Aircraft Financing and Leasing: Tools for Success in Aircraft Acquisition and Management, Second Edition provides students and industry professionals with unique insights into the latest developments in the Commercial Aircraft and Engine Leasing and Financing industry that has grown into one of the most distinctive and important industries globally. This book offers a blend of academic and professional views that make it educational and relevant to the everyday operations of the industry. It can be used as a stand-alone textbook as well as a practitioner's guide. Given the impact of the COVID-19 virus on airlines around the world, the industry has experienced substantial changes since the first edition was published. This second edition is thoroughly revised and includes some new case studies and an entirely new chapter on Environmental Considerations with Respect to Aviation Finance. Aircraft Financing and Leasing details the industry's foundational concepts, including aviation law and regulation, airline credit analysis, maintenance reserve development, insurance, transaction cost modeling, risk management tools such as asset and credit diversification, and the art of lease negotiations. Different types of aircraft are explored, highlighting their purposes, as well as when and why airline operators and investors choose specific models over others. In addition, the book covers important factors such as modeling financial returns for leased aircraft and appraising aircraft values. Users will find this an ideal resource for practitioners or as an outstanding reference for senior undergraduate and graduate students. - Includes a new chapter on Environmental Considerations with Respect to Aviation Finance as well as updates throughout to reflect changes in the industry, particularly due to COVID-19 - Utilizes case studies in each chapter—real-life examples that will help the readers apply newly learned concepts to real problems of the industry - Highly illustrated with text boxes for examples and real-world applications; graphs, charts, tables, diagrams, flow charts, photos, maps; and examples of forms - Offers a blend of academic and professional views, making it suitable for both student and practitioner - Serves as an aircraft finance and leasing reference for those starting their careers, as well as for legal, investment, and other professionals

The book offers a comprehensive overview of the multifaceted matters that arise in the process of financing commercial aircraft. It reviews the different topics on a high-level basis, and then explains the terminology used for each particular area of specialization.

Aircraft are mainly bought by two groups of buyers: 1. Airlines for their own use 2. Operating lessors for onward leasing to airlines Both groups of buyers require substantial external funding, both debt and equity, to accommodate these purchases. Historically five key sources have funded the aviation industry: 1. bank debt (secured and unsecured) 2. export credit agency guaranteed debt (secured) 3. capital markets (secured and unsecured bonds; equity and debt solutions) 4. internal cash flow generation 5. tax based leasing products This is the leading text providing guidance on all the funding options available, the best way to secure funding and how to ensure that robust legal structures framing the commercial deal are in place. The book is divided into four core sections: Part A: Market Context which sets the scene giving the user market context and an overview of aircraft financing Part B: Transaction structuring which looks at the credit, the asset, the legal structuring and tax drivers Part C: Core Products and Regional Markets (Brazil, Russia, India, China, France, Germany, Spain and Japan) Part D: Regulatory Matters including accounting developments Key updates for the new Fifth Edition include: - New chapters on: - The environment - Restructuring - Compliance - GATS (Global Aircrafts Trading Systems (GATS) - Full explanation and analysis of recent regulatory changes including changes brought about by Basel IV Due to the complexities involved in this area and the need to ensure that any commercial deal is legally sound Aircraft Financing is the essential reference tool for anyone involved in aircraft financing transactions. This title is included in Bloomsbury Professional's Banking and Finance Law online service.

Air transport industry finance, with its complexity and special needs such as route rights, airport slots, aircraft leasing options and frequent flyer programmes, requires specific knowledge. While there are numerous financial management and corporate finance texts available, few of these provide explanations for the singularities of the airline industry with worked examples drawn directly from the industry itself. Revised and updated in its third edition, this internationally renowned and respected book provides the essentials to understanding all areas of airline finance. Designed to address each of the distinct areas of financial management in an air transport industry context, it also shows how these fit together, while each chapter and topic provides a detailed resource which can be also consulted separately. Supported at each stage by practical airline examples, it examines the financial trends and prospects for the airline industry as a whole, contrasting the developments for the major regions and airlines. Important techniques in financial analysis are applied to the airline industry, together with critical discussion of key issues. Thoroughly amended and updated throughout, the third edition reflects the many developments that have affected the industry since 2001. It features several important new topics, including Low Cost Carriers (LCCs), fuel hedging and US Chapter 11 provisions. The sections on financial statements and privatisation have been expanded, and a new chapter has been added on equity finance and IPOs. New case studies have been added, as well as the latest available financial data. The range and perspective is even greater than before, with significant expansion of material specific to the US and Asia. The book is a key resource for students of airline management, and a sophisticated and authoritative guide for analysts in financial institutions and consultancies, executives in airlines and related industries, and civil aviation departments.

This title presents a flexible valuation and decision-making tool for financial planners, airlines, lease companies, bankers, insurance companies, and aircraft manufacturers.

This book is one of the first to explore aviation and aircraft leasing and its values establishing it as a standalone investable asset class within the larger real assets industry. Airplanes are a crucial but capital-intensive component of the global economy. The author, as an academic, researcher, appraiser, advisor and businessperson in the industry, bridges a gap in the existing literature with his analysis of the underlying aviation asset class return and risk profile. The book describes the characteristics, dynamics and drivers of the global, Asia and China specific aviation and leasing landscapes. Recent effects of COVID-19 on aviation and an analysis of the drivers affecting cross border mergers and acquisitions in the industry are also investigated. The book includes 20+ years of empirical aircraft valuation evidence and analysis of its characteristics establishing the aircraft and sub-segments as asset classes. In addition, characteristic comparisons to other real asset subclasses and benchmarks are examined. This book will be of interest to academics, financiers, investors, industry participants and more general aviation enthusiasts.

A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.

Although aircraft leasing is comparatively young as a commercial activity – less than forty years old in practical terms – already well over a quarter of the world’s commercial aircraft fleet is leased. The legal significance of aircraft leasing is, therefore, growing very quickly. Bringing together the laws affecting both air travel and leasing can, however, be challenging. This book is the first to assume this task in a major focused way, thus providing invaluable expert guidance to practitioners handling aircraft lease agreements as well as to legal academics and students. In this second edition, the author examines the aircraft operating lease from both a legal and practical point of view and contextualizes it in light of the latest public and private international air law agreements, case law, statutes, and regulations from a variety of jurisdictions and current literature in the field: – the obligations and rights of each party; – failure to meet delivery condition before delivery; – standby letters of credit and guarantees; – regulatory constraints concerning aircraft registration or foreign remittances; – manufacturer’s warranties; – possession and replacement of parts and engines; – sub-leasing; – damage to the aircraft and other loss to lessor; – liability for damage to third parties; – safety issues and lessor’s liability for acts of the airline; – the events that will entitle the lessor to terminate the contract and recover its asset; – issues pertaining to enforcement of remedies; and – governing law. The format broadly follows that of a typical aircraft operating lease. The author flags the principal legal issues to be considered in developing a standard form aircraft operating lease and makes recommendations in that regard. His approach balances the desired commercial outcome with the legal, or more theoretical, mandate to apply the law to disputes that may arise. An immensely useful supplement sets out a real example of a form of aircraft operating lease for a used aircraft, as used by a leading commercial aircraft leasing company. As a detailed examination of each part of the lease with particular reference to the impact on each term of relevant case law, statutes, regulations, and international treaties, this work greatly enhances understanding of the legal and practical aspects of the aircraft operating lease.

Selecting the right aircraft for an airline operation is a vastly complex process, involving a multitude of skills and considerable knowledge of the business. Buying The Big Jets was first published in 2001 to provide guidance to those involved in aircraft selection strategies. This Second Edition brings the picture fully up to date, incorporating new discussion on the strategies of low-cost carriers, and the significance of the aircraft cabin for long-haul operations. Latest developments in aircraft products are covered and there are fresh examples of best practice in airline fleet planning techniques. The book is essential reading for airline planners with fleet planning responsibility, consultancy groups, analysts studying aircraft performance and economics, airline operational personnel, students of air transport, leasing companies, aircraft value appraisers, and all who manage commercial aircraft acquisition programmes and provide strategic advice to decision-makers. This book is also a valuable tool for the banking community where insights into aircraft acquisition decisions are vital. Buying The Big Jets is an industry-specific example of strategic planning and is therefore a vital text for students engaged in graduate or post-graduate studies either in aeronautics or business administration.

Airline Operations and Management: A Management Textbook is a survey of the airline industry, mostly from a managerial perspective. It integrates and applies the fundamentals of several management disciplines, particularly economics, operations, marketing and finance, in developing the overview of the industry. The focus is on tactical, rather than strategic, management that is specialized or unique to the airline industry. The primary audiences for this textbook are both senior and graduate students of airline management, but it should also be useful to entry and junior level airline managers and professionals seeking to expand their knowledge of the industry beyond their own functional area.