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Agenda Overview

CAPITAL MARKETS DAY: Tuesday 20 January 2015

08.00 Registration and refreshments

08.50 Chairperson’s opening remarks
  1. Hugh Robertson, Partner, Milbank
09.00 Understanding the Capital Markets
  • Why access the capital markets?
  • Traditional and hybrid transactions
  • Why should airlines and lessors make a greater use of the capital markets for aircraft financing?
  • Why the drop in the recent number of airline EETCs?
  • Has renewed interest for the ABS market affected the EETC market?
  1. Mark Streeter, Managing Director, Airline/Aircraft Credit Research, JP Morgan Securities
09.30 Castlelake's ABS: A New Breakthrough
  • How has Castlelake’s deal challenged the traditional aircraft ABS model?
  • What are the business benefits of mid/ and end-of-life assets and how does it impact an ABS?
  • What should investors watch out for when buying into older aircraft ABS deals?
  • How reliable is the part-out market and how does it affect end-of-life lessors?
  1. Evan Carruthers, Managing Partner and Portfolio Manager, Castlelake
  2. Greg Lee, Co-Head of Structure Finance, Goldman Sachs
  3. Anthony Nocera, Managing Director, Kroll Bond Ratings
  4. Moderated by: Drew Fine, Partner, Milbank
10.10 International EETCs: New Issuers, New Jurisdictions
  • Are International EETCs gaining or losing momentum?
  • Will a Latin American airline issue in 2015?
  • Will an Asian airline issue in 2015?
  • Will Cape Town deals dominate the market?
  • Will local currency bonds play a role?
  1. Thomas Cahill, Managing Director, Morgan Stanley
  2. Thomas Smith, Managing Director, Credit Suisse
  3. Moderated by: Hugh Robertson, Partner, Milbank
10.50 Morning refreshments and networking hosted by ICF International 

11.40 Private Equity and Aviation Finance
  • What do investors want from their investment?
  • Are investors likely to target airlines rather than lessors in the future?
  • Do investors anticipate their involvement in the aviation industry to change in the long term?
  1. Martin Graham, Senior Vice President, Oaktree Capital Management
  2. Steven Webber, Financial Managing Director, Terra Firma
  3. Stephan Sayre, Managing Director - Global Head of Aviation Investment Management, DVB Bank SE
  4. Hafiz Lalani, Senior Principal, Private Investments, CPPIB Equity Investments Inc.
  5. Moderated by: Jim Cameron, Partner, Milbank
12.30 Benefits of Secured vs Unsecured Transactions
  • How do secured and unsecured transactions compare and how to attract fixed income investors?
  • Rated or unrated?
  • Are lessors too reliant on unsecured financing?
  1. Mike Inglese, CFO, Aircastle
  2. Simon Glass, CFO, AWAS
  3. Gregory Willis, CFO, Air Lease Corporation
  4. Andy Cronin, CFO, Avolon
  5. Moderated by: Bertrand Grabowski, Member of the Board of Managing Directors, DVB Bank SE
13.10 Lunch

14.30 Why are securitizations popular again after a five-year hiatus?
  • How attractive are the current levels of aviation ABS pricing?
  • Who has been investing in recent ABS deals?
  • Why is now a good time to do a securitization?
  • Will more lessors be drawn to the market?
  • How do issuers view ABS financing from a process/time commitment and pricing standpoint?
  • How do issuers see the ABS market evolving?
  1. Trevor Ricards, Senior Vice President, Capital Markets, GECAS
  2. Scott Debano, Director, Citibank
  3. Matthew Little, Vice President - Investment Banking Division Structured Finance - Trade, Transport & Infrastructure, Goldman Sachs
  4. Vinodh Srinivasan, Director, Head of Corporate Solutions, BNP Paribas
  5. Moderated by: Johan Visser, Executive Director, J.P. Morgan
15.20 Rating Agencies’ Methodology Changes
  • What, if any, changes have rating agencies adopted in their methodology?
  • Why get a rating?
  • Rating processes and pitfalls
  • Improving investor communications
  • Which rating agencies have been active?
  1. Jonathan Root, CFA, Vice President, Senior Credit Officer, Moody's Investors Service
  2. Philip Baggaley, CFA, Managing Director, Corporate & Government Ratings, Standard & Poor’s Ratings Services
  3. Craig Fraser, Managing Director, Fitch Ratings
  4. Moderated by: Mike Duff, Managing Director, The Airline Analyst
16.00 Ryanair Gets a BBB+ Rating
  • What new doors will Ryanair BBB+ rating open?
  • Ryanair prices an impressive €850 million seven-year unsecured bond
  • Will Ryanair tap the EETC market any time soon?
  • Are other non-US airlines likely to replicate Ryanair’s credit milestone?
  1. Neil Sorahan, Chief Financial Officer, Ryanair
16.30 Helicopter sector attracting investors
  • Who are the investors active in the helicopter space?
  • What opportunities are there for new entrants?
  • How does helicopter finance compare with commercial aircraft finance?
  • How can the capital markets assist in funding helicopters?
  • Helicopters’ financing strategies and fleet plans
  1. Ed Washecka, CEO, Waypoint Leasing
  2. Chris Bradshaw, CEO, ERA
  3. Clark McGinn, Managing Director, CHC Leasing
  4. John Mannion, Director of Asset Finance and Portfolio Management, Bristow Group Inc
  5. Moderated by: Alasdair Whyte, Editor and Co-Founder, Corporate Jet Investor

17.10 Chairperson’s closing remarks followed by drinks reception sponsored by ORIX Aviation

AIRCRAFT AND ENGINES DAY: Tuesday 20th January 2015

08.00 Registration and refreshments

08.50 Chairperson’s opening remarks
  1. James Meyler, Chief Commercial Officer, ORIX Aviation
09.00 Crystal Ball: The Aviation Industry of Tomorrow
  • Where are we in the cycle?
  • When will the next recession be?
  • Will we see a peak in 2018-19?
  • When will values be at their best?
  • When should lessors sell?
  1. Phil Seymour, President and Chief Operating Officer, IBA Group Limited
09.30 Aircraft Values: How Long Before the Bubble Bursts?
  • Are we over-ordering and excessively producing?
  • How are new aircraft prices holding up?
  • Do list prices mean anything?
  • What is the outlook for current market values?
  1. Doug Kelly, Senior Vice President – Asset Valuation, Avitas
  2. Bob Agnew, Chief Executive Officer, Morten Beyer & Agnew
  3. Simon Finn, Senior Vice President, DVB Bank
  4. Dick Forsberg, Head of Risk and Strategy, Avolon
  5. Olga Razzhivina, Senior ISTAT Appraiser, ORIEL
  6. Moderated by: Geoff Hearn, Technical Editor, Airfinance Journal
10.20 Narrowbody Markets: Does Anyone Have the Edge?
  • Who is winning the Max versus Neo competition?
  • Which Neo and Max models are the most attractive for investors?
  • How are the Neo and Max impacting on market values of current generation aircraft?
  • What impact will new entrants have on Airbus and Boeing?
  1. Doug Kelly, Senior Vice President – Asset Valuation, Avitas
10.50 Morning refreshments and networking

11.40 Is the Turboprop Renaissance Permanent?
  • How significant is the turboprop market?
  • Will the revival in turboprop sales continue?
  • Will there be any new entrants to the turboprop sector?
  • Will we see the launch of a large turboprop aircraft any time soon?
  • Are turboprops attractive assets for financiers?
  1. Mario Formica, Vice President, Marketing, ATR
  2. Jim Murphy, Chief Commercial Officer, Nordic Aviation Capital
  3. Gary Fitzgerald, Managing Director, Stratos
  4. Ross Mitchel, Vice President, Business Acquisition, Bombardier Commercial Aircraft
  5. Moderated by: Geoff Hearn, Technical Editor, Airfinance Journal
12.20 Incredible Milestones for the New Generation of Engines
  • New generation engines: Progress and update
  • New engines values and costs
  • What improvements will new generation of engines bring in comparison to existing engines?
  • Evolution of the engine aftermarket
  1. Bruno Palacios, Marketing Director, CFM
  2. Paul Finklestein, Vice President, Marketing, Pratt & Whitney
  3. Richard Goodhead, Vice President, Marketing, Customer Strategy & Marketing, Rolls-Royce plc
13.10 Lunch

