The Aviation Investival : New York

Oct 16 - Oct 17, 2018

Stewart Hotel, United States

There's only one week to go until Ishka's Aviation Investival takes over the city that never sleeps!

Keeping a strong focus on the capital markets, this lively event promises to connect an even wider network of investors with key stakeholders across the aviation industry. Join some of the best minds in the industry for two days of hot topic debates, analysis, interactive sessions and world-class content.

CONFIRMED INVESTORS INCLUDE:

NEW FOR 2018

An even wider network of institutional investors
A larger audience of senior industry representatives
Dedicated streams for capital markets and wider industry themes, as well as debt and equity financing.
More interactive and innovative session formats
The brand new Ishka App for enhanced networking opportunities

HERE'S A GLIMSPE AT THE COMPANIES ATTENDING:

A&L Goodbody
AAG Capital Markets
Aberdeen Standard Investments
ABL Aviation
Acumen Aviation
Aergo Capital
Air Lease Corporation
Airborne Capital Limited
Airlease Corp
Allianz Transfer Risk
Amedeo
Apollo
Atalaya Capital Management LP
Avation
Avolon
Bank of America Merrill Lynch
Barings
Bateleur Capital, L.L.C.
BC Partners
BOC Aviation
Brown Brothers Harriman
Capital Source a Division of Pacific Western Bank
Castlelake
Citi
Citigroup
Clifford Chance US LLP
Collateral Guaranty LLC
Collateral Verifications
Cross Ocean Partners
DAE
DavidsonKempner Capital Management LP
Debevoise & Plimpton
Deutsche Bank Securities Inc.
Dubai Aerospace Enterprise

DVB Bank
Echelon Transportation LLC
ELFC
EnTrustPermal
Fidelity Investments
GECAS
Global Atlantic Financial Group
Goldman Sachs
Guardian Life Insurance Company of America
Helaba
Hudson Structured Capital
IBA
ICF
International Airline Group
Invesco
Investec
InvestHK
ITE Management
J P Morgan
JetBlue
John Hancock
Khronos LLC
KKR
Kroll Bond Rating Agency
Langschiff Capital Partners
Legal & General Investment Management America
Loomis & Sayles
M&M Private Lending Group
Magi Aviation Capital
Magnetar
MAIS - Mozambique Air Services SA
Marathon Asset Management
Marsh USA Inc

Merx Aviation
Metlife
Mizuho
Morgan Stanley
Mutual of Omaha
Natixis
NexGen Aviation Capital
Nordic Aviation Capital
Novus Aviation Capital
NYC Finance
Old Hill Partners
Oz Management
Pratt & Whitney
Pretium Partners
PwC
Raven Capital Management
Rolls-Royce
Rolls-Royce and Partners Finance
SKY Airline
SMBC AC
Standard & Poor's
Stratos
Sun Country Airlines
SunLife Investments
TrueNoord
UMB Bank
Universal Asset Management
Vedder Price
Virgo Investment group
Voyager
Wasaya Group Inc.
Waterfall Asset Management
Wells Fargo Securities
Wilmington Trust

A fantastic gathering of aviation experts openly exchanging on the latest trends of the industry, in a friendly yet professional environment.

Arnaud Fiscel

Head of Transportation , Bank of China

Well attended and well organized event, with solid attendance from the buy-side. A nice tutorial for investors who are considering allocating capital to the sector.

Frank Constantinople

SVP Investor Relations, Aircastle

Olivier Trauchessec

MD - Head of Transportation Americas

Mitsubishi UFJ Financial Group (MUFG)

Kalash Pandey

Vice President, IBD Structured Finance,

Goldman Sachs

Ross O'Connor

Head of Investor Relations

Avolon

Robert Sheldon

Managing Director and Head of Transportation ABS

Deutsche Bank

Joseph O'Brien

Chief Commercial Officer

Engine Lease Finance Corporation

Belinda Ghetti

Managing Director

Standard & Poor's

Stuart Hatcher

CCO

IBA Group

Bradley Sohl

Director

Bank of America Merrill Lynch

Jose Ignacio Dougnac

CFO

Sky Airline

Caitlin Colvin

Senior Director

Kroll Bond Rating Agency

Steve Bridgland

SVP

DVB Bank SE Representative Office New York

Joe Thorstenson

Portfolio Manager

Marathon Asset Management

Gary Fitzgerald

CEO

Stratos

Scott Debano

Director

Citigroup

Robert "Bob" Morin

Managing Director

Marsh USA Inc.

Scott Paige

Portfolio Manager

AAG Capital Markets

Rafael Kuhn

Director - Aviation Capital Markets and Debt Private Placements

Deutsche Bank Securities

Andrew Hanson

MD, Private Placements

Morgan Stanley

Robert Korn

President

Carlyle Aviation Partners

Ardy Ghanbar

Aviation CFO

Castlelake

Ronan Murphy

Director

Merx Aviation Finance

Matthew Elwood

Managing Director

Barings LLC

Dave Davis

CFO

Sun Country Airlines

Bharat Chandrasekaran

Head of ABS Bond Trading

Morgan Stanley

Will Eustis

Managing Director

Wells Fargo Securities, LLC

Radha Tilton

Goldman Sachs

Mark Harrison

Vice President

Rolls-Royce

Ursula Hurley

Treasurer

JetBlue Airways

joerg schirrmacher

Director

Helaba (Landesbank Hessen-Thueringen)

Johan Visser

Independent Adviser

Novus Aviation Capital

Bob Peart

Portfolio Manager

Magnetar Capital LLC

Trevor Ricards

Senior Vice President

GE Capital Aviation Services (GECAS)

Matt Simonetti

Director

Citi

Firoz Tarapore

CEO

Dubai Aerospace Enterprise

Ali Ben Lmadani

CEO

ABL Aviation

Peter Vardigans

Executive Chairman

Magi Aviation Capital

Paul Brusiloff

Partner

Debevoise & Plimpton LLP

Kevin MacLeod

Head of the New York Capital Markets

Vedder Price

Elizabeth Lapastora

Structured Products Analyst

Mutual of Omaha

Kumar Velayudham

Managing Director

Oz Management

Emily Wicker

Partner

Clifford Chance US LLP

Madalyn Miller

Associate

Clifford Chance US LLP

Irena Badelska

Senior Vice President, Marketing

Amedeo

Thomas Light

Aviation Finance

Investec

Paul Kent

President and CCO

Amedeo

Bryson Monteleone

Senior Advisor | Aviation Finance Advisory Services

PwC

Vinodh Srinivasan

Managing Director

Mizuho Securities

Rod Sheridan

Vice Chairman

Nordic Aviation Capital

Gueric Dechevanne

Vice President

Collateral Verifications

Dick Forsberg

Head of Strategy

Avolon

Patrick Clancy

Associate

KKR

Ryan McKenna

Chief Executive Officer

Air Lease Corporation

John Beekman

Fidelity Investments

Bob Bengtson

Vice President, Credit Products Group

Goldman Sachs

Keith Allman

Vice President, Senior Commercial ABS Analyst

Loomis & Sayles

Mark Streeter

Managing Director, Airline/Aircraft Credit Research

J.P. Morgan

Ryan McKenna

Chief Executive Officer

Air Lease Corporation

Kumar Velayudham

Managing Director

Oz Management

Capital Markets Stream	Wider Market Stream	Debt Stream
More information ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions Pre-registered attendance only Room 2 Room 2 ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions × Pre-registered attendance only Next session: The Ishka Gameshow
Ishka Welcome Video Main Stage Main Stage Ishka Welcome Video × Next session: The Ishka Gameshow Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
More information The Ishka Gameshow Our panellists will be split in two teams & challenged with answering a series of fun industry focused questions. Main Stage Main Stage The Ishka Gameshow × Our panellists will be split in two teams & challenged with answering a series of fun industry focused questions. Mark Streeter Managing Director JP Morgan Paul Kent President and CCO Amedeo Bob Bengtson Vice President Goldman Sachs Ryan McKenna Vice President Air Lease Corporation Next session: The Investor Think Tank Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
More information The Investor Think Tank Aviation finance investors provide insights, advice & ideas on their personal appetite & challenges with industry fundamentals & market structures. Delegates will then have a chance to digest & reflect on what has been discussed in groups at the end of the session. What do investors think of liquid e-notes? Are ABS with asset managers included compensated correctly? Is the alignment of interest strengthened or weakened? Do issuers have enough equity in deals? Main Stage Main Stage The Investor Think Tank × Aviation finance investors provide insights, advice & ideas on their personal appetite & challenges with industry fundamentals & market structures. Delegates will then have a chance to digest & reflect on what has been discussed in groups at the end of the session. What do investors think of liquid e-notes? Are ABS with asset managers included compensated correctly? Is the alignment of interest strengthened or weakened? Do issuers have enough equity in deals? Keith Allman VP Loomis Sayles Kumar Velayudham Managing Director Oz Management Elizabeth Lapastora Mutual of Omaha Joseph Thorstenson vp Marathon Asset Management Next session: Keynote Airline Panel Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
Break Main Stage Main Stage Break × Next session: Keynote Airline Panel Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
More information Keynote Airline Panel Hear from key US airlines on the health of their businesses, how it’s changing & their financing / fleet plans moving forward. What impact, if any, is oil & labour cost hikes having on airlines? What financing structures are most attractive to airlines in the current environment? Bank debt, unsecured notes, JOLCOs, EETC etc To what extent is attractive pricing in the bank debt market perturbing airlines from the capital markets? Main Stage Main Stage Keynote Airline Panel × Hear from key US airlines on the health of their businesses, how it’s changing & their financing / fleet plans moving forward. What impact, if any, is oil & labour cost hikes having on airlines? What financing structures are most attractive to airlines in the current environment? Bank debt, unsecured notes, JOLCOs, EETC etc To what extent is attractive pricing in the bank debt market perturbing airlines from the capital markets? Ursula Hurley Vice President Structural Programs JetBlue Airways Jose Ignacio Dougnac CFO Sky Airline Paul Brusiloff Debevoise & Plimpton LLP Next session: The Crunch Before Lunch Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
More information The Crunch Before Lunch Delegates are split in to small groups & tasked with participating in crunch talks on industry topics which need to tackled. Topics will include women in aviation, the art of negotiation, futureproofing at the height of the market, overly optimistic valuations & more. Main Stage Main Stage The Crunch Before Lunch × Delegates are split in to small groups & tasked with participating in crunch talks on industry topics which need to tackled. Topics will include women in aviation, the art of negotiation, futureproofing at the height of the market, overly optimistic valuations & more. Next session: To what extend is the aviation ABS structure a market in itself? Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
Lunch Main Stage Main Stage Lunch × Next session: To what extend is the aviation ABS structure a market in itself? Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
Capital Markets Stream		Wider Market Stream
More information To what extend is the aviation ABS structure a market in itself? What’s new in recent ABS deals and how do issuers & investors feel abo... Main Stage Main Stage To what extend is the aviation ABS structure a market in itself? × What’s new in recent ABS deals and how do issuers & investors feel about these broader ABS applications? Exploring the use of equity asset managers in recent ABS: voting control, returns, taxation. ABS vs bank loans: could issuers be lured away with cheap commercial bank debt? Ardy Ghanbar Castlelake Madalyn Miller Associate Clifford Chance Trevor Ricards Senior Vice President GECAS Ronan Murphy Director Merx Aviation Robert Korn President Apollo Aviation Group William Eustis Managing Director Wells Fargo Securities, LLC Next session: How do JVs & sidecars compare to their parent lessors, & what should investors be aware of? Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions		More information Is consolidation the best way for industry platforms to stay competitive? What is more important to buyers to ensure it’s a good investment; the pla... Room 2 Room 2 Is consolidation the best way for industry platforms to stay competitive? × What is more important to buyers to ensure it’s a good investment; the platform or the assets? How will Airbus/CSeries and Boeing/Embraer tie-ups impact the narrowbody market? Will consolidation slow down if financing becomes more expensive? John Beekman Fidelity Investments Dick Forsberg Head of Strategy Avolon Firoz Tarapore CEO Dubai Aerospace Enterprise Rod Sheridan Vice Chairman Nordic Aviation Capital Irena Badelska Head of Business Development & Investor Relations Amedeo Next session: This house believes aviation is flirting with moral hazard.
More information How do JVs & sidecars compare to their parent lessors, & what should investors b... Exploring the creation & challenges of lessors & their JVs & sidecar... Main Stage Main Stage How do JVs & sidecars compare to their parent lessors, & what should investors be aware of? × Exploring the creation & challenges of lessors & their JVs & sidecars. What asset types do parent lessors use in their sidecars? What assets do equity investors want to see in these sidecars? What is their risk appetite? Is the rise of joint ventures & side cars by lessors necessary for growth? Is risk managed correctly between the assets in parent lessors & their JVs / sidecars? Thomas Light Aviation Finance Investec Vinodh Srinivasan Managing Director - Co-Head Structured Credit Group - Fixed Income Division Mizuho Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions		More information This house believes aviation is flirting with moral hazard. Who’s responsibility is it to guard investors against risk e.g A380 deals,... Room 2 Room 2 This house believes aviation is flirting with moral hazard. × Who’s responsibility is it to guard investors against risk e.g A380 deals, ABS pricing, optimistic valuations etc? Are we risk adjusted or is any segment or product more at risk? How has the industry evolved? Why has it become more attractive? How can the industry work together to become better ESG rated? Are appraiser values more optimistic than they should be? Bryson Monteleone Senior Advisor \| Aviation Finance Advisory Services PwC Ali Ben Lmadani Managing Director ABL Aviation Johan Visser Novus Aviation Capital Previous session: Is consolidation the best way for industry platforms to stay competitive?
Break Main Stage Main Stage Break × Previous session: ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions
Debt Stream		Equity Stream
More information DEBATE ROUND “This house believes the ABS market is showing signs of stress & overh... Main Stage Main Stage DEBATE ROUND × “This house believes the ABS market is showing signs of stress & overheating”. Do you agree? Next session: Will a deeper secondary market help grow the aviation capital markets?		More information DEBATE ROUND "This house believes the e-note offers the best return for equity investors&rdqu... Room 2 Room 2 DEBATE ROUND × "This house believes the e-note offers the best return for equity investors”. Do you agree? Bob Peart Portfolio Manager Magnetar Capital LLC Mark Harrison Vice President, Lessors Rolls-Royce Next session: What is the appetite in the US for JOLCO-debt hybrid structures?
Debt Stream	Equity Stream	Brain Box
More information Will a deeper secondary market help grow the aviation capital markets? Breakdown of trading volumes in the secondary market.How do investors differenti... Main Stage Main Stage Will a deeper secondary market help grow the aviation capital markets? × Breakdown of trading volumes in the secondary market. How do investors differentiate the creditworthiness of different types of issuers, and is this reflected in pricing? What is needed to create more secondary trading & price transparency in the deals? Bharat Chandrasekaran Head of ABS Bond Trading Morgan Stanley Kevin MacLeod Vedder Price Ryan McKenna Vice President Air Lease Corporation Next session: How are private placements evolving? Previous session: DEBATE ROUND	More information What is the appetite in the US for JOLCO-debt hybrid structures? Evaluating a JOLCO’s benefits & challenges in the current US environme... Room 2 Room 2 What is the appetite in the US for JOLCO-debt hybrid structures? × Evaluating a JOLCO’s benefits & challenges in the current US environment. How balanced is the cost & appetite for managing a JOLCO’s complexity vs the benefit? Are there grounds for more applications of debt & JOLCO going forward e.g JOLCO + EETC / AFIC hybrids? Emily Wicker Partner Clifford Chance Matt Simonetti Director - Global Structured Finance Citi Next session: Why has private equity interest taken flight in the US aviation market? Previous session: DEBATE ROUND	More information Brain Box Are current valuations in the market realistic?Why are airline stocks trading be... Room 3 Room 3 Brain Box × Are current valuations in the market realistic? Why are airline stocks trading below other comparables & what can be done to address this? How can the engine market recover from an unstable year? Gueric Dechavanne VP Collateral Verifications Mark Harrison Vice President, Lessors Rolls-Royce
Debt Stream		Equity Stream
More information How are private placements evolving? What is a debt private placement and how are they different from public capital ... Main Stage Main Stage How are private placements evolving? × What is a debt private placement and how are they different from public capital market structures? Why are we seeing a shift towards private debt structures? What characteristics are investors and issuers analysing in deals? Christian Wolff Director Helaba Previous session: DEBATE ROUND		More information Why has private equity interest taken flight in the US aviation market? Examining the features & benefits of private equity structures; E-notes, dir... Room 2 Room 2 Why has private equity interest taken flight in the US aviation market? × Examining the features & benefits of private equity structures; E-notes, direct lessor investment, distressed airline investment etc. What is triggering new PE investors interest in the space? What is their best entry point? Is the increasing private equity interest a US-centric trend, or global? How big is the demand for private equity investment in the industry? Does this equate to supply or do we need more? Can private equity investors find better yield in other asset classes? Patrick Clancy Associate KKR Dave Davis +1 651.905.2718 +1612.803.6336 Sun Country Airlines Matthew Elwood Managing Director Barings LLC Ali Ben Lmadani Managing Director ABL Aviation Previous session: DEBATE ROUND

	Investor Masterclass
	More information Taking the “sweet with the sour” With sellers dictating terms, and older aircraft/ more challenging credits being included in portfolio sales, how should investors think about these opportunities? Extracting value in mid to end of life aircraft Negotiation strategies Credit analysis on portfolio sales Main Stage Main Stage Taking the “sweet with the sour” × With sellers dictating terms, and older aircraft/ more challenging credits being included in portfolio sales, how should investors think about these opportunities? Extracting value in mid to end of life aircraft Negotiation strategies Credit analysis on portfolio sales Next session: Restructuring masterclass: dealing with default scenarios
	More information Restructuring masterclass: dealing with default scenarios Case study: lessons from recent airline bankruptcies impact on investor exposures Restructuring mechanics and pitfalls Monitoring investments: which portfolios are showing signs of distress? Main Stage Main Stage Restructuring masterclass: dealing with default scenarios × Case study: lessons from recent airline bankruptcies impact on investor exposures Restructuring mechanics and pitfalls Monitoring investments: which portfolios are showing signs of distress? Next session: Finding value outside of commercial aviation: investing in alternative aviation asset classes Previous session: Taking the “sweet with the sour”
	More information Finding value outside of commercial aviation: investing in alternative aviation asset classes Extracting value in aircraft engines: Differences when analysing engines vs aircraft Where to buy in the economic cycle? (new, used or tertiary?) Engine selection considerations: maximising revenue and minimizing ongoing costs Owning or leasing? Aftercare, MRO support, RV etc Freighters: is now the right time to invest in the cargo market? Forecasting key economic indicators and impact on cargo traffic Converting narrow bodies into freighters Business Jets: how to determine the strength of the lessee’s credit Understanding confidentiality clauses around lessee identity / credit rating band Unpicking servicer methodologies which determine the relative strength of the lease/loan Structural differences in business jet securitisation transactions Main Stage Main Stage Finding value outside of commercial aviation: investing in alternative aviation asset classes × Extracting value in aircraft engines: Differences when analysing engines vs aircraft Where to buy in the economic cycle? (new, used or tertiary?) Engine selection considerations: maximising revenue and minimizing ongoing costs Owning or leasing? Aftercare, MRO support, RV etc Freighters: is now the right time to invest in the cargo market? Forecasting key economic indicators and impact on cargo traffic Converting narrow bodies into freighters Business Jets: how to determine the strength of the lessee’s credit Understanding confidentiality clauses around lessee identity / credit rating band Unpicking servicer methodologies which determine the relative strength of the lease/loan Structural differences in business jet securitisation transactions Emily Wicker Partner Clifford Chance Mark Harrison Vice President, Lessors Rolls-Royce Next session: Understanding changes to the e-note format and ABS structures Previous session: Taking the “sweet with the sour”
	Break Main Stage Main Stage Break × Next session: Understanding changes to the e-note format and ABS structures Previous session: Taking the “sweet with the sour”
	More information Understanding changes to the e-note format and ABS structures Unpicking the 144A e-note format for ALC/THUNDERBOLT vs GECAS/START1 Tradability Tax structure Transparency and amount of information provided and what this means for debt investors Valuations The rise of e-note managers and the implications for debt holders Additional structural protections for investors Variance in pricing between deals Issuer differentiation – assessing track records Main Stage Main Stage Understanding changes to the e-note format and ABS structures × Unpicking the 144A e-note format for ALC/THUNDERBOLT vs GECAS/START1 Tradability Tax structure Transparency and amount of information provided and what this means for debt investors Valuations The rise of e-note managers and the implications for debt holders Additional structural protections for investors Variance in pricing between deals Issuer differentiation – assessing track records Radha Tilton Managing Director Goldman Sachs Next session: Valuations: looking further than the numbers Previous session: Taking the “sweet with the sour”
	More information Valuations: looking further than the numbers New vs old technology values – premium on new technology Future residual value assumptions Engines / part out market values Useful economic life of the assets Distressed aircraft sale values Understanding the variance between appraiser methodologies and their values Main Stage Main Stage Valuations: looking further than the numbers × New vs old technology values – premium on new technology Future residual value assumptions Engines / part out market values Useful economic life of the assets Distressed aircraft sale values Understanding the variance between appraiser methodologies and their values Stuart Hatcher CCO IBA Group Previous session: Taking the “sweet with the sour”

The Aviation Investival : New York

ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions

Ishka Welcome Video

The Ishka Gameshow

The Investor Think Tank

Break

Keynote Airline Panel

The Crunch Before Lunch

Lunch

To what extend is the aviation ABS structure a market in itself?

Is consolidation the best way for industry platforms to stay competitive?

How do JVs & sidecars compare to their parent lessors, & what should investors b...

This house believes aviation is flirting with moral hazard.

Break

DEBATE ROUND

DEBATE ROUND

Will a deeper secondary market help grow the aviation capital markets?

What is the appetite in the US for JOLCO-debt hybrid structures?

Brain Box

How are private placements evolving?

Why has private equity interest taken flight in the US aviation market?

Taking the “sweet with the sour”

Restructuring masterclass: dealing with default scenarios

Finding value outside of commercial aviation: investing in alternative aviation asset classes

Break

Understanding changes to the e-note format and ABS structures

Valuations: looking further than the numbers

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights

The Aviation Investival : New York

founding partner

founding partner

ICF Breakfast Briefing - Accuracy in maintenance cash flow forecasting in support of ABS transactions

Ishka Welcome Video

The Ishka Gameshow

The Investor Think Tank

Break

Keynote Airline Panel

The Crunch Before Lunch

Lunch

To what extend is the aviation ABS structure a market in itself?

Is consolidation the best way for industry platforms to stay competitive?

How do JVs & sidecars compare to their parent lessors, & what should investors b...

This house believes aviation is flirting with moral hazard.

Break

DEBATE ROUND

DEBATE ROUND

Will a deeper secondary market help grow the aviation capital markets?

What is the appetite in the US for JOLCO-debt hybrid structures?

Brain Box

How are private placements evolving?

Why has private equity interest taken flight in the US aviation market?

Taking the “sweet with the sour”

Restructuring masterclass: dealing with default scenarios

Finding value outside of commercial aviation: investing in alternative aviation asset classes

Break

Understanding changes to the e-note format and ABS structures

Valuations: looking further than the numbers

Thank you for your interest in The Aviation Investival : New York

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights