Agenda

7:55 AM - 8:00 AM

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A warm Ishka welcome back to physical events! Join us from 17:00 GMT on the 29th at TwoRuba at the venue for an ice breaker networking drinks to kick off this two day back-to-back agenda.

This marks the physical return of London’s only investor-focused event in aviation finance. This is a joint event, extending to our Ishka ESG: Committing to a Cleaner Aviation Future, held the following day in the same venue.

8:00 AM - 8:40 AM

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Our panel discusses current market sentiment, assessing the strength of the aviation asset class going forward. 

  • Analysing views on current aircraft asset investment returns. Is risk being priced fairly? 
  • How important are ESG considerations in investment decision making processes? 
  • How will increasing USD interest rates impact investments in aircraft on lease? 

    Jason Cipriani
    Co-Managing Partner, Corrum Capital
    Chandra Gopinathan
    Senior Investment Manager, RPMI Railpen
    Charlie Jenkins
    Director, Aviocap
    Moderator
    Michael Lee
    SVP Investor Markets, FPG Amentum

    Aviation has traditionally attracted investors due to the strength of aircraft as mobile assets and the relatively low risk of loss given default in transactions, however, the pandemic has put this stability into question. What is the route to market in aviation now for investors?

    • Has Covid changed how investors evaluate risk in aircraft investments now given the uncertainty around residual values?
    • Evaluating the current risk/return profile of aviation in comparison to other transportation/infrastructure sectors. 
    • What are the various routes to market available to investors? How are they accessed? (e.g. public markets, direct lending, debt funds, etc.) 
    • How do investors approach the sector whilst taking ESG considerations/regulations seriously? 

    Stephan Sayre
    Co-Chief Executive Officer & Chief Investment Officer, Deucalion Aviation Ltd
    Bobby Janagan
    Managing Director, Rolls Royce & Partners Finance
    Maybel Saleh
    Managing Director, EMEA Aviation, Corporate Banking, Citi
    Thomas Light
    Portfolio Manager, Muzinich & Co.
    Moderator
    Joe O'Mara
    Partner & Head of Aviation Finance, KPMG
    9:20 AM - 9:50 AM

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    • How have asset managers de-risked their portfolios in response to the crisis?
    • What asset types are offering better returns now and how can asset managers mitigate additional risk on these deals?  
    • Should investors choose to lose maintenance reserves, or shorten security deposits to win leases with better airline credits or stick to better deal terms with second-tier carriers? 
    • How important is scale when bidding on deals for portfolios or sale/leasebacks? 

    Martin Browne
    Head of Origination Strategy, Aergo Capital
    Paolo Lironi
    Chief Executive Officer, SGI Aviation
    Leslie Kurshan
    Managing Director, Global AFIC Credit Specialties and Product Development Leader, AFIC
    Tim O'Connell
    Partner, Aviation Advisory, Grant Thornton
    Moderator
    John Duffy
    Chief Commercial Officer, SKY Leasing
    9:50 AM - 10:20 AM

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    10:20 AM - 11:05 AM

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    Take a seat at the table corresponding to European Airports on your badge for your opportunity to discuss and debate aviation’s hottest topics with industry peers. A range of moderators move around the room with 3 key questions to lead a 10–15 minute informal discussion with each table of delegates on various topics affecting investment in the industry.

    Topics include...

    • ESG in aviation and the introduction of SAF
    • War in Ukraine: another devastating event
    • How quickly will interest rates need to rise to tame inflation and avoid a recession?
    • ESG finance and leasing 
    • What fate lies ahead for problematic widebody types? (B777s, A330s...)
    Edward O'Byrne
    Aviation Finance Expert, -
    Suraya Tegally
    Legal Director, DLA Piper
    Eduardo Mariz
    Analyst , Ishka
    Russell Hubbard
    Managing Director, RPK Capital Management
    Siddharth Narkhede
    Analyst, Ishka
    Chris Keene
    Sales Manager, Ishka
    Barry Moss
    Co-Chair, PACE ESG
    Lukasz Laski
    Aviation Finance, Investec
    Paul O'Driscoll
    Aviation Consultant | ISTAT Aircraft Appraiser, Ishka
    Eva Karagianni
    Analyst, Ishka
    11:05 AM - 11:35 AM

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    The aircraft ABS market saw an incredible revival at the end of 2021, but how healthy are these structures really? Senior notes fared well in the second-largest year for ABS issuances on record, but C notes and tradeable e-notes have seen limited or no take-up. What implications does this have for aircraft ABS investors going forwards?

    • How has the performance of pre-covid ABS issuances impacted how new deals are being structured?  
    • Is there still distress in the C tranches? What implications does this have for aircraft ABS investors?  
    • How will new deals need to be structured to entice potential e-note buyers back to the market? Will this happen in 2022? 
    • Will there be a substantial change in how sponsors compose new ABS portfolios this year? 
      Lourens Geldenhuys
      Chief Financial Officer, Stratos
      Vijay Jethwa
      Executive Director, Mizuho
      Clay Smith
      Partner, Split Rock
      Kevin MacLeod
      Shareholder, Vedder Price
      Moderator
      Robert Cassidy
      Senior Manager, PAFS Ireland
      11:35 AM - 1:00 PM

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      1:00 PM - 1:30 PM

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      Transitions that would usually take 3-5 years have happened in just a short 1-2 year period. What can the industry expect from aircraft value behaviour, airline capacity levels and passenger demand going forward? Expert analysts from Ishka, OAG and Teneo join forces to chew the fat over their latest insight and forecasting analysis.

      • OAG insight: how did global airline capacity hold up during Delta and Omicron waves? Is there finally a case for optimism over the 2022 summer season, and how will airlines prepare to operate in response to a potentially sharp uplift in demand?  
      • Teneo forecasting: what is the projected impact of pent-up customer demand? How does passenger demand continue to evolve and what can the industry expect from a resurgence in business travel?  
      • The Ishka view: aircraft values update and summary of key value trend expectations for common aircraft types. What does this forecast mean for market confidence in values, and how does it translate into current aircraft valuations? 
          John Grant
          Chief Analyst, OAG
          Eddy Pieniazek
          Head of Analytics & Advisory, Ishka
          Gee Levefre
          Managing Director, Teneo
          1:30 PM - 2:00 PM

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          Several lessors have publicly announced they are exploring the possibility of launching an aircraft loan CLO while SALT 2021-1, a debut aircraft loan ABS, achieved an oversubscription across all four series of notes. Our panel examines two very distinct approaches to securitizing aircraft loans and the potential impact on the aircraft financing market. 

          • How do aircraft loan ABS deals differ compared to aircraft leases? 
          • What are the pros and cons of using an ABS vs a CLO when securitizing aircraft loans from an issuer’s perspective? 
          • How thick is the potential deal pipeline? 
          • What key risks should investors be aware of when assessing a pool of aircraft loans? 
          Eelco van de Stadt
          Managing Director, President, Apollo Global Management Inc/PK AirFinance
          Donna Ager
          Partner, Maples Group
          Cian Dooley
          Founding Partner, Airborne Capital
          Moderator
          Dickon Harris
          Editor, Ishka
          2:00 PM - 2:40 PM

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          The industry has witnessed a transition from conventional bank lending towards new Private Equity/CLO-funded players, but will this shift prove sustainable in the long-term? 

          • An overview of capital market funding options and their applications. 
          • Will the elimination of regulatory capital issues prove sustainable for new debt funds in the long term? 
          • Do non-bank lenders have a reliable strategy to access low-cost financing once traditional bank lenders return to the market? 
          • Will Basel-IV force traditional aviation banks to lend at a higher premium? How will this affect their deal pipelines? 
          • Understanding how banks will contribute to the funding landscape going forwards. Where will they fill in the gaps? 
          Guillaume Degemard
          Senior Vice President , Apollo Global Management Inc / PK AirFinance
          Yann Sonnallier
          Managing Director - Global Head of Aviation Finance, Societe Generale
          Christian Wolff
          Head of Syndicate & Investor Markets, Helaba
          Wilhelm Steinmark
          European Head of Aviation Lending & Capital Markets, Castlelake
          Moderator
          Alain Rousseau
          Head of Aviation Finance EMEA, Natixis
          2:40 PM - 3:00 PM

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            • What happens if the lessors cannot physically retrieve their aircraft?
            • How does the aviation world move on after March 28th?
            • Aircraft are now registered in two jurisdictions, against international law. What are the consequences?
            • How are insurers likely to assess and resolve competing claims?
            • Will the leasing industry recover with ease?

            Richard Sharman
            Partner, Holland & Knight
            Stelios Fragkos
            Managing Director, AlixPartners
            Moderator
            Laurie Laird
            International Economic Affairs, Commentator
            3:20 PM - 4:00 PM

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            • The industry is longing to see the back of Covid-19, but its effects are still widely felt. Will there be further waves of airline restructurings following another difficult winter season across Europe and in light of the situation in Ukraine? 
            • How can investors be confident that their assets will be able to be put to work in the case of a default? 
            Ivan Chemtob
            Advisor - Consultant for Airlines, Rosa Airlines
            Sylvain Bosc
            Chief Executive Officer, Avico
            Rob Flavell
            Aircraft Finance Manager, Norwegian
            David Gard
            Senior Managing Director, Teneo
            4:00 PM - 4:30 PM

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            Demand for freighter capacity remains high and shows no sign of slowing, but what opportunities lie ahead to build on this buoyant yet traditionally volatile market? 

            • Understanding key differences between commercial and freighter aircraft financing. 
            • What do financiers and investors need to know before entering the freighter market? 
            • Will there be increased capital markets activity around freighters in 2022? 
            • Will certain aircraft types remain at a price point to make them acceptable to buy for cargo conversions as passenger demand returns? 
            • Addressing sustainability concerns in the rise of air freight capacity: what is the potential for SAF in this space? 
            Vicente Alava Pons
            Managing Director, Co-Global Head for Aviation, MUFG
            Marc Iarchy
            Director, World Star Aviation
            Matheus Piorino
            Director, Customer Finance EMEA, Embraer
            Moderator
            Lucy Shtenko
            Partner, Watson Farley & Williams
            4:30 PM - 5:30 PM

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            DON'T MISS: Make sure you're also registered to attend our co-located event the following day. 

            Below are a handful of the expert speakers joining us for our ESG event, to see full details for the brand new event please click here: Ishka ESG: Committing to a Cleaner Aviation Future  ▷

            Wilhelm Steinmark
            European Head of Aviation Lending & Capital Markets, Castlelake

            Search results

            March 30, 2022 11:05 AM - 11:35 AM

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            The aircraft ABS market saw an incredible revival at the end of 2021, but how healthy are these structures really? Senior notes fared well in the second-largest year for ABS issuances on record, but C notes and tradeable e-notes have seen limited or no take-up. What implications does this have for aircraft ABS investors going forwards?

            • How has the performance of pre-covid ABS issuances impacted how new deals are being structured?  
            • Is there still distress in the C tranches? What implications does this have for aircraft ABS investors?  
            • How will new deals need to be structured to entice potential e-note buyers back to the market? Will this happen in 2022? 
            • Will there be a substantial change in how sponsors compose new ABS portfolios this year? 
              Lourens Geldenhuys
              Chief Financial Officer, Stratos
              Vijay Jethwa
              Executive Director, Mizuho
              Clay Smith
              Partner, Split Rock
              Kevin MacLeod
              Shareholder, Vedder Price
              Moderator
              Robert Cassidy
              Senior Manager, PAFS Ireland