Investing in Aviation Finance: Frankfurt

Nov 13 - Nov 14, 2018

AKA BANK , Germany

Investing in Aviation finance: Frankfurt is an unmissable gathering for institutional investors and aviation finance professionals to uncover exciting opportunities in the German capital markets, benchmark their practices and shape the future of the market.

The only event dedicated to the German capital markets for aviation finance, the conference takes an in-depth look at evolving best practices, evaluating aviation as an asset class and analysing the latest trends and critical changes within the aviation finance industry.

Featuring an all-star speaker line-up, new sessions formats and unrivalled networking opportunities, the conference is brimming with inspiring concepts and practical solutions for market practitioners.

What's new for 2018?

• Even more investors •

• Unique and interactive session formats •

• Enriching content on the most current topics effecting the industry •

Investors already confirmed

Featured sessions include:

Who should attend?

Institutional investors
Asset managers
Banks
Law firms
Airlines
Leasing companies
Plus other market practitioners who are looking to enhance their knowledge of aviation finance and contribute to the progression of the German capital markets

Holger Hebben

Deutsche Bank

Carlos Terre

Head of Project Finance

Scope Ratings GmbH

Matthew Taylor

Legal and General

Les Weal

Director

Oriel

Bertrand Grabowski

Senior Strategic Advisor

Dubai Aerospace Enterprise

Stefan Sax

Partner

Clifford Chance

Berthold Reuter

Unit Head Aviation Risk

Euler Hermes Aktiengesellschaft

Nils Hallerstrom

President

PK AirFinance

Aymeric Angotti

Head of Aircraft Finance

Ostrum Asset Management

Matthias Winter

Bird & Bird

Tobias Schulten

Clifford Chance

Maybel Saleh

Director, EMEA Aviation

Citi

Brian Lau

Aviation Finance

Investec

Victoria Goodenough

Executive Director

Natixis

Sibylle Paehler

Managing Director

Doric

Mamoun Kuzbari

Managing Director

Novus Aviation Capital

Peter Walter

Director of Asset Management

IBA Group

Sven Respondek

KGAL Capital

Julius Huennemeyer

Private Debt

Prime Capital AG

Richard Moody

Global Head, Transportation and Head of Transport, Infrastructure, and Energy, EMEA

Deutsche Bank

Fraser Chestney

Magi Aviation Capital

Peter Vardigans

Partner

Magi Aviation Capital

Catherine Bras

Head of A380 Business Development & Remarketing

Airbus

Thomas Light

Aviation Finance

Investec

Paulo Mirpuri

President

Hi Fly (5K)