14.30 How Big is the Single-Aisle Aircraft Market?
  • How big is the market for new-technology single-aisle aircraft?
  • Have the A320Neo and the 737Max reduced the need for all-new technology aircraft?
  • Is the 70-120-seat category a better sector for new entrants/products than the main 737/A320 market?
  • How important are domestic markets for the success of new entrants?
  1. Rodrigo Silva e Souza, Director of Market Intelligence, EMBRAER
  2. Ross Mitchel, Vice President, Business Acquisition, Bombardier
  3. Hideyuki Kamiya, Director, Head of Marketing, Mitsubishi Aircraft Corporation
  4. Eduardo Munhos de Campos, Senior Vice-President, Commercial, Sukhoi Superjet 100 Program, Sukhoi Civil Aircraft Company (SCAC)
  5. Moderated by: Dickon Harris, Editor, Airfinance Journal
15.30 End of Life Business Thriving as the Number of Aircraft Retiring Increases
  • How is the dramatic number of aircraft retiring impacting the end of life business?
  • Who are the existing players in the part out market and who is looking to enter the market?
  • What can you expect from parting out an aircraft?
  • What can you expect from scrapping an airplane?
  1. Mark Fabian, Senior Vice President, GA Telesis
  2. Robert Korn, President, Apollo Aviation Group
  3. Keri Wright, Chief Executive Officer, Universal Asset Management Inc .
  4. Mathew Burris, Chief Executive Officer, TES Aviation
  5. Moderated by: John Mowry, Global Managing Director - Aviation and Consulting Services, ICF International
16.20 Who is Best Meeting the Demand in the Widebody Market?
  • How is the demand in the widebody market split between the various size/range categories?
  • How well do the Boeing/Airbus families meet the demand?
  • Will the A330 Neo reduce the A350 market?
  • Do the 777-8X and 787-10 compete?

  1. Brad Till, Managing Director for Aircraft Programs and Appraisers, Boeing Capital
  2. Richard Owen Walker,  Head of Leasing and Investor Marketing, Airbus
  3. Moderated by: Simon Finn, Senior Vice President, DVB Bank

17.00 Chairperson’s closing remarks followed by drinks reception hosted by ORIX Aviation

Day 1: Wednesday 21st January 2015

08.00 Registration and morning refreshments hosted by NATIXIS

09.00 Chairperson’s opening remarks
  1. Ray Sisson, Chief Executive Officer, AWAS
  2. Karl Griffin, Chief Operating Officer, AWAS
09.30 How are European Airlines Evolving and Securing Funds?
  • Evolution of the European airline market
  • How do European airlines secure funding?
  • Financing diversification: Comparing commercial loans vs capital markets structures vs ECA funding
  • Will European airlines tap the EETC market in 2015?
  • Regional market: How have newest entrants changed dynamics in the European regional airline market (80 seats or fewer)?
  • What are airlines doing to keep a competitive edge in that space?
  1. Göran Jansson, CFO, SAS Airlines
  2. Neil Sorahan, CFO, Ryanair
  3. Erno Hilden, CFO, Finnair
  4. Maciej Dziudzik, CFO, LOT
  5. Coşkun  Kilic, CFO, Turkish Airlines
  6. Moderated by:  David McWilliams, Economist, Broadcaster and Journalist
10.20 GECAS reaches 20
  • How has GECAS managed to maintain its position as world’s largest leasing company over the course of two decades?
  • Lessons learnt and challenges ahead for the industry
  • How will GECAS ensure it continues to expand?
  1. Chris Damianos,  Executive Vice President, Marketing - Specialty Markets, GE Capital Aviation Services (GECAS)
10.50 Morning refreshments and networking hosted by NATIXIS

11.40 Lessor CEO on stage Interview with David McWilliams
  • In this keynote on stage interview, Aengus Kelly, CEO of AerCap, will discuss the future of one of the largest leasing companies in the world with Economist, Broadcaster and Journalist, David McWilliams
  1. Aengus Kelly, CEO, AerCap
  2. Interviewer: David McWilliams, Economist, Broadcaster and Journalist
12.00 How do Global Airlines Compete and Diversify their Funding Base?
  • Airline business models and how each airline fits in a highly competitive global market
  • Funding diversification: How much do global airlines diversify their funding base? What products are they looking at for 2015?
  • How do global airlines win the funding race?
  • Is there a wave of aircraft being delivered from 2017 and onwards?
  • How will these deliveries be financed?
  • Is there room for another startup?
  • Should we see more consolidation across the global airline market?
  1. John Rodgerson, CFO, Azul
  2. Tewolde Gebremariam, CEO, Ethiopian Airlines
  3. Mike Powell, CFO, Wizz Air
  4. Nirmal Govinda das, Senior Vice President - Corporate Treasury, Emirates Airlines
  5. Serhan Ulga, CFO, Pegasus Airlines
  6. Moderated by: Owen Mulholland, Partner, Norton Rose Fulbright 
12.50 Developments and Challenges of Chinese Aircraft Leasing Companies
  1. Li Ling,  Managing Director, Aviation, Bocomm Leasing
13.00 Lunch sponsored by Bank of Communications Financial Leasing Co Ltd

14.30 How are US airlines going to approach financing in 2015?
  • Will US airlines continue to use the EETC market or will they see a continued migration to the unsecured markets?
  • Business and financial strategies in 2015
  • How does each carrier maintain its competitive edge?
  • Do US carriers plan growth into the global market?
  1. Tom Weir, Vice President and Treasurer, American Airlines Group
  2. Jude Bricker, Vice President and Treasurer, Allegiant Air
  3. Andy Nelson, Managing Director & Assistant Treasurer, Delta Air Lines
  4. Gerry Laderman, Senior Vice President Finance, Procurement & Treasurer, United
  5. Moderated by: Greg Willis, Chief Financial Officer, Air Lease Corporation
15.20 The internationalization of the EETC market: Will demand remain high?
  • EETC investor pool: How much demand is there?
  • Will demand remain high?
  • Is there a downside to introducing international EETCs too quickly?
  • How expensive or practical is trying to do a EETC without Cape Town?
  • Airline Choices: Unsecured bonds vs EETCs
  • What challenges do airlines have to overcome to issue EETCs?
  1. Thomas Cahill, Managing Director, Morgan Stanley
  2. Helene Mizrahi-Walden, Head of Transportation, Securitisation, Fixed Income, BNP Paribas
  3. Thomas Hollahan, Managing Director, Transportation, Global Banking, Citi
  4. Moderated by: Seamus O'Croinin, Partner, A&L Goodbody
16.00 Euro Financing Debate: Do you believe in a euro market for aviation?
  • Is there a case for a euro market in aviation?
  • Can we have a global aviation market in two currencies?
  • What will Boeing do if appraisers decide to value aircraft in euro?
  • Should Europe be under the dictate of the United States in the context of aircraft finance?
  1. Marc Bourgade, Head of Aircraft, Export & Infrastructure Sectors & Clients, Natixis
  2. Paul Rofe, Group Treasurer , AerCap
  3. Thomas Jeannin, Aeronautic Exports, French Treasury, Minister of Economy and Finance
  4. Philippe Maziol, Vice President Operational treasury, Airbus
  5. Moderated by : Mike Skinner, Chief Executive Officer, AMS Aircraft Limited

16.40 Pilarski Says... Drink!
  • In this popular session, the infamous Adam Pilarski will share his 2015 forecast for the world aviation industry and aircraft finance market before sending us off to the KPMG Cocktail Reception
  1. Adam Pilarski, Senior Vice President, Avitas
17.10 Chairperson’s closing remarks followed by drinks reception hosted by KPMG
  1. Polis Polycarpou, Senior Vice President - Aviation Division, DVB Bank SE

