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Agenda Overview

Cambridge School - Day 1: Monday, July 2, 2018

8:15AM Registration & welcome coffee
8:45AM School and case study introduction
Justin Benson, Partner, EMEA EIPAF - Asset Finance, White & Case LLP
9:45AM Introduction to aircraft finance & the aviation industry
Phil Seymour, Chief Executive Officer & ISTAT Senior Fellow Appraiser, IBA Group Limited
10:15AM Export credit financing
  • Export Credit Agencies – introduction and role in financing new aircraft on order
  • Why do - exist and what do they do?
  • Highlighting key features of export credit in a transaction
  • Working with commercial lenders on deals standards borrowers need to adhere to in order to access ECA coverage
  • How much coverage can ECAs provide on new loans?
  • Future trends – Is there room for PDP funding and ECAs to work together?
  • New products: ECA bonds and pre-funded bonds
  • ECA activity has been on the decline, particularly in the US, what is the forecast for activity in 2018/19?
Patrick Cauthery, Head Of Aerospace & Defence, UK Export Finance
11:15AM Morning break
11:45AM Asset management and remarketing in a volatile market
  • Successfully assessing portfolio exposure in current market conditions
  • Deciding on the right appraiser / appraisal
  • Demystifying the appraisal process: What should clients be aware of when choosing aircraft?
  • Analysing the cost of reconfiguration for different types of aircraft
Bill Cumberlidge, Chairman And Chief Commercial Officer, Aviation Partners Limited
12:30PM Networking lunch
1:45PM Operating leasing

• Operating lease fundamentals and lease market developments

• What do lessors look at when putting deals together?

• Why would airlines use operating leases?

• Lessors’ challenges yesterday, today and tomorrow

• Lessors’ business models and exit strategies

Dick Forsberg, Head of Strategy, Avolon
2:30PM Asset focus - Crash course in asset valuation
  • Aircraft/Engine liquidity
  • Key determinants of aircraft value
  • Aircraft maintenance status and understanding maintenance reserves
Simon Finn, Senior Vice President, DVB Bank SE
3:30PM Afternoon break & networking
4:00PM Bridging the technical and financial – understanding the aircraft asset type
  • Aircraft performance: max take-off weight, zero fuel weight, payload, specific runway and aircraft performance.
  •  'Hot and High’ operations.
  • Aircraft Payload/Range, and some of the variables and costs involved.
  • Extended-Range Twin Engine Operations (ETOPS) – implications both for the 737 & A321
Mark Atherley, Consultant, Atherley Associates
5:00PM Applied case work: Structuring an aircraft finance transaction
6:00PM Drinks reception
7:00PM Dinner

Cambridge School - Day 2: Tuesday, July 3, 2018

9:15AM Morning coffee
9:30AM Capital markets in aviation
  • Reviewing the EETC Market and development of Non-US issuers into this market
  • EETCs vs. other financing alternatives
  • Review of the aircraft and engine portfolio securitization market and structures
  • Unsecured issuance among Aircraft Lessors vs Airlines
  • Lessor sidecars – what are these management vehicles and how do they work?
  • Institutional term loan and secured bond markets
  • Review of non-recourse alternatives: Use of Aircraft ABS in aircraft portfolio sales
George Oommen, Executive Director, JPMorgan
10:20AM Sources of funding
  • How has aircraft financing been affected by present market conditions?
  • What impact will interest rates rises have on the bank’s competitive position?
  • Focus on increasing pricing and decreasing tenor length in transactions
  • Assessing different products on the market: equity; debt; securitizations; conduits; financing and operating leases
  • Successfully structuring transactions: Key factors to take into consideration
  • Assessing and mitigating risks
James Paterson, Senior Vice President, Aviation Finance, DVB Bank
11:10AM Morning break & networking
11:40AM Credit & risk issues
  • Aircraft security – how protected are you?
  • Key drivers of successful airline management
  • Competitive environment & market positioning
  • Financial analysis, jurisdiction risk and transaction structure
Karl Creevy, Head of Credit Risk, SMBC Aviation Capital
12:30PM Lunch
2:00PM Manufacturer support

·         Assessing customer support

·         What type of products do manufacturers support and how?

·         Why are aircraft a good investment?

Vicky Hartley, Senior Director, Customer Finance - Europe, Boeing Capital Corporation
Cathal Kyle, Head of Customer Finance, Europe, Asia, Airbus
3:00PM Afternoon break & networking
3:30PM Introduction to legal issues in aircraft financing
  • Structure diagram and typical transaction documentation
  • Use of special purpose companies
  • Overview of covenant package and typical events of default
  • Cape Town Convention
Justin Benson, Partner, EMEA EIPAF - Asset Finance, White & Case LLP
5:00PM Applied case work: Structuring an aircraft finance transaction
6:00PM Drinks reception
7:00PM Dinner

Cambridge School - Day 3: Wednesday, July 4, 2018

8:45AM Morning coffee
9:00AM Insurance considerations
  • Insurance considerations
  • What risks should you be aware of?
  • Breach of warranty
  • Loss payee clauses
  • Captive insurers
Tony McCarthy, Executive Director, Global Aviation Aerospace, Avocet Insurance Consultants
9:45AM Engine asset management, leasing & financing
  • ROI on engines and how engines compare with aircraft as assets
  • Engine leasing and financing
  • How do engines impact lessors and bankers’ financing?
  • Practical impacts of power-by-the-hour maintenance arrangements and how they fit into the financing world
Charlie Ferguson, Marketing Director - Europe, Rolls-Royce plc
10:45AM Morning break & case study preparation
12:30PM Case study presentations
1:20PM Closing remarks from the faculty
1:30PM Lunch & close of school