Announcement: New venue
We have now moved to Sofitel Munich, Bayerstraße 12, 80335 München
Ishka's 3rd Investing in Aviation Finance: Germany delivers an unrivalled opportunity for high-level networking. This is the industry's only forum connecting German institutional investors and fund managers with the international aviation finance community to stimulate activity within the market and foster new working relationships.
Our carefully curated agenda delivers enriching content to inform and educate German investors and market practioners on the valuable opportunities in aviation finance into 2020 and beyond.
EXPERT INSIGHT FROM OUR SENIOR SPEAKER LINE-UP:
NETWORK WITH CONFIRMED INVESTORS INCLUDING:
|Plenary||Industry-wide stream||Investor workshop|
How does aviation compare to real estate?
Making the case for investing in aviation vs real estate, and where each asset class sits relative to each other.
The industry leader’s gameshow
Morning networking break
The Ishka Debate: “This house believes the lack of available aircraft is stunting the growth of aviation as an asset class for German investors”.
The Crunch Before Lunch
Delegates are split into small groups and participate in a series of quick-fire crunch talks on industry innovations and risks impacting the aviation capital markets.
|Industry-wide stream||Investor workshop|
Appraising the appraisers: Have aircraft residual values held up vs expectation?
Proof & concept: what appraisers said would happen vs what has actually happ...
The business case: Can aviation really be classed as an infrastructure investmen...
Exploring the characteristics of infrastructure assets and similarities to aviat...
Will aviation investments be ESG compliant?
What does ESG mean from a European regulatory standpoint?How has aviation made m...
The product roulette: Navigating the different points of entry into aviation fin...
Our panel of aviation experts will spin the wheel and discuss each of the entry ...
Afternoon networking break
|Industry-wide stream||Investor workshop|
Why are airline bankruptcies still happening in a booming environment?
What has been the fallout from the recent European airline bankruptcies?How have...
Navigating end of lease situations and remarketing aircraft
Picking the right asset manager Trading strategies through the leasing cycle and...
Are German investors ready to talk ABS?
Why has there been a lack of interest for aircraft ABS in Germany?What assets do...
Trends in Aviation Finance
Aviation Finance – Market Overview and OutlookMacroeconomic headwinds for ...
Closing remarks and close of conference
Just a sample of some of the companies registered to attend includes:
AllMerus Energy Ltd
ATOZ Aviation Finance
Bird & Bird
Bruski Smeets Lange
Deutsche Lufthansa AG
Dr. Peters Group
Dubai Aerospace Enterprise
EMP Structured Assets
Fortress Investment Group
GOAL Aircraft Leasing
Helaba (Landesbank Hessen-Thueringen)
Landesbank Baden - Wurttemberg (LBBW)
LHI Kapitalverwaltungsgesellschaft mbH
Magi Aviation Capital
Millennium Capital AS
Norton Rose Fulbright
Prime Capital AG
Scope Ratings AG
Versorgungswerk der Steuerberater im Land Nordrhein-Westfahlen
Zurich Insurance Group
We caught up with keynote speaker Markus Ohlert, Head of Corporate Aircraft Finance & Financial Fleet Management, Deutsche Lufthansa who shares see his expert outlook on the financing landscape for
airlines and offers a glimpse of what to expect on 26th November in Munich.
Ishka: Is now the best time to be an airline with regards to access to financing? Surely costs must now be at record low?
Markus: "Correct, from Lufthansa’s perspective, accessibility to financing is easy and cost of financing very low. Lufthansa has issued a 500mEUR bond with a five year maturity and a coupon of 0,25%."
Ishka: What financing structures are you favouring and why?
Markus: "We like to mix secured and unsecured financing. With respect to secured financing, we like the JOLCO product for its pricing and reliability. As far as aunsecured financing is concerned, we have mostly used Schuldschein financing as well bond issues, depending on the market situation at the given point in time."
Ishka: JOLCOs have enviably cheap levels of equity - are you tempted to access that market again this year? How do you compare a bond with, say cheap long-form secured debt, like a JOLCO? Do you have a certain ratios you try and keep?
Markus: "We will be closing a JOLCO in December, but have locked in this transaction already a while ago. We expect to go back to the JOLCO market again in 2020, but will decide only step by step how much money we will raise. We constantly compare the cost of unsecured financing with the cost of secured financing, but are willing to live with the higher cost of unsecured financing in order to complement our debt portfolio, depending on the situation at the given point in time."
Ishka: A lot of investors are focused on ESG credentials, in your opinion can aviation qualify as an ESG investment?
Markus: "Lufthansa undertakes every effort to run its operations in a sustainable way, and we see similar activities in wide parts of our industry, but ultimately it will be the markets to decide whether aviation can qualify as an ESG investment."
Ishka: Eurowings has struggled to make a profit, would this challenge be even bigger if Lauda (Ryanair-owned) gets hold of more aircraft and moves to open bases in Germany next year?
Markus: "The point-to-point market in Germany is currently very competitive. This is great for the customers and tough for all market participants. While Eurowings is there to stay it will be interesting to see how the rest of the market will fare in the long run."
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