Investing in Aviation Finance China

Dec 3, 2019

JW MARRIOTT HOTEL SHANGHAI AT TOMORROW SQUARE, China

Ishka’s respected “Investing in Aviation Finance” series of inspiring and interactive events arrives in Shanghai this December, amidst signs the Chinese market is moving into a different stage of the cycle

Ishka 备受业界推崇的“航空金融投资论坛”系列将于今年十二月在上海举行，正值中国市场迎来下一波成长阶段之时

Our first-class line-up of industry thought-leaders and collaborative workshop-style sessions delve deep into the latest market indicators and evaluate the future direction of the Chinese aviation finance market

我们业界首屈一指的讲者及互动式的工作坊，将深入探讨最近期的市场指标及中国飞机融资租赁市场未来的发展动向

Book your free VIP place today
即刻注册您的免费VIP通行证

Places are strictly limited!
席位有限

(subject to approval by Ishka)

Hear from industry experts including:

Li Liu Amy Li
EVP and Regional Manager SVP, Aircraft Trading
GECAS SMBC Aviation Capital

Ishka has developed a format which encourages open and candid debate on key industry issues among leading industry figures and market players resulting in a high quality dialogue. Ishka events are the 'conference of choice' for me and many colleagues.” - DVB

「Ishka 发展出一种开放式的辩论形式，鼓励举足轻重的业界专家及市场参与者对于关键性的产业议题进行公开坦诚且高质量的的辩论。Ishka举办的活动是我和许多同事的“首选会议”

Ishka's hybrid model moves away from large-scale events and traditional panel formats, placing a greater emphasis on learning, strategy and interaction. From start to finish, attendees are kept engaged and challenged through a series of workshop style sessions, inspiring panels and collaborative idea exchanges.

我司举办的综合型会议与常规的大规模会议和传统的分论坛模式有所不同，对于学习、策略和互动交流更为侧重
与会者将全程参与一系列工作坊形式的活动、分论坛，以及协同讨论环节

Confirmed airline attendees
确认与会的航空

Outcomes at a glance
预期收获

• Understand the latest market dynamics, including the impact of the Max 8 grounding
理解包括Max 8停场事件影响在内的最新市场动向
• Identify alternative investment opportunities to achieve a higher return
识别替代投资机会、获取更高回报
• Learn about new aviation finance structures and trends
了解新的航空金融交易结构和趋势
• Hear from seasoned industry professionals on successful business models and strategies such as building a trading team
听取行业资深专家在商业模式和策略（比如设立资产交易团队）方面的探索和成功经验
• Explore alternative funding opportunities with non-bank FIs
与非银行金融机构共同探索非传统融资机会
• Prepare for the future and understand distress scenarios and protection
未雨绸缪，理解和规避行业风险因素

Any questions?
Please call Adam Zhong: +86 13552670679 如有问题，敬请致电：仲伟海，+86 13552670679

or Tom Preselo: [email protected] | +44(0) 2031766396

"The crew at Ishka are global & disruptive thinkers. Their events are excellent & deserve the industry support.”

Declan Ryan

Founder, Viva Air

"A fantastic gathering of aviation experts openly exchanging on the latest trends of the industry.”

