over the last decade?
Paul Ng, Partner, Milbank
4:00PM Networking coffee break
4:30PM The application of PRC bankruptcy law in aircraft financing and leasing in China
  • Will a default ever happen in China?
  • Lessors’ and lessees’ rights
  • Liability – lessors vs. lessees
  • Termination of lease term and dispute resolution
Yi Liu, Partner, Rui Bai Law Firm
5:10PM Dispute resolutions
  • What is a dispute?
  • Documenting dispute resolution procedures
  • Choice of governing law
  • Resolving disputes
  • Enforcing securities
  • Cape town treaties and repossession
  • Recent case study
Jackson Chow, Partner, Berwin Leighton Paisner LLP
5:50PM End of day one

Day 2: Wednesday, June 12, 2019

8:30AM Registration
8:50AM Introduction by course leader
  • Welcoming note
  • The airline industry today
  • Key drivers of air transport
Pierre Briens, Managing Director, Head of Aviation, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
9:20AM Managing the risks in aircraft financing
  • Credit risk: Assessing the solvability of an airline to meet its LT debt and lease obligations
  • Asset risk: Understanding liquidity, life cycles and market values of aircraft and engines
  • Structural risks: Getting LTV, security package and structural cash flows right
  • Repossession & remarketing risk: Legal & practical considerations
Pierre Briens, Managing Director, Head of Aviation, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
10:00AM A focus on commercial debt: The core option for most airlines & lessors
  • Financing menu for airlines and lessors
  • Secured vs unsecured debt
  • Financing airlines vs lessors
  • Single aircraft vs portfolios
  • Managing contingent currency and interest rate risk
  • PDP financing
Vivien Guo, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
10:40AM Networking coffee break
11:00AM Debt capital markets
  • Transaction, private vs public placements
  • Senior unsecured and secured notes
  • ABS and EETCs
  • ECA guaranteed bonds
Andy Lai, Managing Director, Head of Origination and Structuring, Asset Finance and Securitisation, Asia Pacific, BNP Paribas
11:30AM Derivatives for the aviation industry
  • Interest rate risk: Fixed vs floating
  • Fuel price volatility
  • Currency risk
Brian Tsoi, Managing Director, Head of Corporate FXLM Sales China, Global Markets, BNP Paribas
12:00PM Japanese operating lease with call option
  • JOLCO fundamentals
  • Key considerations
  • NK vs TK investors
  • What will happen tomorrow?
Norio Besshi, Director, Optimization, Structured Leasing & Transportation, BNP Paribas
12:30PM Lunch
1:50PM Case Study: Bidding on an airline’s RFP

This is an interactive case study inspired by real cases. Guided by the speakers, the audience will be split into groups to make a bid and win an airline RFP.
The objective of the Case Study is to put the participants in an Aviation Banker’s shoes during the entire RFP process with an airline. In order to win the mandate, each team will have to juggle with the requirements imposed by airline on the transaction structure, their internal constrains and the competition.

Vivien Guo, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
Pierre Briens, Managing Director, Head of Aviation, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
3:20PM Networking break
3:40PM Distribution of aviation assets to the bank and fixed income markets
  • Reason for distributing aviation assets
  • Finding liquidity and matching it with the appropriate risk profile
  • Recent dynamics on the loan market
Alexis Postel-Vinay, Head of Loan & Structured Credit Syndicate, Asia Pacific, BNP Paribas
4:20PM M&A and IPOs in the aviation sector
  • Types of M&A deals
  • Common tension points between buyers and sellers
  • Why do airlines IPOs
  • Typical valuation methods
Sylvain Magne, Managing Director, Head of Advisory and Capital Markets, Transportation & Infrastructure Sector, Investment Banking Asia Pacific, BNP Paribas
5:00PM End of day two