<br />
ISSUE SIXTEEN SEPTEMBER/OCTOBER 2013<br />
THE LEADING GLOBAL PUBLICATION FOR OPERATORS OF AND INVESTORS IN AIRCRAFT AND ENGINES<br />
Under pressure<br />
Engine asset analysis<br />
The dash for cash<br />
The aircraft leasing market evolution<br />
ABS: Back to life?<br />
It’s easy to be green<br />
when it’s in your nature.<br />
PurePower® engines are by far the greenest in aviation and that’s no accident of nature, but purely by design.<br />
Our Geared Turbofan™ engine is designed to be quieter and more efficient with fewer emissions. Not just old<br />
technology repackaged in a new skin, but a better engine at its core. Learn more about the PurePower PW1000G<br />
engine family at PurePowerEngines.com.<br />
Power People Depend On.™<br />
EDITOR’S LETTER<br />
LEASING MARKET EVOLUTION<br />
Two themes dominate this issue: the evolution of the leasing mar<a title="Issue 16 September/October page 1" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=1"> ISSUE SIXTEEN </a>
<a title="Issue 16 September/October page 2" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=2"> It’s easy to be green when it’s in your natur</a>
<a title="Issue 16 September/October page 3" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=3"> EDITOR’S LETTER LEASING MARKET EVOLUTION Two t</a>
<a title="Issue 16 September/October page 4" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=4"> CONTENTS 1 Leasing market 24 evoluti</a>
<a title="Issue 16 September/October page 5" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=5"> Better, Faster, stronger World Class </a>
<a title="Issue 16 September/October page 6" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=6"> NEWS WingStar launch to shake up mid-late aircr</a>
<a title="Issue 16 September/October page 7" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=7"> The A340 can be considered an efficient long-haul </a>
<a title="Issue 16 September/October page 8" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=8"> NEWS American Airlines-US Airways reach a settl</a>
<a title="Issue 16 September/October page 9" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=9"> </a>
<a title="Issue 16 September/October page 10" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=10"> DEAL ANALYSIS PBGC achieves record unsecured b</a>
<a title="Issue 16 September/October page 11" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=11"> so should naturally trade at a significant disc</a>
<a title="Issue 16 September/October page 12" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=12"> NEWS Virgin Australian breaks into the US capit</a>
<a title="Issue 16 September/October page 13" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=13"> It's not just about access to a new airplane. It'</a>
<a title="Issue 16 September/October page 14" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=14"> NEWS AerCap closes $180m revolver AerCap Ho</a>
<a title="Issue 16 September/October page 15" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=15"> Providing Financing Solutions for Air Transportat</a>
<a title="Issue 16 September/October page 16" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=16"> NEWS Airbus wins JAL order; 777x orders imminen</a>
<a title="Issue 16 September/October page 17" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=17"> Aircraft Investment & Leasing Solutions Inde</a>
<a title="Issue 16 September/October page 18" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=18"> NEWS BOC Aviation orders 25 A320s BOC Aviation</a>
<a title="Issue 16 September/October page 19" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=19"> YOU MAINTAIN YOUR BUDGET. WE MAINTAIN YOUR FLE</a>
<a title="Issue 16 September/October page 20" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=20"> NEWS Air France funds one A380 and refinances a</a>
<a title="Issue 16 September/October page 21" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=21"> Aset Management • • • • Remarketing Services </a>
<a title="Issue 16 September/October page 22" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=22"> NEWS Bankruptcy court approves American subordi</a>
<a title="Issue 16 September/October page 23" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=23"> WHEN IT COMES TO CARGO CONVERSIONS, WE’RE VERY NA</a>
<a title="Issue 16 September/October page 24" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=24"> NEWS Avolon to be sold; closes first ABS transa</a>
<a title="Issue 16 September/October page 25" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=25"> </a>
<a title="Issue 16 September/October page 26" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=26"> LEASING MARKET EVOLUTION It’s in the DNA Aircr</a>
<a title="Issue 16 September/October page 27" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=27"> LEASING MARKET EVOLUTION “As an asse</a>
<a title="Issue 16 September/October page 28" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=28"> LEASING MARKET EVOLUTION </a>
<a title="Issue 16 September/October page 29" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=29"> 16% 16% LEASING MARKET EVOLUTION later expa</a>
<a title="Issue 16 September/October page 30" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=30"> ORIX Aviation recently acquired one 787 via a sal</a>
<a title="Issue 16 September/October page 31" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=31"> LEASING MARKET EVOLUTION </a>
<a title="Issue 16 September/October page 32" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=32"> LEASING MARKET EVOLUTION 1000 800 600 US$ M</a>
<a title="Issue 16 September/October page 33" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=33"> “When you are considering a new aircraft acquisit</a>
<a title="Issue 16 September/October page 34" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=34"> LEASE ACCOUNTING RULE CHANGES Forcing symmetry</a>
<a title="Issue 16 September/October page 35" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=35"> LEASE ACCOUNTING RULE CHANGES </a>
<a title="Issue 16 September/October page 36" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=36"> LEASE ACCOUNTING RULE CHANGES </a>
<a title="Issue 16 September/October page 37" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=37"> Experience KPMG is a leading provider of cros</a>
<a title="Issue 16 September/October page 38" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=38"> LEASE ACCOUNTING RULE CHANGES beginning of ever</a>
<a title="Issue 16 September/October page 39" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=39"> LEASE ACCOUNTING RULE CHANGES IAS 17 and FAS 13 T</a>
<a title="Issue 16 September/October page 40" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=40"> LEASE ACCOUNTING RULE CHANGES </a>
<a title="Issue 16 September/October page 41" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=41"> </a>
<a title="Issue 16 September/October page 42" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=42"> ABS Back to life With three aviation asset bac</a>
<a title="Issue 16 September/October page 43" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=43"> September 30, 2012. The initial loan-to- value am</a>
<a title="Issue 16 September/October page 44" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=44"> ABS The note issuance is backed by shares</a>
<a title="Issue 16 September/October page 45" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=45"> wider than the Avolon discount. This was more dis</a>
<a title="Issue 16 September/October page 46" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=46"> ABS offload pooled a</a>
<a title="Issue 16 September/October page 47" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=47"> </a>
<a title="Issue 16 September/October page 48" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=48"> ENGINES Under pressure The engine leasing marke</a>
<a title="Issue 16 September/October page 49" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=49"> advice. One is reported to have asked: “Should we</a>
<a title="Issue 16 September/October page 50" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=50"> ENGINES customer base w</a>
<a title="Issue 16 September/October page 51" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=51"> </a>
<a title="Issue 16 September/October page 52" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=52"> ENGINES GE90 program so that might/should l</a>
<a title="Issue 16 September/October page 53" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=53"> OUR EXPERIENCE DRIVES YOUR EXCELLENCE. </a>
<a title="Issue 16 September/October page 54" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=54"> ENGINES being offered f</a>
<a title="Issue 16 September/October page 55" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=55"> Transform the worth of your inventory You’re look</a>
<a title="Issue 16 September/October page 56" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=56"> ENGINES sales staff with shaking of heads and d</a>
<a title="Issue 16 September/October page 57" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=57"> GUIDING YOUR END OF LIFE ASSET STRATEGIES </a>
<a title="Issue 16 September/October page 58" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=58"> ENGINES a consignment basis and control of this</a>
<a title="Issue 16 September/October page 59" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=59"> independent engine lessors need to work harder to</a>
<a title="Issue 16 September/October page 60" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=60"> 2013 H1 DELIVERIES BREAKDOWN DELIVERIES BY OPER</a>
<a title="Issue 16 September/October page 61" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=61"> 2013 H1 DELIVERIES BREAKDOWN AIRCRAFT DELIVERY </a>
<a title="Issue 16 September/October page 62" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=62"> DATA GLOBAL CAPACITIES YEAR ON YEAR - OCTOBER 2</a>
<a title="Issue 16 September/October page 63" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=63"> TOP 50 LOW COST CARRIERS - ASKS/WEEK - OCTOBER 20</a>
<a title="Issue 16 September/October page 64" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=64"> DATA TOP 20 MARKETS BY REGION BY CAPACITY - OCT</a>
<a title="Issue 16 September/October page 65" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=65"> DATA 2013 CANCELLATIONS – 15TH MAY TO 1ST NOVEM</a>
<a title="Issue 16 September/October page 66" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=66"> DATA AIRCRAFT DEFERRALS – JULY 15TH TO 1ST NOVE</a>
<a title="Issue 16 September/October page 67" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=67"> DATA 2013 AIRCRAFT ORDER DEFERRALS - OCTOBER 20</a>
<a title="Issue 16 September/October page 68" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=68"> DATA MAJOR AIRCRAFT IN STORAGE AS OF 1ST NOVEMB</a>
<a title="Issue 16 September/October page 69" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=69"> DATA 2013 YEAR TO 1ST NOVEMBER – NUMBER OF TRAN</a>
<a title="Issue 16 September/October page 70" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=70"> DATA 2013 YEAR TO 1ST NOVEMBER – NUMBER OF TRAN</a>
<a title="Issue 16 September/October page 71" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=71"> DATA 2013 YEAR TO 1ST NOVEMBER – NUMBER OF TRAN</a>
<a title="Issue 16 September/October page 72" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=72"> DATA 2013 YEAR TO 1ST NOVEMBER – NUMBER OF TRAN</a>
<a title="Issue 16 September/October page 73" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=73"> DATA 2013 YEAR TO 1ST NOVEMBER – NUMBER OF TRAN</a>
<a title="Issue 16 September/October page 74" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=74"> DATA TRANSACTIONS - 1ST SEPTEMBER 2013 TO 1ST N</a>
<a title="Issue 16 September/October page 75" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=75"> DATA Aircraft Status Date of sale Th</a>
<a title="Issue 16 September/October page 76" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=76"> DATA TRANSACTIONS - 1ST SEPTEMBER 2013 TO 1ST N</a>
<a title="Issue 16 September/October page 77" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=77"> DATA Aircraft Status Date of sale Th</a>
<a title="Issue 16 September/October page 78" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=78"> DATA TRANSACTIONS - 1ST SEPTEMBER 2013 TO 1ST N</a>
<a title="Issue 16 September/October page 79" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=79"> DATA Aircraft Status Date of sale Th</a>
<a title="Issue 16 September/October page 80" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=80"> DATA TRANSACTIONS - 1ST SEPTEMBER 2013 TO 1ST N</a>
<a title="Issue 16 September/October page 81" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=81"> DATA Aircraft Status Date of sale Th</a>
<a title="Issue 16 September/October page 82" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=82"> DATA TRANSACTIONS - 1ST SEPTEMBER 2013 TO 1ST N</a>
<a title="Issue 16 September/October page 83" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=83"> DATA Aircraft Status Date of sale Th</a>
<a title="Issue 16 September/October page 84" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=84"> DATA TRANSACTIONS - 1ST SEPTEMBER 2013 TO 1ST N</a>
<a title="Issue 16 September/October page 85" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=85"> DATA Aircraft Status Date of sale Th</a>
<a title="Issue 16 September/October page 86" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=86"> DATA COMMERCIAL AIRCRAFT CMVS AND LEASE RATES -</a>
<a title="Issue 16 September/October page 87" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=87"> Providing Mapping Solutions for Airports through </a>
<a title="Issue 16 September/October page 88" href="http://viewer.zmags.co.uk/publication/7ca318a7?page=88"> It’s about a lease that lasts five years a</a>