Arnaud Fiscel

Head of Transportation, Bank of China

	Plenary
	Plenary
	Ishka welcome Plenary Plenary Ishka welcome × Next session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	More information How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航... How have the groundings affected airline capacity, profitability, and opera... Plenary Plenary How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？ × How have the groundings affected airline capacity, profitability, and operations? 波音737Max机型的停场对航空公司运力供给、盈利水平和生产运营带来了哪些影响？ What are the expected timelines for a return to service? 波音737Max机型恢复运营的预期时间表？ Repercussions and considerations for the MAX product 关于波音737Max机型产品的市场反响和思考 Next session: Anticipating the next paradigm for the Chinese aviation finance market: is it moving from a period of investment to stress? 对中国航空金融市场未来范式的预测：从投资期到困境期？
	More information Anticipating the next paradigm for the Chinese aviation finance market: is it moving from a period of investment to stress? 对中国航空金融市场未来范式的预测：从投资期到困境期？ Will new airports and routes drive immediate demand for fleet expansion? 新机场的投入运营和新航线的开发是否将立即催生机队扩张的需求？ Order book analysis: do investors have an appetite to delay or cancels orders? Can surplus aircraft be absorbed elsewhere? 订单分析：投资者会否延迟或取消订单？这部分订单能否另行消化？ Where are the investment opportunities and impediments for international banks, OEMS’s and lessors? 国际市场上的融资银行、飞机制造商和飞机租赁公司将面临哪些的投资机遇和挑战？ Update on the COMAC programme 中国商飞（COMAC）机型项目的最新进展 Plenary Plenary Anticipating the next paradigm for the Chinese aviation finance market: is it moving from a period of investment to stress? 对中国航空金融市场未来范式的预测：从投资期到困境期？ × Will new airports and routes drive immediate demand for fleet expansion? 新机场的投入运营和新航线的开发是否将立即催生机队扩张的需求？ Order book analysis: do investors have an appetite to delay or cancels orders? Can surplus aircraft be absorbed elsewhere? 订单分析：投资者会否延迟或取消订单？这部分订单能否另行消化？ Where are the investment opportunities and impediments for international banks, OEMS’s and lessors? 国际市场上的融资银行、飞机制造商和飞机租赁公司将面临哪些的投资机遇和挑战？ Update on the COMAC programme 中国商飞（COMAC）机型项目的最新进展 Li Liu EVP & Regional Manager GECAS Next session: As Chinese investors take on more asset risk, how should investors perceive residual values on the current generation technology and engines? 随着中国投资者承担了越来越多的资产风险，投资人应如何看待当前（传统）技术和发动机装备飞机资产的残值走势？ Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	Networking break Plenary Plenary Networking break × Next session: As Chinese investors take on more asset risk, how should investors perceive residual values on the current generation technology and engines? 随着中国投资者承担了越来越多的资产风险，投资人应如何看待当前（传统）技术和发动机装备飞机资产的残值走势？ Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	More information As Chinese investors take on more asset risk, how should investors perceive resi... The Airbus A320ceo and Boeing 737 NG support the backbone of curr... Plenary Plenary As Chinese investors take on more asset risk, how should investors perceive residual values on the current generation technology and engines? 随着中国投资者承担了越来越多的资产风险，投资人应如何看待当前（传统）技术和发动机装备飞机资产的残值走势？ × The Airbus A320ceo and Boeing 737 NG support the backbone of current airline narrowbody fleets and Chinese lessor portfolios 空客A320ceo和波音737NG是当前航空公司窄体飞机机队以及中国飞机租赁公司机队的主要组成 How will Chinese lessors fare with the coming wave of lease maturities and lease returns? 中国飞机租赁公司将如何因对即将到来的租约到期和退租潮？ How will supply and demand impact on the secondary market? 飞机市场的供需关系将如何影响二手飞机市场？ Eddy Pieniazek Head of Advisory Ishka Next session: How can Chinese lessors grow in an environment of increased competition and low margins? 中国租赁公司如何在竞争环境加剧、利润水平下行的环境中寻求发展？ Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	More information How can Chinese lessors grow in an environment of increased competition and low margins? 中国租赁公司如何在竞争环境加剧、利润水平下行的环境中寻求发展？ 1)Investing down the credit curve: regional aircraft and tier two credits 遵循信用曲线向下投资：支线飞机和较高信用风险的二级航空公司 Growth forecasts for the smaller airlines and regional aircraft market in China 中国小型航空公司和支线飞机航空市场的增长预测 What financing channels are open to airlines beyond leasing? 除了租赁模式，航空公司还有哪些融资渠道？ Valuations of regional aircraft types 支线机型的飞机资产价值评估 Fleet development strategies 机队发展策略 2) Investing in widebody aircraft 投资宽体飞机 RV assumptions on WB aircraft 宽体飞机的残值假设有哪些？ What is the liquidity for WB aircraft and where is there demand? 宽体飞机的二手市场流动性及市场需求如何？ Understanding reconfiguration and maintenance events 理解宽体飞机的构型改装与维修事件 Patrick Den Elzen, CEO, Arena Aviation Capital 3) Investing in mid to end of life aircraft 投资中老龄飞机 Is this niche market sector still producing good margins and returns? 这一细分市场是否仍有保持良好的利润水平和投资回报？ How is the balance shifting in the spare parts market - what is in and out of favour? 航材备件市场的发展动向——哪些部件受到市场青睐、哪些正在淡出市场焦点？ Does the hands-on technical approach deliver the right results? hands-on technical approach是否能够获得预期结果？ Plenary Plenary How can Chinese lessors grow in an environment of increased competition and low margins? 中国租赁公司如何在竞争环境加剧、利润水平下行的环境中寻求发展？ × 1)Investing down the credit curve: regional aircraft and tier two credits 遵循信用曲线向下投资：支线飞机和较高信用风险的二级航空公司 Growth forecasts for the smaller airlines and regional aircraft market in China 中国小型航空公司和支线飞机航空市场的增长预测 What financing channels are open to airlines beyond leasing? 除了租赁模式，航空公司还有哪些融资渠道？ Valuations of regional aircraft types 支线机型的飞机资产价值评估 Fleet development strategies 机队发展策略 2) Investing in widebody aircraft 投资宽体飞机 RV assumptions on WB aircraft 宽体飞机的残值假设有哪些？ What is the liquidity for WB aircraft and where is there demand? 宽体飞机的二手市场流动性及市场需求如何？ Understanding reconfiguration and maintenance events 理解宽体飞机的构型改装与维修事件 Patrick Den Elzen, CEO, Arena Aviation Capital 3) Investing in mid to end of life aircraft 投资中老龄飞机 Is this niche market sector still producing good margins and returns? 这一细分市场是否仍有保持良好的利润水平和投资回报？ How is the balance shifting in the spare parts market - what is in and out of favour? 航材备件市场的发展动向——哪些部件受到市场青睐、哪些正在淡出市场焦点？ Does the hands-on technical approach deliver the right results? hands-on technical approach是否能够获得预期结果？ Ali Ben Lmadani CEO ABL Aviation Next session: Building an effective trading platform and trading strategies 建立有效的资产交易平台及交易策略 Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	Lunch Plenary Plenary Lunch × Next session: Building an effective trading platform and trading strategies 建立有效的资产交易平台及交易策略 Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	More information Building an effective trading platform and trading strategies 建立有效的资产交易平台及交易策略 • Trading strategies through the leasing cycle - key risks/protections/options • 租赁周期不同阶段的资产交易策略——主要风险、应对保护方案和交易机会 • Remarketing aircraft at the end of lease • 租期末端飞机的再营销 • Trading dynamics between midlife and older aircraft vs newer aircraft • 中老龄飞机与年轻飞机的交易动态对比 • Update on GATS and novating aircraft transactions • 全球飞机交易系统（GATS）及飞机租约变更的最新动态 Plenary Plenary Building an effective trading platform and trading strategies 建立有效的资产交易平台及交易策略 × • Trading strategies through the leasing cycle - key risks/protections/options • 租赁周期不同阶段的资产交易策略——主要风险、应对保护方案和交易机会 • Remarketing aircraft at the end of lease • 租期末端飞机的再营销 • Trading dynamics between midlife and older aircraft vs newer aircraft • 中老龄飞机与年轻飞机的交易动态对比 • Update on GATS and novating aircraft transactions • 全球飞机交易系统（GATS）及飞机租约变更的最新动态 Amy Li SVP Aircraft Trading SMBC Aviation Capital Next session: What alternative/offshore sources of funding are open to Chinese lessors and airlines as funding costs are increasing 随着资金成本的日益高企，中国租赁公司及航空公司有哪些替代融资渠道及离岸资金来源？ Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	More information What alternative/offshore sources of funding are open to Chinese lessors and airlines as funding costs are increasing 随着资金成本的日益高企，中国租赁公司及航空公司有哪些替代融资渠道及离岸资金来源？ Accessing the offshore unsecured bond market: 144a vs Reg S 评估离岸无担保债券市场：144a vs Reg S What role will the RMB bond market play in financing aircraft? 人民币债券市场在航空融资中的作用有哪些？ Prospects for structured DCM products to take flight in Asia 结构化DCM产品在亚洲的积极前景 Appetite for JOLs and JOLCOS 对于日本经营租赁（JOL）与日本税务融资租赁（JOLCO）的需求 Plenary Plenary What alternative/offshore sources of funding are open to Chinese lessors and airlines as funding costs are increasing 随着资金成本的日益高企，中国租赁公司及航空公司有哪些替代融资渠道及离岸资金来源？ × Accessing the offshore unsecured bond market: 144a vs Reg S 评估离岸无担保债券市场：144a vs Reg S What role will the RMB bond market play in financing aircraft? 人民币债券市场在航空融资中的作用有哪些？ Prospects for structured DCM products to take flight in Asia 结构化DCM产品在亚洲的积极前景 Appetite for JOLs and JOLCOS 对于日本经营租赁（JOL）与日本税务融资租赁（JOLCO）的需求 Next session: Credit analysis on Chinese airlines and lessors and where are the stress points globally? 中国航空公司与飞机租赁公司的信用状况分析，探寻行业的压力来源 Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	Networking break Plenary Plenary Networking break × Next session: Credit analysis on Chinese airlines and lessors and where are the stress points globally? 中国航空公司与飞机租赁公司的信用状况分析，探寻行业的压力来源 Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	More information Credit analysis on Chinese airlines and lessors and where are the stress points globally? 中国航空公司与飞机租赁公司的信用状况分析，探寻行业的压力来源 Things to consider when assessing Chinese airline and lessor credits 分析和评估中国航空公司和飞机租赁公司信用状况的考量因素 The wider market - how have airline performed in terms of creditworthiness worldwide - what are the hotspots and the concerns? 全球航空公司业在信用状况方面的表现——值得关注的热点及担忧？ Plenary Plenary Credit analysis on Chinese airlines and lessors and where are the stress points globally? 中国航空公司与飞机租赁公司的信用状况分析，探寻行业的压力来源 × Things to consider when assessing Chinese airline and lessor credits 分析和评估中国航空公司和飞机租赁公司信用状况的考量因素 The wider market - how have airline performed in terms of creditworthiness worldwide - what are the hotspots and the concerns? 全球航空公司业在信用状况方面的表现——值得关注的热点及担忧？ Eddy Pieniazek Head of Advisory Ishka Next session: Aircraft values: comparing CMVs with deals - what Chinese and other investors have paid 飞机价值：对比飞机资产的当前市场价值与实际交易情况——中国及其他投资人 Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	More information Aircraft values: comparing CMVs with deals - what Chinese and other investors ha... How have Sale and Leasebacks evolved over the last few years, in a climate of ab... Plenary Plenary Aircraft values: comparing CMVs with deals - what Chinese and other investors have paid 飞机价值：对比飞机资产的当前市场价值与实际交易情况——中国及其他投资人 × How have Sale and Leasebacks evolved over the last few years, in a climate of abundant capital? 在资本充足的资金市场环境下，飞机资产售后回租市场在过去几年的发展趋势如何？ Have deal terms weakened to the benefit of airlines, or do lessors still hold the upper hand? 交易条款是否更偏向于航空公司的利益，或者飞机租赁公司依然具有谈判优势？ How can investors protect their positions and reduce risk? 投资人如何保护自身地位、降低风险？ Eddy Pieniazek Head of Advisory Ishka Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？
	Closing remarks and drinks reception Plenary Plenary Closing remarks and drinks reception × Previous session: How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航对投资者、航空公司和飞机租赁公司带来了哪些影响？

Paul Ng

Partner

Milbank

Li Liu

EVP & Regional Manager

GECAS

Amy Li

SVP Aircraft Trading

SMBC Aviation Capital

Lune Wang

General Manager of Shanghai subsidiary, Vice President and Director

X-AAMG

Ali Ben Lmadani

CEO

ABL Aviation

Kenneth Kwan

Head of ABS, Asia

Standard Chartered

Eddy Pieniazek

Head of Advisory

Ishka

Patrick den Elzen

Managing Director

Arena Aviation Capital

Johnny Lau

Chief Consultant Aviation Business Services

PwC

Lune Wang

Deputy General Manager

Comsys Leasing

Investing in Aviation Finance China

Ishka welcome

How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航...

Anticipating the next paradigm for the Chinese aviation finance market: is it moving from a period of investment to stress? 对中国航空金融市场未来范式的预测：从投资期到困境期？

Networking break

As Chinese investors take on more asset risk, how should investors perceive resi...

How can Chinese lessors grow in an environment of increased competition and low margins? 中国租赁公司如何在竞争环境加剧、利润水平下行的环境中寻求发展？

Lunch

Building an effective trading platform and trading strategies 建立有效的资产交易平台及交易策略

What alternative/offshore sources of funding are open to Chinese lessors and airlines as funding costs are increasing 随着资金成本的日益高企，中国租赁公司及航空公司有哪些替代融资渠道及离岸资金来源？

Networking break

Credit analysis on Chinese airlines and lessors and where are the stress points globally? 中国航空公司与飞机租赁公司的信用状况分析，探寻行业的压力来源

Aircraft values: comparing CMVs with deals - what Chinese and other investors ha...

Closing remarks and drinks reception

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights

Investing in Aviation Finance China

founding partner

Ishka welcome

How has the Max grounding impacted investors, airlines and lessors? 波音737Max机型停航...

Anticipating the next paradigm for the Chinese aviation finance market: is it moving from a period of investment to stress? 对中国航空金融市场未来范式的预测：从投资期到困境期？

Networking break

As Chinese investors take on more asset risk, how should investors perceive resi...

How can Chinese lessors grow in an environment of increased competition and low margins? 中国租赁公司如何在竞争环境加剧、利润水平下行的环境中寻求发展？

Lunch

Building an effective trading platform and trading strategies 建立有效的资产交易平台及交易策略

What alternative/offshore sources of funding are open to Chinese lessors and airlines as funding costs are increasing 随着资金成本的日益高企，中国租赁公司及航空公司有哪些替代融资渠道及离岸资金来源？

Networking break

Credit analysis on Chinese airlines and lessors and where are the stress points globally? 中国航空公司与飞机租赁公司的信用状况分析，探寻行业的压力来源

Aircraft values: comparing CMVs with deals - what Chinese and other investors ha...

Closing remarks and drinks reception

Thank you for your interest in Investing in Aviation Finance China

Transaction Economics – Aircraft Values and Trading Data

Ishka Advisory – Airline Restructuring

Ishka Insights