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Agenda Overview

Day One  Wednesday 4th November 2015

0820 Registration and coffee

0850 Chairman’s welcoming remarks
  1. Brian O' Callaghan, Partner, Deloitte

0900 Opening keynote: Where are we in the cycle?

  • Fleet composition and age
  • Competitive landscape
  • Financing and leasing cycles
  • Opportunities and threats
  1. Norman Liu, President & CEO, GECAS

(Norman Liu will deliver a 20 minute keynote on evolving of leasing industry. The remaining 10 minutes will be interviewed by Anup Mysoor, one of the most established bankers in aviation industry)

0930 Low fuel prices, abundant liquidity and record order books - how are carriers viewing the future?
  • Is there enough capacity in Asia-Pacific to accommodate 1000 plus aircraft on order? How to fund this enormous order book?
  • How are fuel prices affecting financing strategies? Is this the right time for equity fund raising? Are we looking at a return to the bond market for airlines?
  • Should airlines hedge in a low fuel and volatile environment? 
  • Adjusting the book value of aircraft to current market values – is the price widening? Will the low fuel price offset RV risk? 
  • With low lease rates, are airlines willing to own new aircraft? 
  • Airlines and their leasing arms – will the model work in Asia? 
  1. Andrew Cowen, Chief Executive Officer, Hong Kong Express
  2. CHEN Ke, Chief Financial Officer, Spring Airlines
  3. David Bowden, CFO, Fiji Airways
  4. Greg Manning, Group Treasurer, Group Treasury, Qantas Airways
  5. Ian F Reid, Senior Financial Adviser, Philippine Airlines
  6. LIN Hansen, CFO, Tigerair Taiwan
  7. Nirmal Govinda das, Senior Vice President - Corporate Treasury, Emirates
  8. Riyaz Peermohamed, Chief Aircraft Acquisition and Financing Officer, Indigo
  9. Yasantha Dissanayake, Head of Finance, Srilankan Airlines
  10. Moderator: GAO Sixiang, Executive Director, Aviation, Bank of Communications Financial Leasing
1030 Q&A - Industry forecast
  1. Aengus Kelly, CEO, Aercap
  2. Interviewer: Jon Sharp, President & CEO, ELFC
1100 Networking
1130 Tax - it's all about cost saving
  • Latest tax treaties 
  • Tax relief in different jurisdictions 
  • Potential impact of OECD rules and BEPs on future tax treaties
  1. Pieter Burger, Partner Financial Services Tax, Deloitte
1150 Keynote: The future of the leasing industry in Asia Pacific
  • Size and age of Asian fleet
  • Balance sheet capacity 
  • Growth strategies 
  • Managing RVs and remarketing 
  • Where are the key markets for lessors’ expansion? 
  1. Jens Dunker, Senior Vice President - Aircraft Trading and Global Marketing, CALC


1210 Presentations: Debt vs. Equity - Which market is more viable for aviation financing?
  • Three presenters will deliver short presentations which reflect the latest market trends inequity , commercial and aseet backed lending for aviation financing. At the end of presentation, the audience can vote the best presenter through the audience response system 
  1. Anup Mysoor, Managing Director, Asia Head, Aviation Investment Banking, Citi
  2. Bertrand Grabowski, Member of Board of Managing Directors, DVB Bank SE
  3. Nicolas Parrot, SManaging Director, Co-Head Transportation Sector, Investment Banking Asia Pacific, BNP Paribas Singapore


1255 Lunch
1415 Low rates, low returns and a lot of lessors - hot money or long term capital in the aviation sector?
  • Smart money, long term capital, HNWIs and tax equity – where will the money deploy in Asia’s aviation sectors? 
  • Investment choices - aircraft, aviation paper, airlines, lessors or infrastructure?
  • Relative value proposition for investing in paper - Asia vs US, leverage ratios and credit quality, airlines vs. lessors 
  • With seniors dominating lending, is there a room for mezzanine lenders? Risk and return profiles for mezzanine lenders and investors in Asia
  • Will new investors take residual value risk? 
  • HNWIs – what are the expected rates of return and how can they deploy money in this sector? 
  1. Dewey Yee, Head - Aerospace Finance/Leasing Advisory, Bridge Partners Capital
  2. Hani Kuzbari, Managing Director, Novus Aviation Capital
  3. Sandra Chen, Managing Director, Fontainburg Aviation Capital
  4. Stephan Sayre, Managing Director, Aviation Investment, Management , DVB Bank
  5. TIAN Ye, Deputy Head of Aviation, Ping An International Financial Leasing


  6. Moderator: Kevin McDonald, Senior Vice President, Capital Markets, JSA
1500 How to make aviation paper more appealing to a trillion dollar institutional base in Asia

  • Size, volume, tenor, rating and price
  • Covenants – are they loosening?
  • LCY bonds:
    • What can be done to stretch maturities to 10-15 years for aircraft funding?
    • Are there advantages to LCY issuances?
    • How to tap into the large domestic institutional base in Asia?
    • How does an investor mitigate the exchange mismatch and volatility in USD and LCY?
  • New structures, new appetites and new records in ABS – will this trend extend to Asia?
  • Reviewing EETCs for Asia Pacific carriers

  1. Cristina Chang, Director and Head of Asia Pacific Securitized Products and Asia Pacific Transportation Finance, Capital Markets Origination, Citi
  2. Kyson Ho, Managing Director, Head of Structured Capital Markets, Asia-Pacific, HSBC
  3. Thomas Cahill, Managing Director, Morgan Stanley
  4. Richard Finlayson, Managing Director, Head of Asset Finance- Asia, Global Markets, Deutsche Bank

  5. Moderator: Rey Huang, Assistant General Manager, Financial Market, Minsheng Financial Leasing
1545 Networking

1615 Where is guaranteed financing heading?
  • Pricing, premiums and margins of guaranteed bonds and loans
  • How competitive are ECA loans compared to commercial lending?
  • What will be the short and medium term impact on the market of US EXIM 
  • Innovative structures and product developments 
  • Will more Asian airlines or new lessors tap ECAs' and EXIMs’ capital markets bonds? 
  1. Eric Agote, Head of Unit - Airbus Unconditional Guarantee, State Guarantees Directorate, Coface
  2. Gordon Welsh, Head of Aerospace Department, UK Export Finance
  3. Thomas Kolberg, Aircraft - Head of Department, Euler Hermes Aktiengesellschaft
  4. Robert F.X. Roy, Jr., Vice President – Transportation, US EXIM
  5. Moderator: HUANG Bo, Chief Commercial Officer, CMB Financial Leasing
1700 Moving to offshore leasing - internationalization of Chinese leasing companies
  • Portfolio composition – finance lease vs. operating lease
  • Appetite for portfolio acquisition - demand for WBs
  • Opportunities in leasing to new Chinese LCCs, small medium sized carriers and cargo airlines 
  • New policies, new schemes and new treaties - what does it mean to a lessor? 
  • Cost of capital in onshore and offshore - RMB vs. USD 
  • Margins in the onshore market – analyzing the drivers and reviewing the solutions 
  1. CHENG Yuan, Head of Aviation Department, ABC Financial Leasing
  2. HUANG Bo, Chief Commercial Officer, CMB Financial Leasing
  3. James Lin, Managing Director and Head of Asia Pacific, Aviation Finance, ICBC Financial Leasing
  4. GAO Sixiang, Executive Director - Aviation,Bank of Communications Financial Leasing
  5. CHEN Fei, Vice President, Aircraft Leasing  Division, Minsheng Financial Leasing
  6. Winnie  Liu,Executive Director, CALC
  7. Moderator: Paul Ng, Partner, Milbank
1750 Conference cocktail reception at the Asia Society's Hong Kong Centre

Day 2: Thursday 5th November 

0820 Morning coffee

 0850 Chairman’s welcoming remarks
  1. Christian McCormick, Managing Director - Finance, CALC
0900 Competetive landscapre of current and future generations of regional aircraft in Asia Pacific
  • Traffic forecasts 
  • LCCs vs. legacy - where is the growth coming from? 
  • Demand for aircraft - volumes and types
  • Fuel efficiencies
  • Production rates and deliveries in 2016
  1.  Hideyuki Kamiya, Director, Head of Strategic Marketing, MRJ
  2. Jerome Gabory, Sales Director, ATR
0940 Where are the promising markets for engines in Asia Pacific?
  • Demand for new engines 
  • Supply and demand cycles for engines 
  • Interdependency between airframes and engine manufacturers for supporting new products
  • What will be the new service package offerings for new engines?
  • Will consolidation continue? Will OEMs continue to dominate the aftermarket? 
  • Where are the promising markets for engine sales and leasing? 
  1. Allan Jones, Chief Strategy Officer, TES Aviation
  2. Gopinath Logannath, Product Marketing Director, CFM International
  3. Jon Sharp, President & CEO, ELFC
  4. Richard Goodhead, SVP- Customer Strategy and Marketing, Rolls - Royce
  5. Marie Ellen Jones, Vice President-Marketing -Asia Pratt &  Whitney
  6. Moderator: Gary Fitzgerald, Managing Director, Stratos
1025 Lessors’ panel part I: Valuations, equity, risk and trends

- Lessor M&A - a new valuation paradigm?
- Fleet strategy - buy, sell or hide?
- Capital- Debt vs. equity and the return of ABS; How to further open up Asian investor base for debt, equity for airlines and aircraft? Why is now a good time invest?
- Capacity- with LFs ~80%, is the market really over-supplied?
- Cycle - when's the next trough?
- Risk- what keeps you up at night?
- What's the next big trend?

Donal Boylan, CEO, Hong Kong Aviation Capital
Kieran Corr,
Managing Director, Head of Aviation, Standard Chartered
Peter Barrett
, CEO, SMBC Aviation Capital
Robert Martin, CEO, BOC Aviation
Stephen Cook, Global Head of Transportation Finance, Executive Director, Macquarie Bank

1105 Lessors’ panel part II : Capacity, currency fluctuation, lease extensions and assessing the interest rate cycle on financing strategies and margins

- With record order books, will lessors continue to place speculative orders?
- The dual impact of new lessors and strong liquidity on the sale and leaseback landscape
- Drivers of demand for WBs – key considerations in financing WBs, liquidity and value retention when trading used WBs
- How flexible are lessors in taking the lease rental in a local currency and how do they manage local currency exposure?
- Currency fluctuation, funding challenges and regulatory hurdles in financing
- Are airlines extending their leases as a result of the current fuel price?
- Near term and long term effects of China/Hong Kong reducing their withholding tax on aircraft leasing.
- Low rates, low returns - how long is the low interest rate environment going to last? Who are the winners & losers?
- Metal – Neo vs Max

  Andy Mansell, EVP and Head of Global Airline Marketing and Trading, ACG
CHEN Jie , Executive Vice President, Managing Director - Asia, Air Lease Corporation
Simon J Hanson, Managing Director, Head of Asia Pacific, Avolon
Tony Diaz
, CEO, Transportation and International Finance, CIT Aerospace

Moderator: Anup Mysoor, Managing Director, Asia Head, Aviation Investment Banking, Citi

1145 Networking


1210
 Debate: A380s vs B787s - which aircraft type is better suited for medium and long term haul for carriers?
  • Two propositions. Two teams. Enjoy as they argue for the right aircraft type for Asian Pacific Carriers.  Will you change your position by the end of the debate? The team with the winning proposition (judged by the audience voting system) will claim the trophy and be invited to the next round of debate in 2016

Team 1

Team 2

  1. Andrew Cowen, CEO, Hong Kong Express
  2. Donal Boylan, CEO, Hong Kong Aviation Capital
  3. Mark Pearman Wright, Head of Corporate & Investor Marketing, Airbus
  1. Mathis Shinnick, Principal, Next Gen Aviation
  2. George Metcalf, Managing Director - Marketing and Sales Strategy, Boeing Commercial Airplanes
  3. Olga Razzhivina, Senior ISTAT Appraiser, Oriel
  1. Moderator: Jon Sharp, President & CEO, ELFC

1320 Lunch

1440 Will the JOLCO market survive under tax reforms?
  • Capacity of JOLs and JOLCOs in aircraft funding
  • The changing competitive landscape of JOL and JOLCO markets 
  • How much funding can the JOL and JOCLO market provide for aircraft financing?
  • The impact of M&A on the domestic leasing landscape? 
  • With fierce competition in underwriting and low interest rates, what is the effect on profit margins? Can arrangers compensate for margins by increased volume? 
  • Investors’ appetite for WBs 
  • Dispute resolutions in non-exercise options 
  • Prospects for MRJ JOL and JOLCO transactions
  1. Jin Matsushita, Department Head-Corporate Finance Solutions Department, IB products Group, Mizuho Securities
  2. Hitoshi Tsuchiya, General Manager, Global Business Division #1, SHOWA LEASING
  3. Kinishi Yuki, Senior Advisor Aviation Finance, NTT Finance Corporation
Moderator: Elizabeth H. Evans,Partner, Dentons
1525 Liquidity and bank pricing in 2016
  • Risk profiles of Asian airlines and lessors 
  • LTV coverage, spreads, margins and appetites for secured vs. unsecured financing 
  • Leverage and gearing ratios of Asian lessors and airlines - senior risk, asset and credit risk
  • Will seniors take the mezzanine portion to make-up the margin? 
  • Selling down –  liquidity and buyers’ appetites 
  1.   David Goring-Thomas, Global Head of Aviation, DVB Bank
  2. KJ Yang, Director, Desk Head of Shipping & Aviation Financing, Project Finance Dept. 1, Korea Development Bank
  3. Masao Masuda, General Manager - Overseas Business Corporate Finance Dept. Division IV & V (Transportation and Energy), Development Bank of Japan 
  4. Ramki Sundaram, Global Head , Natixis
  5. Moderator: Ruth Kelly, CEO, Goshawk
1610 Closing panel: With an unprecedented amount of liquidity and a bullish outlook for the aviation sector, how excinging is the industry going to be in the next three years? 
  • Leasing and financing – will pricing be further compressed by the new wave of lessors and lenders entering the market? 
  • Consolidation in the leasing industry and lessors’ IPOs – will this trend continue?  
  • With record order books and more fuel efficient aircraft soon to be entering the market, what will happen to the FV and trading? 
  • How are carriers going to adjust book value with shortening of economic useful life of aircraft? 
  • Prospects for developing a local currency aircraft financing market in Asia 
  • The future of Hong Kong as a serious aviation leasing hub
  1.  Antony Snelleman, Managing Director - Asia- Pacific, GECAS
  2.  Foster S.Arata, Senior Managing Director-Asia Pacific, China & India Region, Boeing Capital Corporation 
  3. Jon Sharp, President & CEO, ELFC
  4. LI Ling, Managing Director, Aviation, Bank of Communications Financial Leasing
  5. Masao Masuda, General Manager - Overseas Business Corporate Finance Dept. Division IV & V (Transportation and Energy), Development Bank of Japan
  6. Polis Polycarpou, Senior Vice President, Information & Strategic Marketing (Aviation), DVB Bank
  7. Andreas Hermann, Vice President Asset Management & Freighters,  Airbus

  8. Moderator: Christian Mc Cormick, Managing Director - Finance, CALC

1710 Chairman's closing remarks