Day 2: Thursday 22nd January 2015

08.30 Morning refreshments and networking

09.25 Chairperson’s opening remarks
  1. Tom Woods, Partner, KPMG
09.30 Lessor CEO Debate
  • In this interactive session, 3 questions reflecting critical matters facing the industry will be put to two groups of lessor CEOs. Each group will have 10 minutes to put their positions on each of the questions put to them. At the end of each answer made, the audience will have an opportunity to say where they stand through voting pads.
  1. Peter Barrett, Chief Executive Officer, SMBC Aviation Capital
  2. Ron Wainshal, Chief Executive Officer, Avolon
  3. Domhnal Slattery, Chief Executive Officer, Avolon
  4. Ray Sisson, Chief Executive Officer, AWAS
  5. Rich Wiley, Chief Executive Officer, Jackson Square Aviation
  6. David Power, Chief Executive Officer, ORIX Aviation
  7. Frank Pray, Chief Executive Officer , Intrepid Aviation
  8. Moderated by: Nick Chandler, Partner, Dentons
10.40 Market trend: Can airlines become lessors? 
  • Can all airlines launch their own leasing operations? 
  • Process and pitfalls of airlines launching their own leasing operations
  • Operational details and requirements involved in establishing leasing operations
  1. Kieran O'Brien, Management Consulting Director, KPMG
11.10 Morning refreshments and networking hosted by NATIXIS

11.50 Keynote panel: Asset Backed versus Asset Based
  • Is asset based finance a real expertise?
  • How many banks do asset based finance and where?
  • Who are the issuers interested in assed based finance?
  • Do manufacturers play their role?
  • With the current levels of liquidity, is there a future for asset based finance?
  1. Nils Hallerstrom, President, PK AirFinance
  2. Kostya Zolotusky, Managing Director, Capital Markets, Leasing, Boeing Capital Corporation
  3. John Vitale, President and Chief Executive Officer, Avitas
  4. Moderated by: Bertrand Grabowski, Member of the Board of Managing Directors, DVB Bank SE
12.30 Capital Markets: Why the drop in EETCs and rise in ABS transactions?
  • Why have we seen a drop in the recent number of airline EETCs?
  • How well are international EETCs faring compared to US airlines’ EETCs at the moment?
  • Why should airline and lessors make greater use of the capital markets?
  • Why are securitizations popular again?
  • How attractive are the current ABC pricing levels?
  • Will we see more lessors being drawn into the ABS market?
  1. Patrick Käufer, Managing Director, Capital Markets and Treasury Solutions, Deutsche Bank
  2. Eric Eugene, Managing Director, Global Head of Transportation, BNP Paribas
  3. David Andrews, President, Jet-Alpha Asset Management
  4. Moderated by: Henry Morriello, Chair, Finance Department, Kaye Scholer LLP
13.10 Lunch hosted by BNP Paribas

14.40 Oxford Style Debate
  • Before the debate starts, the moderator will ask the audience to vote for and against 3 propositions to see where people stand on the issues to be debated. Two teams will then take the stage and present the point and counterpoint of each of these 3 issues. Each team will engage in a debate with a genuine desire to sway the audience. At the end of the session, the audience will once again be engaged to see if the debate resulted in a change of opinion.
  1. Domhnal Slattery, Chief Executive Officer, Avolon
  2. John Slattery, Chief Commercial Officer, EMBRAER
  3. Ron Wainshal, Chief Executive Officer, Aircastle
  4. Robert Martin, Chief Executive Officer, BOC Aviation
  5. Greg Lee, Co-Head of Structured Finance, Goldman Sachs
  6. Bertrand Grabowski, Member of the Board of Managing Directors, DVB Bank SE
  7. Moderated by: Bill Cumberlidge, Executive Director, KV Aviation
15.30 Who will finance the market in 2015?
  • Who will be the main fund providers in 2015 and how much will they inject into the industry?
  • How will the availability of the bank vs bond market compare?
  • What new funding sources are entering the market?
  • Availability, scope and scale of the capital markets in 2015
  • Will we see more fund type of structures coming in?
  1. Benedicte Bedaine-Renault, Director - Aviation, Aircraft, Export & Infrastructure Finance, Structured & Asset Finance, Natixis
  2. Olivier Trauchessec, Managing Director, BNP Paribas
  3. David Goring-Thomas, Managing Director & Global Head of Aviation, DVB Bank SE
  4. Thomas Kolberg, Head Department Economic Research, Euler Hermes
  5. Robert Roy, Vice President, Transportation Division, Export-Import Bank of the United States
  6. Joerg Schirrmacher, Head of Transport Finance, Landesbank Hessen-Thueringen (Helaba) 
  7. Gordon Welsh, Head of Aerospace Finance, UK Export Finance
  8. Luo Le , Sales Director, Aviation, Bocomm Leasing
  9. Moderated by:  Donna Ager, Maples and Calder
16.30 Chairperson’s closing remarks and end of conference