Chandra Gopinathan

Senior Investment Consultant

Global Credit Research Partners

Thomas Kolberg

Head of Department Aircraft

Euler Hermes Aktiengesellschaft

Zaki Nuseibeh

Floreat Capital Markets

Christian Wolff

Director

Helaba

Martin Browne

Senior Marketing Manager

Aergo Capital

Irena Badelska

Head of Business Development & Investor Relations

Amedeo

Thomas Leidenberger

Head of Alternative Investments

Hannover Leasing Investment GmbH

Christine Rovelli

VP Group Treasurer

Finnair

Joerg Schirrmacher

Head of Transport Finance

Helaba

	Conference
08:15	More information Clifford Chance Breakfast briefing Lessons learnt from Air Berlin Main Room 08:15 Main Room Clifford Chance Breakfast briefing × Lessons learnt from Air Berlin Next session: Expelling the myth that aviation is a risky and potentially unstable asset class to invest in
09:00	Ishka Welcome Main Room 09:00 Main Room Ishka Welcome × Next session: Expelling the myth that aviation is a risky and potentially unstable asset class to invest in Previous session: Clifford Chance Breakfast briefing
09:05	Ishka award presentation followed by Q&A with Markus Ohlert, Lufthansa Main Room 09:05 Main Room Ishka award presentation followed by Q&A with Markus Ohlert, Lufthansa × Next session: Expelling the myth that aviation is a risky and potentially unstable asset class to invest in Previous session: Clifford Chance Breakfast briefing
09:15	More information Expelling the myth that aviation is a risky and potentially unstable asset class to invest in With aviation offering competitive yield to comparable asset classes and a healthy deal flow, investors remain cautious about the asset class. Why is this, and what can be done to reset investor psychologies? Comparing aviation risk characteristics to shipping, real estate, infrastructure, and renewable energy What are the benefits of credit/airline risk, and can investors get risk premium on blending credit and aircraft risk in deals? How to evaluate asset risk; comparing single assets versus a portfolio Main Room 09:15 Main Room Expelling the myth that aviation is a risky and potentially unstable asset class to invest in × With aviation offering competitive yield to comparable asset classes and a healthy deal flow, investors remain cautious about the asset class. Why is this, and what can be done to reset investor psychologies? Comparing aviation risk characteristics to shipping, real estate, infrastructure, and renewable energy What are the benefits of credit/airline risk, and can investors get risk premium on blending credit and aircraft risk in deals? How to evaluate asset risk; comparing single assets versus a portfolio Sven Respondek KGAL Capital Next session: Are debt funds becoming a more suitable debt platform to invest in? Previous session: Clifford Chance Breakfast briefing
09:45	More information Are debt funds becoming a more suitable debt platform to invest in? Why do debt funds make sense for investors? How do debt funds differ from banks? What’s the risk appetite for senior and junior debt? The future of the debt fund market. Are there enough deals to go round? Main Room 09:45 Main Room Are debt funds becoming a more suitable debt platform to invest in? × Why do debt funds make sense for investors? How do debt funds differ from banks? What’s the risk appetite for senior and junior debt? The future of the debt fund market. Are there enough deals to go round? Joerg Schirrmacher Head of Transport Finance Helaba Fraser Chestney Magi Aviation Capital Victoria Goodenough Executive Director Natixis Mamoun Kuzbari Managing Director Novus Aviation Capital Next session: Keynote investor panel: the investor pitch Previous session: Clifford Chance Breakfast briefing
10:15	More information Keynote investor panel: the investor pitch Hear from German investors on their experience, ambition, concerns with the asset class, and their views on hypothetical deals pitched to them What structures offer the best returns right now? What is their allocation in the market currently? How long do investors plan to hold their investments for? Main Room 10:15 Main Room Keynote investor panel: the investor pitch × Hear from German investors on their experience, ambition, concerns with the asset class, and their views on hypothetical deals pitched to them What structures offer the best returns right now? What is their allocation in the market currently? How long do investors plan to hold their investments for? Peter Vardigans Partner Magi Aviation Capital Next session: To what extent do high hedging costs for dollar denominated assets take out the relative value in deals? Previous session: Clifford Chance Breakfast briefing
11:00	Networking break Main Room 11:00 Main Room Networking break × Next session: To what extent do high hedging costs for dollar denominated assets take out the relative value in deals? Previous session: Clifford Chance Breakfast briefing
11:45	More information To what extent do high hedging costs for dollar denominated assets take out the relative value in deals? With a limited supply of aviation debt funds denominated in non-dollar currencies, what is needed to make European investors more comfortable with dollar assets? Highlighting the advantages of investing in dollar denominated assets How expensive is currency hedging for investors, and how much relative value is left after hedging dollar denominated deals? Will the market see euro ABS/portfolio deals? Main Room 11:45 Main Room To what extent do high hedging costs for dollar denominated assets take out the relative value in deals? × With a limited supply of aviation debt funds denominated in non-dollar currencies, what is needed to make European investors more comfortable with dollar assets? Highlighting the advantages of investing in dollar denominated assets How expensive is currency hedging for investors, and how much relative value is left after hedging dollar denominated deals? Will the market see euro ABS/portfolio deals? Christine Rovelli VP Group Treasurer Finnair Thomas Leidenberger Head of Alternative Investments Hannover Leasing Investment GmbH Julius Huennemeyer Private Debt Prime Capital AG Next session: Is the dust starting to settle on the A380 crisis? Previous session: Clifford Chance Breakfast briefing
12:30	More information Is the dust starting to settle on the A380 crisis? With experienced asset managers redeploying the aircraft, and airline demand for A380s picking up, should German investors still need to be worried by the failed deals? Case Study: remarketing the existing A380s, redeploying, parting out, wet-leasing, and their impact on the A380 secondary market How much money could investors stand to lose by parting-out vs re-leasing A380s? Main Room 12:30 Main Room Is the dust starting to settle on the A380 crisis? × With experienced asset managers redeploying the aircraft, and airline demand for A380s picking up, should German investors still need to be worried by the failed deals? Case Study: remarketing the existing A380s, redeploying, parting out, wet-leasing, and their impact on the A380 secondary market How much money could investors stand to lose by parting-out vs re-leasing A380s? Irena Badelska Head of Business Development & Investor Relations Amedeo Paulo Mirpuri President Hi Fly (5K) Thomas Leidenberger Head of Alternative Investments Hannover Leasing Investment GmbH Catherine Bras Head of A380 Business Development & Remarketing Airbus Next session: The importance of a good asset manager Previous session: Clifford Chance Breakfast briefing
13:15	Lunch Main Room 13:15 Main Room Lunch × Next session: The importance of a good asset manager Previous session: Clifford Chance Breakfast briefing
14:30	More information The importance of a good asset manager Asset manager’s expertise – real lessor competence Going beyond... Main Room 14:30 Main Room The importance of a good asset manager × Asset manager’s expertise – real lessor competence Going beyond transactions – effectively managing the deal How do asset managers differentiate themselves, and what makes sense for new investors in the market? Martin Browne Senior Marketing Manager Aergo Capital Thomas Light Aviation Finance Investec Sven Respondek KGAL Capital Peter Walter Director of Asset Management IBA Group Next session: DEBATE: Should more aviation deals be externally rated, and if so, by who? Previous session: Clifford Chance Breakfast briefing
15:00	More information DEBATE: Should more aviation deals be externally rated, and if so, by who? Is there a disconnect with German investors’ acceptability of local rating agencies vs the big global agencies, and should it become the norm that arrangers include external ratings for all deals? How far do investors use global rating agencies over local ones? Why? If German investors require more externally rated aviation deals, who should absorb the cost of the rating? Should arrangers have more of an established process to offer investors a rating? Main Room 15:00 Main Room DEBATE: Should more aviation deals be externally rated, and if so, by who? × Is there a disconnect with German investors’ acceptability of local rating agencies vs the big global agencies, and should it become the norm that arrangers include external ratings for all deals? How far do investors use global rating agencies over local ones? Why? If German investors require more externally rated aviation deals, who should absorb the cost of the rating? Should arrangers have more of an established process to offer investors a rating? Christian Wolff Director Helaba Richard Moody Global Head, Transportation and Head of Transport, Infrastructure, and Energy, EMEA Deutsche Bank Next session: Are German investors ready to adopt more asset risk and move down the credit curve? Previous session: Clifford Chance Breakfast briefing
15:30	More information Are German investors ready to adopt more asset risk and move down the credit curve? Historically debt products have been a more popular starting point for German investors, but is this changing as returns tighten and investors become more sophisticated? To what extend are tight margins in the debt market encouraging investors to look at riskier structures like equity? Is the yield issuers are promising investors over 5/10 years sustainable, with interest and exchange rate levels changing? Exploring the transferability of equity in the asset class Main Room 15:30 Main Room Are German investors ready to adopt more asset risk and move down the credit curve? × Historically debt products have been a more popular starting point for German investors, but is this changing as returns tighten and investors become more sophisticated? To what extend are tight margins in the debt market encouraging investors to look at riskier structures like equity? Is the yield issuers are promising investors over 5/10 years sustainable, with interest and exchange rate levels changing? Exploring the transferability of equity in the asset class Zaki Nuseibeh Floreat Capital Markets Sibylle Paehler Managing Director Doric Next session: Will aviation become an environmental, social and governance (ESG) rated investments? Previous session: Clifford Chance Breakfast briefing
16:00	Networking break Main Room 16:00 Main Room Networking break × Next session: Will aviation become an environmental, social and governance (ESG) rated investments? Previous session: Clifford Chance Breakfast briefing
16:30	More information Will aviation become an environmental, social and governance (ESG) rated investments? What are ESG rated investments? How can aviation become a better rated ESG investment? How genuine is ESG investment appetite? Could investors simply be using aviation to fill their sustainability portfolio instead of real estate? Main Room 16:30 Main Room Will aviation become an environmental, social and governance (ESG) rated investments? × What are ESG rated investments? How can aviation become a better rated ESG investment? How genuine is ESG investment appetite? Could investors simply be using aviation to fill their sustainability portfolio instead of real estate? Chandra Gopinathan Senior Investment Consultant Global Credit Research Partners Next session: The role of the German export credit agency and what potential there is to issue bonds on its new product, Balthazar Previous session: Clifford Chance Breakfast briefing
17:00	More information The role of the German export credit agency and what potential there is to issue bonds on its new product, Balthazar Challenging the legal requirements around Euler-Hermes issuing bonds vs other European ECAs What’s the appetite and advantage of an insured aircraft product in the German capital markets? Main Room 17:00 Main Room The role of the German export credit agency and what potential there is to issue bonds on its new product, Balthazar × Challenging the legal requirements around Euler-Hermes issuing bonds vs other European ECAs What’s the appetite and advantage of an insured aircraft product in the German capital markets? Christine Rovelli VP Group Treasurer Finnair Previous session: Clifford Chance Breakfast briefing

	Investor Masterclass
09:00	More information Investing in aircraft Happy 40th Birthday PK AirFinance Why invest in aircraft? Where is the cycle? The next 40 years Main Room 09:00 Main Room Investing in aircraft × Happy 40th Birthday PK AirFinance Why invest in aircraft? Where is the cycle? The next 40 years Next session: Comparing the merits of aviation debt funds to other private debt funds:
10:00	Break Main Room 10:00 Main Room Break × Next session: Comparing the merits of aviation debt funds to other private debt funds: Previous session: Investing in aircraft
10:15	More information Comparing the merits of aviation debt funds to other private debt funds: Security and risks Diversification Recovery notes Achievable yield Rating Scalability Typical issuers Main Room 10:15 Main Room Comparing the merits of aviation debt funds to other private debt funds: × Security and risks Diversification Recovery notes Achievable yield Rating Scalability Typical issuers Next session: Possibilities in crisis scenarios Previous session: Investing in aircraft
11:00	More information Possibilities in crisis scenarios Case study looking at potential crisis scenarios; A380 values in 10 years Main Room 11:00 Main Room Possibilities in crisis scenarios × Case study looking at potential crisis scenarios; A380 values in 10 years Next session: Understanding how arrangers and asset managers handle the Solvency II implications: Previous session: Investing in aircraft
11:30	Break Main Room 11:30 Main Room Break × Next session: Understanding how arrangers and asset managers handle the Solvency II implications: Previous session: Investing in aircraft
11:45	More information Understanding how arrangers and asset managers handle the Solvency II implications: Capital rating Reporting point of view How levered and unlevered Sensitivity of asset risk management and how this can effect economics and future cash flows Main Room 11:45 Main Room Understanding how arrangers and asset managers handle the Solvency II implications: × Capital rating Reporting point of view How levered and unlevered Sensitivity of asset risk management and how this can effect economics and future cash flows Previous session: Investing in aircraft

Investing in Aviation Finance: Frankfurt

Clifford Chance Breakfast briefing

Ishka Welcome

Ishka award presentation followed by Q&A with Markus Ohlert, Lufthansa

Expelling the myth that aviation is a risky and potentially unstable asset class to invest in

Are debt funds becoming a more suitable debt platform to invest in?

Keynote investor panel: the investor pitch

Networking break

To what extent do high hedging costs for dollar denominated assets take out the relative value in deals?

Is the dust starting to settle on the A380 crisis?

Lunch

The importance of a good asset manager

DEBATE: Should more aviation deals be externally rated, and if so, by who?

Are German investors ready to adopt more asset risk and move down the credit curve?

Networking break

Will aviation become an environmental, social and governance (ESG) rated investments?

The role of the German export credit agency and what potential there is to issue bonds on its new product, Balthazar

Investing in aircraft

Break

Comparing the merits of aviation debt funds to other private debt funds:

Possibilities in crisis scenarios

Break

Understanding how arrangers and asset managers handle the Solvency II implications:

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights

Investing in Aviation Finance: Frankfurt

Clifford Chance Breakfast briefing

Ishka Welcome

Ishka award presentation followed by Q&A with Markus Ohlert, Lufthansa

Expelling the myth that aviation is a risky and potentially unstable asset class to invest in

Are debt funds becoming a more suitable debt platform to invest in?

Keynote investor panel: the investor pitch

Networking break

To what extent do high hedging costs for dollar denominated assets take out the relative value in deals?

Is the dust starting to settle on the A380 crisis?

Lunch

The importance of a good asset manager

DEBATE: Should more aviation deals be externally rated, and if so, by who?

Are German investors ready to adopt more asset risk and move down the credit curve?

Networking break

Will aviation become an environmental, social and governance (ESG) rated investments?

The role of the German export credit agency and what potential there is to issue bonds on its new product, Balthazar

Investing in aircraft

Break

Comparing the merits of aviation debt funds to other private debt funds:

Possibilities in crisis scenarios

Break

Understanding how arrangers and asset managers handle the Solvency II implications:

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

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights