Investing in Aviation Finance

Apr 4 - Apr 5, 2017

Glaziers Hall, London

Meet key institutional investors from 35+ organisations and senior airline attendees from:

EXTRAORDINARY CONTENT AND NETWORKING OPPORTUNITIES
Delivering insight into the mindset of institutional investors

Ishka's strategic conference and investor workshop, April 4th-5th, 2017 in London, brings together financiers, 30+ institutional investors, airlines and lessors to explore the evolution of European equity and capital markets for aviation finance

Ishka observes growing demand amongst European airlines, lessors and banks for funding and refinancing opportunities in the European capital markets as euro and sterling revenue pools increase. We acknowledge the weakness of the euro and sterling and the cost of swap is too expensive.

Interestingly, European pension funds, insurance companies and equity investors are increasingly evaluating aviation assets and paper, yet a critical education gap remains.

The day will focus on critical initiatives and barriers within an interactive structure which encourages problem solving and debate

We deliver:

- Data sessions looking at historical performance of the asset class

- Streaming on the debt and equity side for focussed content

- Industry all play - an innovative structure designed for delegates to interact and problem solve

INSTITUTIONAL INVESTOR ATTENDEES INCLUDE:

The Abraaj Group		LHI
Aberdeen Asset Management		M&G Investments
Alder Investment Management		Magnetar Capital LLC
Allianz Global Investors GMBH		Merx
Aon Hewitt		Metlife
Aviva Investors		MW Eaglewood
AXA Investment Managers		Nimrod Capital
Baillie Gifford & Co		Pamplona Capital Management
Barings		Prudential Capital
Cairn Capital		Prudential Portfolio Management Group
Coller Capital		RM Capital
CQS		Rogge Global Partners
Falcon Private Wealth Ltd.		Rothesay Life
Fidelity		Sequoia Investment Management
Floreat		Scope Ratings
JC & Partners		TCI Fund Management Limited
KGAL Capital		Wasaya Group Inc.
Lazilu Partners		We are Just
Legal and General

Any questions?

Please don't hesitate to get in touch.
Tom Preselo
[email protected]

Christine Rovelli

Vice President and Group Treasurer

Finnair

Howard Millar

CEO

Stellwagen Finance

Alok Wadhawan

Co-Head Aviation Finance

Investec

Ricky Thirion

Group Treasurer

Etihad Airways

Christopher Clarke

Alternative Investment Strategist

Allianz Global Investors GMBH

Olli Rouhiainen

Head of Credit Risk

Legal & General Investment Management

Gareth Halpin

Treasurer and Head of Capital Markets

Avolon

Ryan McKenna

Chief Executive Officer

Air Lease Corporation

Michel Dembinski

Managing Director, Head of Aviation

MUFG Union Bank, N.A.

Anna Buchner DONT USE

Consultant Relations Manager

KGAL Capital

Joerg Schirrmacher

Head of Transport Finance & Senior Vice President

Helaba/Landesbank Hessen-Thuringen

Peter Vardigans

Executive Chairman

Magi Aviation Capital

Michel Dembinski

n/a

MUFG Union Bank, N.A.

Oumar Diallo

Partner

Floreat

Ed Hansom

Chief Risk Officer

Seraph Aviation

Tim Van den Brande

Director

KGAL Capital

Darragh Culley

Structured Finance | Global Investment Solutions

Aviva Investors

Chandra Gopinathan

Senior Investment Consultant

Rogge Global Partners

Matthew O'Sullivan

Head of Commercial Securitisation

M&G Investments

Micheal Rodyniuk

President & CEO

Wasaya Airways

Richard Moody

Managing Director - Credit Solutions Group

Deutsche Bank

Richard Wolanski

Finance Director

Avation PLC

Michael Howard

CFO

Kahala Aviation

Bertrand Grabowski

Independent Advisor, Non Executive Board Member for two airlines

Patrick den Elzen

Managing Director

Arena Aviation Capital

Edward O'Byrne

Chief Investment Officer

Aercap

Robert Korn

President

Carlyle Aviation Partners

Ryan McKenna

Chief Executive Officer

Air Lease Corporation

Ray Sisson

Executive Chairman

AVi8 Air Capital

Fraser Chestney

Managing Partner

Doric Partners LLP

Stephan Rihm

Senior Vice President

DS Aviation GmbH & Co.

Gerry Butler

Managing Director

Merx Aviation Finance

Bob Peart

Portfolio Manager

Magnetar Capital LLC

Philipp Prior

Managing Partner

EMP Structured Assets GmbH

Maurice Mason

AgFe

Ramki Sundaram

Global Head Aviation

Natixis

	ABS	EETC	Equity
	ABS
09:15	Registration Plenary 09:15 Plenary Registration × Next session: Theoretical masterlass
09:45	More information Theoretical masterlass These theoretical sessions will lay the foundations for the practical case studies, focussing on understanding the industry, collateral and different investment products Why invest? Understanding the asset and collateral • Language of the asset and different types of metal • Calculating and modelling residual values and depreciation • Appraisals and the economic life an aircraft • Understand key metrics for lessor and airline performance and key industry metrics How to invest? Breaking down different products • Overview of debt and equity instruments • Unsecured and secured financing: Differences between ABS and EETCs • Alternative products -Private placements, Schuldschein and hybrid bonds • What are the accounting, tax and book value benefits? • Rating process Pitfalls: Navigating the regulatory landscape • Impact of solvency II on pension funds • Skin in the game requirements • The regulatory landscape for KG funds • Impact of AIFM, MIFID Plenary 09:45 Plenary Theoretical masterlass × These theoretical sessions will lay the foundations for the practical case studies, focussing on understanding the industry, collateral and different investment products Why invest? Understanding the asset and collateral • Language of the asset and different types of metal • Calculating and modelling residual values and depreciation • Appraisals and the economic life an aircraft • Understand key metrics for lessor and airline performance and key industry metrics How to invest? Breaking down different products • Overview of debt and equity instruments • Unsecured and secured financing: Differences between ABS and EETCs • Alternative products -Private placements, Schuldschein and hybrid bonds • What are the accounting, tax and book value benefits? • Rating process Pitfalls: Navigating the regulatory landscape • Impact of solvency II on pension funds • Skin in the game requirements • The regulatory landscape for KG funds • Impact of AIFM, MIFID Next session: ABS Practical Case Study
12:30	Lunch Plenary 12:30 Plenary Lunch × Next session: ABS Practical Case Study Previous session: Theoretical masterlass
	ABS	EETC	Equity
13:30	More information ABS Practical Case Study Analytics and methodologies • Credit analysis: Understanding lease cas... Plenary 13:30 Plenary ABS Practical Case Study × Analytics and methodologies • Credit analysis: Understanding lease cashflows and collateral values • Returns and relative value • Stress analysis • Volatility • Understanding rating methodologies • Monitoring your investment Master deal structuring • Structural features and enhancements: Overcollateralization, tranching, performance triggers • Role of the service provider • Setting up a SPV: Listing pre-requisites • Documentation: Creating a robust security package, the prospectus and offering memorandum Managing defaults and protecting collateral • Breakdown of the cape town treaty • Jurisdiction differences • Covenants and managing a default • Loss of yield • Recovery rates Previous session: Theoretical masterlass	More information EETC Practical Case Study Analytics and methodologies • What is the collateral and underlying ob... Plenary 13:30 Plenary EETC Practical Case Study × Analytics and methodologies • What is the collateral and underlying obligations? • Returns and relative value • Stress analysis • Volatility • Understanding rating methodologies • Monitoring your investment Master deal structuring • Structural features and enhancements: Overcollateralization and liquidity facilities • Role of the service provider • Documentation: Creating a robust security package, the prospectus and offering memorandum Managing defaults and protecting collateral • Breakdown of the cape town treaty • Jurisdiction differences • Covenants and managing a default • Loss of yield • Recovery rates	More information Private and Public Equities Analytics and methodologies • Equity valuations: Discounted cashflow a... Plenary 13:30 Plenary Private and Public Equities × Analytics and methodologies • Equity valuations: Discounted cashflow analysis • Differences between public and private equites • Benchmarking investment opportunities
16:30	Close of workshop Plenary 16:30 Plenary Close of workshop × Previous session: Theoretical masterlass

	Debt Stream	Equity Stream
08:30	Registration Plenary 08:30 Plenary Registration × Next session: Evaluating the historical performance of the asset class
09:00	The Ishka View Plenary 09:00 Plenary The Ishka View × Next session: Evaluating the historical performance of the asset class
09:30	More information Evaluating the historical performance of the asset class • Comparison of alternative asset classes: Shipping, real estate infrastructure and aviation • How has aviation performed relative to main market metrics and trackers? • Equity and debt return and risk characteristics Plenary 09:30 Plenary Evaluating the historical performance of the asset class × • Comparison of alternative asset classes: Shipping, real estate infrastructure and aviation • How has aviation performed relative to main market metrics and trackers? • Equity and debt return and risk characteristics Maurice Mason AgFe Next session: The investor pitch: Unlocking maximum returns and understanding investor psychologies
10:00	More information The investor pitch: Unlocking maximum returns and understanding investor psychologies Our key panel of investors will be presented with hypothetical deals, and asked to talk through their investment strategy • As investors seek to optimise dollar based risk returns, where is the best relative value and what is driving their investment strategy? • What is holding back the European investor community? Capital charges, liquidity? • Will institutional investors dedicate resources and infrastructure to set up aviation teams? Plenary 10:00 Plenary The investor pitch: Unlocking maximum returns and understanding investor psychologies × Our key panel of investors will be presented with hypothetical deals, and asked to talk through their investment strategy • As investors seek to optimise dollar based risk returns, where is the best relative value and what is driving their investment strategy? • What is holding back the European investor community? Capital charges, liquidity? • Will institutional investors dedicate resources and infrastructure to set up aviation teams? Matthew O'Sullivan Head of Commercial Securitisation M&G Investments Olli Rouhiainen Senior Credit Analyst Legal and General Darragh Culley Structured Finance, Global Investment Solutions Aviva Investors Van den Brande Tim Director KGAL Capital Christopher Clarke Alternative Investment Strategist Allianz Global Investors GMBH Next session: Drivers for ABS: What is driving lessors to the ABS market and should investors tread with caution? Previous session: Evaluating the historical performance of the asset class
10:45	Audience Response Plenary 10:45 Plenary Audience Response × Next session: Drivers for ABS: What is driving lessors to the ABS market and should investors tread with caution? Previous session: Evaluating the historical performance of the asset class
11:00	Coffee and networking Plenary 11:00 Plenary Coffee and networking × Next session: Drivers for ABS: What is driving lessors to the ABS market and should investors tread with caution? Previous session: Evaluating the historical performance of the asset class
	Debt Stream	Equity Stream
11:45	More information Drivers for ABS: What is driving lessors to the ABS market and should investors ... • Unpackaging the “blackbox”: LTVs, aircraft type and ages&bull... Plenary 11:45 Plenary Drivers for ABS: What is driving lessors to the ABS market and should investors tread with caution? × • Unpackaging the “blackbox”: LTVs, aircraft type and ages • Are the asset economic life and residual risk assumptions robust? • Is there demand for euro denominated debt amongst lessors? • Will the unsecured bond market be more attractive? Pascal Picano Global Head Marketing Apollo Aviation Group Michael Howard CFO Kahala Aviation Betrand Grabowski Senior Strategic Advisor Dubai Aerospace Enterprise Ryan McKenna Vice President Air Lease Corporation Next session: Distribution strategies for banks Previous session: Evaluating the historical performance of the asset class	More information IPOs and equity valuations Evaluating equity valuations and methodologies• What is the trend lin... Plenary 11:45 Plenary IPOs and equity valuations × Evaluating equity valuations and methodologies • What is the trend line for IPOs? Why are lessors listing in Asia? • Why are some lessors trading below their initial price? • Developing a benchmark for valuations and pricing Richard Wolanksi Finance Director Avation Michael Lungariello Chief Financial Officer Intrepid Aviation Group Next session: Scrutinising the E-note
12:15	More information Distribution strategies for banks As Basel III and IV loom over European banks, will they look to sell their loan ... Plenary 12:15 Plenary Distribution strategies for banks × As Basel III and IV loom over European banks, will they look to sell their loan portfolios to investors? • Modelling Basel IV for aviation finance • To what extent will this affect banks capacity to originate and hold assets? • Evaluating exit strategies • Characteristics and nuances of loan securitisations Richard Moody Global Head, Transportation and Head of Transport, Infrastructure, and Energy, EMEA Deutsche Bank Next session: The rise of shadow banking Previous session: Evaluating the historical performance of the asset class	More information Scrutinising the E-note How was the E-Note performed on a whole life basis? Do the returns justify the r... Plenary 12:15 Plenary Scrutinising the E-note × How was the E-Note performed on a whole life basis? Do the returns justify the residual risk? • Are the IRRS attractive? • Who are the buyers and how are they evaluating the equity piece? • Should originators have skin the game? Gerry Butler Managing Director Merx Aircraft Finance Bob Peart Portfolio Manager Magnetar Capital LLC Edward O'Byrne Chief Investment Officer Aercap Next session: The importance of the asset manager: Protecting your downside Previous session: IPOs and equity valuations
12:45	More information The rise of shadow banking How much of a threat are alternative financiers?• How are banks, less... Plenary 12:45 Plenary The rise of shadow banking × How much of a threat are alternative financiers? • How are banks, lessors and investors collaborating on deals? • How are banks reacting to the shifting landscape? • How will regulation treat this activity? Chandra Gopinathan CAIA, Consultant Rogge Global Partners Howard Millar CEO Stellwagen Finance Alok Wadhawan Co-Head Aviation Finance Investec Ramki Sundaram Global Head Aviation Natixis Fraser Chestney Managing Partner Doric Partners LLP Next session: Industry all play Previous session: Evaluating the historical performance of the asset class	More information The importance of the asset manager: Protecting your downside • Trading and selling aircraft with a lease attached• What to look for... Plenary 12:45 Plenary The importance of the asset manager: Protecting your downside × • Trading and selling aircraft with a lease attached • What to look for in an asset manager • Managing defaults, repossessions and navigating the security package • Governing conditions of a return • Full life vs half life • Insurance issues • Deconstructing a lease Stephan Rihm Vice President Dr. Peters Group Patrick den Elzen CEO Arena Aviation Capital Previous session: IPOs and equity valuations
	Debt Stream
13:15	Lunch Plenary 13:15 Plenary Lunch × Next session: Industry all play Previous session: Evaluating the historical performance of the asset class
14:45	More information Industry all play This interactive session sees delegates split into small, pre-defined groups where they will work together to identify solutions and tackle critical barriers to develop and drive the market forward. The focus is on innovation, exchanging ideas and collaboration. Structuring What are the desired features to build an optimal investor portfolio? Solutions for structuring non-dollar currency tranches Risk Providing comfort for bankruptcy, restructurings and defaults: Going beyond the Cape Town treaty Mitigating execution risk and capturing favourable pricing windows Innovation Developing a secondary market for aircraft paper Portfolio securitizations and JVS: Blending non-aviation assets and portfolios of assets Getting around risk retention structures Plenary 14:45 Plenary Industry all play × This interactive session sees delegates split into small, pre-defined groups where they will work together to identify solutions and tackle critical barriers to develop and drive the market forward. The focus is on innovation, exchanging ideas and collaboration. Structuring What are the desired features to build an optimal investor portfolio? Solutions for structuring non-dollar currency tranches Risk Providing comfort for bankruptcy, restructurings and defaults: Going beyond the Cape Town treaty Mitigating execution risk and capturing favourable pricing windows Innovation Developing a secondary market for aircraft paper Portfolio securitizations and JVS: Blending non-aviation assets and portfolios of assets Getting around risk retention structures Next session: Keynote panel: The future of the European Capital Markets Previous session: Evaluating the historical performance of the asset class
16:00	Networking break Plenary 16:00 Plenary Networking break × Next session: Keynote panel: The future of the European Capital Markets Previous session: Evaluating the historical performance of the asset class
16:30	More information Keynote panel: The future of the European Capital Markets How critical is the development of the European Capital markets for the aviation... Plenary 16:30 Plenary Keynote panel: The future of the European Capital Markets × How critical is the development of the European Capital markets for the aviation finance market? • How are issuers evaluating their funding mix? Do the incremental benefits outweigh the headaches of tapping the capital markets? • What will happen once QE ceases? • What innovations are needed to mature the European investor and issuer community? Christine Rovelli VP Finnair Ricky Thirion Group Treasurer Etihad Airways Ray Sisson CEO AVi8 Air Capital Michael Rodyniuk President & Chief Executive Officer Wasaya Group Inc. Previous session: Evaluating the historical performance of the asset class

“I found the conference to be the best aviation conference I’ve attended in at least a decade. Well done.”
Michael Rodyniuk, President & Chief Executive Officer, WASAYA GROUP Inc

“It was my first Ishka Conference. I have been attending the ISTAT, Airfinance and MRO conferences around the world for more than 5 years and I must say that it was one the best conferences I have attended.”
Laurent Biousse, Director, Aeronautics Fund

“Superb event with exceptional networking opportunities”
Arnaud Fiscel, Managing Director, Aeroportance

Meet senior airline attendees from:

INVESTING IN AVIATION FINANCE
Setting the course for future markets and paradigms
We deliver:

1. A carefully designed agenda and structure which encourages interactive and collaborative discussion through the "industry all play"

2. Capped attendance providing a more intimate environment for debate

3. A content-led, extensively researched programme focussed on innovation and critical issues covering both the equity and debt markets

4. Networking with key investors

DON'T JUST TAKE OUR WORD FOR IT!
HERE'S WHAT ATTENDEES FROM OUR INAUGURAL EVENT HAVE TO SAY.....

“A very pleasant and insightful experience - what a change from the regular conferences!”

Patrick den Elzen

CEO, Arena Aviation Capital

“An innovative event that was well attended by respected aviation executives in an intimate setting that facilitated participation and the sharing of opinions and information. A great start by Ishka.”

Simon McLean

Independent consultant, .

“Enjoyable - more interactive than the average conference and therefore more expert opinion - great”

Tony Whitty

Managing Director, Cabot Aviation

“A thoroughly engaging day with insightful perspectives being shared by industry leaders”

Thomas Schmid

General Counsel, Intrepid Aviation Group

“Very creative, original aviation finance conference”

Michael Helaby

Deutsche Bank

“A refreshing format with great information and insight”

Steve Mason

Head of Aircraft Evaluation and Asset Strategy, Cit

“Great networking opportunities - small enough that everyone has a voice but large enough to include all the main players”

Kate Crawford

Associate Director,

“A refreshing format with great information and insight”

Bruce Ansell

Head of Engine Leasing - Mitsubishi Corporation International (Europe) Plc , Mitsubishi UFJ Trust and Banking Corporation

“Great event with lively and open debate”

Frederic Surdon

Head of Asset Finance , Société Générale

“Presenters did a fantastic job of preparing. Very informative”

Andrew Kleeman

Managing Director Private Placements , Barings Asset Management

“A very well organised event attended by just the right mix and quantity of delegates. Hope to see more of these!”

Maximo Gainza

Manager, Market Analysis, Embraer

Investing in Aviation Finance

Registration

Theoretical masterlass

Lunch

ABS Practical Case Study

EETC Practical Case Study

Private and Public Equities

Close of workshop

Registration

The Ishka View

Evaluating the historical performance of the asset class

The investor pitch: Unlocking maximum returns and understanding investor psychologies

Audience Response

Coffee and networking

Drivers for ABS: What is driving lessors to the ABS market and should investors ...

IPOs and equity valuations

Distribution strategies for banks

Scrutinising the E-note

The rise of shadow banking

The importance of the asset manager: Protecting your downside

Lunch

Industry all play

Networking break

Keynote panel: The future of the European Capital Markets

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights

Investing in Aviation Finance

Registration

Theoretical masterlass

Lunch

ABS Practical Case Study

EETC Practical Case Study

Private and Public Equities

Close of workshop

Registration

The Ishka View

Evaluating the historical performance of the asset class

The investor pitch: Unlocking maximum returns and understanding investor psychologies

Audience Response

Coffee and networking

Drivers for ABS: What is driving lessors to the ABS market and should investors ...

IPOs and equity valuations

Distribution strategies for banks

Scrutinising the E-note

The rise of shadow banking

The importance of the asset manager: Protecting your downside

Lunch

Industry all play

Networking break

Keynote panel: The future of the European Capital Markets

Thank you for your interest in Investing in Aviation Finance

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights