Umfang:
1 Online-Ressource (528 Seiten)
Ausgabe:
Second edition
ISBN:
9780443153747
Anmerkung:
Description based on publisher supplied metadata and other sources
,
Front Cover -- Aircraft Leasing and Financing -- Aircraft Leasing and FinancingTools for Success in International Aircraft Acquisition and ManagementSecond EditionVitaly S. ... -- Copyright -- Contents -- About the authors -- Acknowledgments -- Foreword by C. Jeffrey Knittel -- Foreword by Dick Forsberg -- 1 - Overview of the aircraft leasing industry and market environment -- State of the airline industry -- The market for commercial aircraft -- Forecast -- Aircraft financing -- Aircraft-leasing industry -- Regional markets -- North America -- Latin America -- Eurasia -- China -- Asia/Pacific -- Middle East -- Africa -- Topics discussed in the book -- Principles of aircraft selection -- Principles of aircraft leasing versus ownership -- Aviation legal and regulatory framework -- Aviation insurance and the impact on risk management -- Aircraft funding-Debt, equity, and the capital markets -- Sustainable aviation: Issues and challenges -- Airline credit analysis -- Leasing portfolio management and risk management -- Principles of maintenance reserve development and management -- Transaction modeling -- Lease agreement and negotiation -- Aircraft valuation and appraisals -- Taxation and considerations for cross-border transactions -- Engine leasing -- References -- 2 - Principles of aircraft selection -- Fleet planning -- Organization structure -- Where should fleet planning fit in a corporate environment? -- Financial -- Operational -- Technical/engineering -- Strategic planning -- Strategic vision -- Aircraft categories -- Operating weights and payload capability -- Revenue and cost components -- Additional considerations -- Noise and CO2 pollution -- Maintenance cost considerations -- Crew cost considerations -- Other cost considerations -- Aircraft values -- Valuation methodology -- The lessor's perspective on aircraft selection
,
Market analysis -- Aircraft placement -- Value retention and liquidity -- Production stages -- Lease rate factor -- Airline's perspective on aircraft selection -- Mission capability -- Fleet composition-Strategic goals -- Aircraft availability -- Operating economics -- Financing availability -- Manufacturer's perspective on aircraft selection -- Competition and future of commercial aircraft manufacturing -- Boeing -- Airbus -- Possibility of new competitors? -- Primary market -- Customer requirements and preferences -- Macroeconomic influences -- Engine manufacturers -- Transparency of aircraft values -- Summary -- Appendix 2A: Mini case study A -- Aircraft selection (airline) -- Aircraft selection guidelines -- Airline type -- Mission capability -- Fleet commonality -- New technology implication -- New network opportunities -- Availability -- Economic considerations and availability of financing -- Appendix 2B: Mini case study B -- Aircraft selection (lessor) -- Aircraft selection guidelines -- Aircraft price -- Aircraft lease rate -- Residual value -- Aircraft order book -- Market penetration -- Production stage -- Capital market outlook -- Aircraft remarketability -- Aircraft transition and reconfiguration costs -- Aircraft performance -- New technology implication -- Fleet commonality -- Global demand-Aviation value cycle -- Acknowledgments -- References -- Further reading -- 3 - Principles of aircraft leasing versus ownership -- Aircraft leasing -- Types of leases -- What is a lease? -- Operating lease -- Dry lease -- Wet lease -- Capital/financial lease -- Leveraged lease -- Sale and leaseback -- Factors affecting aircraft leasing -- Pros and cons of leasing for an airline -- Pros to leasing for an airline -- Reduced capital investment -- Increased fleet flexibility -- No residual value risk -- Off-balance sheet financing
,
Cons to leasing for an airline -- Reduced tax benefits -- Difficulty financing aircraft not in high demand -- Return conditions and penalties -- Operating restrictions -- Leasing and debt displacement -- Optimal level of leasing -- Leasing and airline business models -- Airline experience and leasing -- Accounting implications of leasing -- Operating leases -- Financial leases -- Decision tools for analysis of lease versus buy decisions -- Cash flows from lease versus buy option for a lessee -- Discount rate -- Depreciation tax benefit -- Residual value of aircraft -- Cash flows for a lessor's investment decision -- Internal rate of return -- Payback -- Return on assets and return on equity -- Acceptable range of lease payments -- Lease versus buy decision example -- Lessee perspective -- Lessor perspective -- Maximum and minimum lease payments -- Chapter conclusion -- Appendix 3A: Case study: Lease versus buy decision at Aeromexico -- Aeromexico's decision -- Exhibit 3.1 -- References -- 4 - Aviation legal and regulatory framework -- Introduction to aviation law -- Overview of legal terms -- Warsaw Convention -- Special drawing rights -- Montreal Convention -- Chicago Convention -- Geneva Convention -- Cape Town Convention -- Aircraft objects -- International interests and registry -- Choice of law -- Default remedies -- US registration and ownership -- Liens -- Jurisdictional review for cross-border transactions -- Liability -- Lessor/owner liability -- Operator liability -- Aviation insurance -- Bankruptcy and Section 1110 -- Liquidation versus reorganization -- Airline bankruptcies -- Protection for financiers -- Due diligence -- Sanctions -- Multilateralism and open skies -- Freedoms of the air -- Open skies -- International Civil Aviation Organization -- International Air Transport Association
,
International Society of Transport Aircraft Trading -- Recent developments -- Conclusion -- Appendix 4A: The English Blue Sky case -- References -- 5 - Aviation insurance and the impact on risk management -- Introduction to risk management -- Types of risk -- Static risk -- Dynamic risk -- Fundamental risk -- Particular risk -- Risk management techniques -- Risk control -- Risk finance and insurance -- Chance of loss versus degree of risk -- Self-insurance -- Choosing a strategy -- Aviation insurance -- Background -- A recap on conventions -- Insurance parties -- Insured -- Broker -- Underwriter -- Types of insurance -- Hull insurance -- Insured value -- Deductible -- Exclusions -- Total loss -- Partial loss -- Detached parts and substitutes -- Appraisal provision -- Liability insurance -- Combined single limits -- Exclusions -- Nonowned aircraft and add-ons -- War risk and allied peril insurance -- Pre-9/11 -- Post 9/11 -- Present -- Additional coverage -- Insurance for lessors -- Measuring a loss -- Direct physical damage -- Loss of use -- Diminution of value -- Liability loss -- Loss from incidental damage -- The insurance contract -- Policy components -- Contract formation -- Factors that affect the premium -- Purpose of use -- Commercial -- Noncommercial -- Hull value -- Pilot qualification -- Geographic region -- Safety record -- The market -- Reinsurance -- Proportional reinsurance -- Nonproportional reinsurance -- Aviation insurance issues arising from the Russian-Ukrainian conflict -- Conclusion -- Case study -- References -- 6 - Aircraft funding-Debt, equity, and the capital markets -- How airlines and leasing companies raise capital for fleet financing -- The pecking-order theory -- Equity financing -- Debt financing -- Bilateral versus syndicated loans -- Schuldschein -- Lessor warehouse financing -- Bridge loans
,
Role of rating agencies -- Mezzanine financing -- Export Credit Agencies -- Aviation Finance Insurance Consortium -- General Agreement on Trade and Tariff/World Trade Organization -- Enhanced Equipment Trust Certificate -- Bankruptcy remote structure -- Section 1110 protection -- Use of liquidity facilities -- Tranching -- Cross-default -- Collateral nature and diversification -- Exhibit 6.1: United Airlines Series-12014 EETC (United Airlines, 2014) -- Key structural elements -- Collateral information -- Transaction structure -- Aircraft ABS -- Diversification risks -- Releasing risk -- Risk of aircraft valuations -- Exhibit 6.2: Avolon Aerospace Leasing Limited ABS issues -- Emerald Aviation Finance Limited Aircraft ABS (EAFL 2013-1) (KBRA, 2013) -- Sapphire Aviation Finance I Aircraft ABS (SAPA 2018-1) (KBRA, 2018) -- Predelivery payments financing -- Purchase price and aircraft value -- Purchase rights -- Assignment -- Manufacturer's purchase option -- Basel III and IV issues -- Aircraft financing environment during the COVID-19 pandemic -- References -- 7 - Sustainable aviation: Issues and challenges -- Introduction -- Organization and sustainable aviation initiatives -- United Nations and climate change -- International Civil Aviation Organization -- International Air Transport Association -- European Commission (EU) and Emission Trading System -- Industry initiatives toward Net Zero by 2050 -- Carbon offsets -- Fleet modernization -- Operational improvements -- Sustainable aviation fuels -- SAF vs fossil fuels -- Methods of SAF production -- Hydroprocessed esters and fatty acid -- Alcohol to jet A and Fischer-Tropsch -- Power to liquid -- Policies and incentives for SAF use -- New technologies and sustainability -- Sustainable aviation finance -- Green bonds and loans -- Case study: Green bond All Nippon Airways
,
Case study: Avation green loan to lease ATR 72-600
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe ISBN 9780443153730
Sprache:
Englisch
DOI:
10.1016/C2022-0-01138-7
URL:
Volltext
(URL des Erstveröffentlichers)
Bookmarklink
