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Agenda Overview

Day 1: Monday, October 28, 2019

8:00AM Registration
9:00AM Introduction by course leader
9:10AM Fundamentals of the aircraft leasing industry
  • Background of aircraft leasing
  • Industry fundamentals and key drivers
  • The aircraft leasing competitive landscape
  • Business cycle of the industry
  • Strategic implications of the current market conditions
  • Ways for lessors to prepare for economic downturn
10:00AM Operating platforms for lessors
  • Deal process, controls and approvals
  • Technical specifications
  • Lease management
  • Negotiating a lease transaction
  • IT systems and fleet management
Peter Huijbers, Director, PH Aviation Asia
10:40AM Networking break
11:10AM Risk management for lessors
  • Risk management framework
  • Asset risk and liability risk
  • Airline credit risk and evaluation
  • Balance between risk & return
  • Jurisdictional risk and repossession considerations
Peter Huijbers, Director, PH Aviation Asia
11:50AM Technical asset management of a fleet
  • MRO – what is good maintenance planning and what is not?
  • How to manage a diversified pool of maintenance reserves and costs
  • Conflicting interest with airlines, lessors and MROs in maintenance reserve management
  • Portability and assignability of maintenance reserves
  • The importance of technical records for engineering
David Tokoph, President and CEO, Morten Beyer & Agnew
12:30PM Networking lunch
1:45PM How do lessors finance their fleets?
  • Why there is a constant source of funding for global lessors
  • How to diversify funding costs
  • Lessors’ credit vs. aircraft credit – which one is more important to lenders when assessing risks
  • How to utilise your capital structure to minimise funding costs
Charles Zhou, Executive Director, Aviation Finance, Standard Chartered Bank
2:25PM Fundamentals of aircraft valuations
  • Supply and demand for aircraft
  • Methodologies for valuations
  • Factors affecting aircraft values
  • Interpretation of market information
  • Secondary markets
Thomas Kaplan, Senior Valuations Analyst, ASCEND by Cirium
3:05PM Networking break
3:35PM How do lessors choose a tax efficient jurisdiction for aircraft leasing
  • Evolving tax regimes of tax efficient jurisdictions
  • Key considerations for choosing a tax efficient jurisdiction for registration
  • What is a good tax treaty
  • Typical structures of the transactions
John Timpany, Partner, KPMG
4:20PM Currency risk in aircraft leasing
  • Why and how do foreign exchange rates impact airlines and lessors?
  • What is the role of foreign exchange rates in shaping passenger demand? What are the demand characteristics?
  • What are the possible scenarios when there are mismatches in operating finances?
  • How to hedge away currency risk in aircraft leasing?
Nikolai Lvov, Director, Global Aviation – Asia Pacific, Citi
5:05PM Close of day one

Day 2: Tuesday, October 29, 2019

8:30AM Registration
9:00AM Introduction of course 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
9:30AM 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
10:10AM 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, Vice President, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
10:50AM Networking break
11:10AM 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
11:40AM Derivatives for the aviation industry
  • Interest rate risk: Fixed vs floating
  • Fuel price volatility
  • Currency risk
Simon Ng, Executive Director, Global Markets, Asia-Pacific, BNP Paribas
12:10PM Japanese operating lease with call option
  • JOLCO fundamentals
  • Key considerations
  • NK vs TK investors
  • Factors affecting the effectiveness of JOLCO
  • Future potential of JOLCO
Norio Besshi, Director, Optimization, Structured Leasing & Transportation, BNP Paribas
12:40PM Networking lunch
1:50PM Getting your mandate and term sheet right without outside counsel
  • Mandate letter - why sign one?
  • Mandate letter - what's important?
  • Key structural issues to cover at term sheet stage
Eugene Phua, Director, Legal Counsel, BNP Paribas Singapore
2:30PM 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
3:00PM 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
Arnaud Bouchet, Vice President, Transportation and Infrastrucutre M&A, Asia Pacific, BNP Paribas
3:30PM Networking break
3:50PM 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, Vice President, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
Pierre Briens, Managing Director, Head of Aviation, Transportation Sector, Investment Banking Asia Pacific, BNP Paribas
5:20PM Course summary and close of day two

Day 3: Wednesday, October 30, 2019

8:30AM Registration
9:00AM Welcoming Remarks by Airfinance Journal
9:05AM Fleet selection and financing considerations for airlines
  • 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
Marc Tembleque, Vice President, Airline Analysis, Avolon
9:50AM Dispute resolution
  • What is a dispute?
  • Documenting dispute resolution procedures
  • Choice of governing law
  • Enforcing securities
  • Recent case study
John Frangos, Partner and Deputy Director, Dispute Resolution, Tilleke & Gibbins
10:30AM Networking break
11:00AM Fly high with commercial aircraft manufacturers
  • What type of products do manufacturers support and how?
  • Services and digitalisation trends
  • Overall industry implications of OEM aftermarket developments
Marc Tembleque, Vice President, Airline Analysis, Avolon
11:45AM Cape Town Convention – one of the key international treaties affecting aviation
  • 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
12:30PM Networking lunch
1:45PM Aircraft lease securitisaiton
  • What is securitisation?
  • How to structure an aircraft lease securitisaiton?
  • How does asset composition affect securitisation transaction execution?
  • What are the legal concerns when we structure securitisation transactions?
  • How would risk retention rules facilitate the transactions?
Lewis Sutherland, Senior Vice President, Aviation Investment Management, DVB Bank SE
2:30PM Remarketing of aircraft
  • Asset management strategies for airlines and lessors
  • Remarket procedures, documentation and records
  • Negotiation management
  • Single vs portfolio asset remarketing
  • Remarketing challenges in 2020
Vincent Lam, SVP Asia Pacific – Aircraft Remarketing, Air Partner
3:15PM Networking break
3:45PM Rating methodologies for airlines and lessors
  • Rating process and framework
  • Lessors and airlines rating methodology
  • Rating EETCs
  • Rating Aircraft ABS
  • Key credit forecast for 2020
4:30PM 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
Mathieu Gouache, LEAP Product Marketing Director, CFM
5:15PM Close of school