Investing in Aviation Finance: Korea

Feb 6, 2018

FKI Tower 24, Korea

Investing in Aviation Finance: Korea
February 2018

With Korean investors showing signs of diversification into asset backed securities and portfolio transactions, this intimate masterclass will provide a 360 degree masterclass to help investors identify opportunities, structure deals and mitigate risks.

Leveraging proprietary data, case studies, and educational sessions, the event will provide a wealth of resources, data and insights maximising time out of the office for investors.

This conference is exclusive to investors by invitation-only. If you do not have an invitation, you can register your interest by emailing [email protected].

More details coming soon...

"Ishka has successfully moved away from the traditional conference format, creating an environment which allows for genuine debate on key issues. The level of participation, both in terms of the attendees and their engagement clearly shows that Ishka have hit the mark.” Richard Owen Walker, Head of Investor Marketing, Airbus

For more information, please contact:
Tom Preselo, Head of Production
+44 (0)20 3176 3696
[email protected]

AN INVITE-ONLY EVENT FOR INVESTORS LOOKING TO FIND BETTER RISK ADJUSTED RETURNS

Investing in Aviation Finance: Korea is designed for both new and seasoned investors looking to gain more practical and technical expertise within the aviation finance market.

This event has an invite-only policy and capped attendance to ensure quality attendees and highly tailored content. If you want to be one of a just 80 investors discovering, discussing and shaping the future of the Korean aviation finance market, then apply for an invitation here*.

OBJECTIVES AND OUTCOMES

Our specialist masterclass has been designed specifically around the educational needs of both experienced and new institutional investors looking to maximise returns and mitigate risk within aviation finance.

Benchmark aviation against other asset classes and securities to find best relative value
Credit and collateral analysis to help identify which investments have the best risk-adjusted returns
Plan for the next stage of the aviation cycle
Learn how to access the narrow body market and invest in a portfolio of aircraft

Learn more about our expert speaker lineup for Investing in Aviation Finance: Korea by downloading the speaker bios here

Cian Dooley

Founding Partner

Airborne Capital

Paul Jebely

Managing Partner

Pillsbury Winthrop Shaw Pittman LLP

Lionel Van Buylaere

Aercap

Dan Stone

Executive Vice President

Dubai Aerospace Enterprise

Patrick den Elzen

CEO

Arena Aviation Capital

Karl Essig

Partner

AgFe

Kalash Pandey

Vice President, IBD Structured Finance,

Goldman Sachs

Brian Rynott

Chief Investment Officer

Intrepid Aviation Group

	first stream
09:00	Ishka View Plenary 09:00 Plenary Ishka View × Next session: The investment thesis for aviation finance: a growth industry with stable income
09:15	More information The investment thesis for aviation finance: a growth industry with stable income *A Proprietary analysis session which benchmarks aviation against alternative asset classes and key industry metrics to compare relative value.* • Comparison of alternative asset classes: shipping, real estate infrastructure and aviation • Growth drivers • How has aviation performed relative to main market metrics and trackers? • Volatility trends • Equity and debt return and risk characteristics • Recoveries and levels of defaults Plenary 09:15 Plenary The investment thesis for aviation finance: a growth industry with stable income × *A Proprietary analysis session which benchmarks aviation against alternative asset classes and key industry metrics to compare relative value.* • Comparison of alternative asset classes: shipping, real estate infrastructure and aviation • Growth drivers • How has aviation performed relative to main market metrics and trackers? • Volatility trends • Equity and debt return and risk characteristics • Recoveries and levels of defaults Karl Essig Partner AgFe Next session: Strategic planning and management for the next cycle
09:45	More information Strategic planning and management for the next cycle Investing at the peak of the cycle? This session will look at past crises and cycles to shape our understanding of the future, and help investors navigate the next stage of the cycle. Analysing past cycles: Dislocations in the aviation industry to shape our future understanding of the next cycle Behaviours of crisis; what are the leading signals? How do we monitor them and what are the metrics? Do cycles exist and how do we define them? Investing in a soft market Plenary 09:45 Plenary Strategic planning and management for the next cycle × Investing at the peak of the cycle? This session will look at past crises and cycles to shape our understanding of the future, and help investors navigate the next stage of the cycle. Analysing past cycles: Dislocations in the aviation industry to shape our future understanding of the next cycle Behaviours of crisis; what are the leading signals? How do we monitor them and what are the metrics? Do cycles exist and how do we define them? Investing in a soft market Next session: Evaluating your investment: Credit and collateral analysis to identity best risk adjusted returns Previous session: The investment thesis for aviation finance: a growth industry with stable income
10:25	Coffee Break Plenary 10:25 Plenary Coffee Break × Next session: Evaluating your investment: Credit and collateral analysis to identity best risk adjusted returns Previous session: The investment thesis for aviation finance: a growth industry with stable income
10:40	More information Evaluating your investment: Credit and collateral analysis to identity best risk adjusted returns The session will provide a framework for evaluating investment alternatives and for ongoing monitoring of aviation investments The framework is based on the observation that the outcome of aviation investments is critically dependent on four key factors: (i) the strength of the airline credit, (ii) the legal framework in the jurisdiction of registration, (iii) the structuring of the transaction and above all (iv) the quality of the aircraft collateral The implications of collateral selection on cashflow, capital values/volatility, liquidity and other key factors Realistic yield expectations in the current market environment The implications for the design of investment performance/risk monitoring systems Plenary 10:40 Plenary Evaluating your investment: Credit and collateral analysis to identity best risk adjusted returns × The session will provide a framework for evaluating investment alternatives and for ongoing monitoring of aviation investments The framework is based on the observation that the outcome of aviation investments is critically dependent on four key factors: (i) the strength of the airline credit, (ii) the legal framework in the jurisdiction of registration, (iii) the structuring of the transaction and above all (iv) the quality of the aircraft collateral The implications of collateral selection on cashflow, capital values/volatility, liquidity and other key factors Realistic yield expectations in the current market environment The implications for the design of investment performance/risk monitoring systems Karl Essig Partner AgFe Next session: Managing risk: optimal structuring solutions for investing in widebody aircraft and risk discussion Previous session: The investment thesis for aviation finance: a growth industry with stable income
11:20	Break Plenary 11:20 Plenary Break × Next session: Managing risk: optimal structuring solutions for investing in widebody aircraft and risk discussion Previous session: The investment thesis for aviation finance: a growth industry with stable income
11:30	More information Managing risk: optimal structuring solutions for investing in widebody aircraft and risk discussion This session will examine a number of hypothetical case studies, to identify best practices and pitfalls, and allow delegates to flag perceived risks to our panel of experts. Best practices for structuring a widebody investment Lessons learnt from previous deals and best practices from other cases Does a well-structured A380 and 777 still represent a good deal? Are investors over exposed to balloon risk? Heavy maintenance checks Plenary 11:30 Plenary Managing risk: optimal structuring solutions for investing in widebody aircraft and risk discussion × This session will examine a number of hypothetical case studies, to identify best practices and pitfalls, and allow delegates to flag perceived risks to our panel of experts. Best practices for structuring a widebody investment Lessons learnt from previous deals and best practices from other cases Does a well-structured A380 and 777 still represent a good deal? Are investors over exposed to balloon risk? Heavy maintenance checks Brian Rynott Chief Investment Officer Intrepid Aviation Group Next session: Accessing the competitive narrow body market and picking the right model Previous session: The investment thesis for aviation finance: a growth industry with stable income
12:10	Lunch Plenary 12:10 Plenary Lunch × Next session: Accessing the competitive narrow body market and picking the right model Previous session: The investment thesis for aviation finance: a growth industry with stable income
13:10	More information Accessing the competitive narrow body market and picking the right model How can Korean investors access the highly competitive narrow body market and what returns are on offer? What appetite is there for narrow body aircraft? Entrance and exit strategies for narrow body aircraft Risk analysis for narrow body aircraft: CMV, FVF, LRF What variants are on offer? Plenary 13:10 Plenary Accessing the competitive narrow body market and picking the right model × How can Korean investors access the highly competitive narrow body market and what returns are on offer? What appetite is there for narrow body aircraft? Entrance and exit strategies for narrow body aircraft Risk analysis for narrow body aircraft: CMV, FVF, LRF What variants are on offer? Next session: Forecasting future values, lease rates and maintenance reserves Previous session: The investment thesis for aviation finance: a growth industry with stable income
13:50	Break Plenary 13:50 Plenary Break × Next session: Forecasting future values, lease rates and maintenance reserves Previous session: The investment thesis for aviation finance: a growth industry with stable income
14:00	More information Forecasting future values, lease rates and maintenance reserves Modelling future cashflows Why is there a perceived dislocation between appraiser values and market values? Which aircraft have performed well and will continue to do so? Souring a lease and structuring a deal Credit risk analysis Residual value assumptions Where will lease rates trend in the future? Calculating maintenance reserves and end of lease compensation Plenary 14:00 Plenary Forecasting future values, lease rates and maintenance reserves × Modelling future cashflows Why is there a perceived dislocation between appraiser values and market values? Which aircraft have performed well and will continue to do so? Souring a lease and structuring a deal Credit risk analysis Residual value assumptions Where will lease rates trend in the future? Calculating maintenance reserves and end of lease compensation Next session: Evaluating investing in a portfolio of aircraft as Korean investors look to diversify Previous session: The investment thesis for aviation finance: a growth industry with stable income
14:40	Coffee break Plenary 14:40 Plenary Coffee break × Next session: Evaluating investing in a portfolio of aircraft as Korean investors look to diversify Previous session: The investment thesis for aviation finance: a growth industry with stable income
14:55	More information Evaluating investing in a portfolio of aircraft as Korean investors look to diversify Where do equity funds typically invest? How do you invest in a portfolio of aircraft from ABS to private equity and aviation funds? Best practices, checks and balances Plenary 14:55 Plenary Evaluating investing in a portfolio of aircraft as Korean investors look to diversify × Where do equity funds typically invest? How do you invest in a portfolio of aircraft from ABS to private equity and aviation funds? Best practices, checks and balances Kalash Pandey Vice President, IBD Structured Finance, Goldman Sachs Next session: Jurisdictional risk analysis: A look at recovery mechanisms in different jurisdictions Previous session: The investment thesis for aviation finance: a growth industry with stable income
15:40	More information Jurisdictional risk analysis: A look at recovery mechanisms in different jurisdictions A look at default scenarios and inter-creditor issues What happens if any airline or lessor refuses to negotiate? A look at recovery mechanisms Return and redelivery condition analysis Methodologies for minimum return conditions Plenary 15:40 Plenary Jurisdictional risk analysis: A look at recovery mechanisms in different jurisdictions × A look at default scenarios and inter-creditor issues What happens if any airline or lessor refuses to negotiate? A look at recovery mechanisms Return and redelivery condition analysis Methodologies for minimum return conditions Previous session: The investment thesis for aviation finance: a growth industry with stable income

Investing in Aviation Finance: Korea

Ishka View

The investment thesis for aviation finance: a growth industry with stable income

Strategic planning and management for the next cycle

Coffee Break

Evaluating your investment: Credit and collateral analysis to identity best risk adjusted returns

Break

Managing risk: optimal structuring solutions for investing in widebody aircraft and risk discussion

Lunch

Accessing the competitive narrow body market and picking the right model

Break

Forecasting future values, lease rates and maintenance reserves

Coffee break

Evaluating investing in a portfolio of aircraft as Korean investors look to diversify

Jurisdictional risk analysis: A look at recovery mechanisms in different jurisdictions

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights

Investing in Aviation Finance: Korea

founding partner

Ishka View

The investment thesis for aviation finance: a growth industry with stable income

Strategic planning and management for the next cycle

Coffee Break

Evaluating your investment: Credit and collateral analysis to identity best risk adjusted returns

Break

Managing risk: optimal structuring solutions for investing in widebody aircraft and risk discussion

Lunch

Accessing the competitive narrow body market and picking the right model

Break

Forecasting future values, lease rates and maintenance reserves

Coffee break

Evaluating investing in a portfolio of aircraft as Korean investors look to diversify

Jurisdictional risk analysis: A look at recovery mechanisms in different jurisdictions

Thank you for your interest in Investing in Aviation Finance: Korea

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights