Inaugural Korea Airfinance Conference

8:30AM Registration and Networking

Registration and Refreshments

9:00AM Chairman's welcoming remarks

Chairman’s welcoming remarks

Bert van Leeuwen, Managing Director - Aviation Research, DVB Bank SE
SHIN Weon Jung , Head of IBD, Samsung Securities

9:10AM Opening keynote

The emergence of Korea in the global aircraft finance market – understand the driving forces

• What has triggered more participation from Korean investors into the aircraft finance market – why now?
• Relative value proposition for investing in aircraft vs shipping and real estate
• Where are we in the investment cycle?
• Key success factors for maintaining growth in aircraft financing

YOON Yongam, CEO, Samsung Securities

9:30AM Keynote presentation

Financing the flagship – a changing landscape of funding for Korean Air

• Historical overview of funding requirements and solutions
• Tapping regional sources of commercial liquidity 
• Sourcing equity – public vs private
• Financing future deliveries – A380s vs B747- 8

KIM Jun Hwan, Head of Financing Team, Korean Air

9:50AM Presentation

Where do Chinese lessor sees the opportunities in Korea market?

• Competitive landscape in China leasing market
• Source of capital for Chinese lessors
• Future outlook in Korean aviation market

Peter Gao, President & CEO, CMIG Aviation Capital

10:10AM Networking

10:40AM Panel

Where do airlines see the opportunities in Korea and the wider Asia Pacific region?

• What is driving the growth of Korean and Asia Pacific LCCs?
• Assessing the financing flexibility of airlines for on and off balance sheet financing
• Treasury management in current fuel and interest rate environment
• Potential effect of IFRS-16 on LCC’s appetites to lease aircraft
• Regulations for inbound LCCs; Korea as a potential funding destination

Andrew Cowen, CEO, HKExpress & U-Fly Alliance
Joseph Kim, Chief Consultant, SeoulAero (confirmed)
LIN Hansen, CFO, Tigerair Taiwan (confirmed)
Moderator: KJ YANG, Team Head, PF I, Transportation Team 2 (Aviation Finance), Korea Development Bank (confirmed)

 

11:30AM Panel

Are Korean lenders and investors willing to move up the capital structure in aircraft financing and investing?
 

• Impact of over-exposure of lending in the shipping sector on Korean lenders’ balance sheets
• How competitive is the funding cost of Korean banks in financing USD assets? Given the credit risk, when will Korean lenders and investors be willing to lend more to domestic carriers? 
• Challenges for Korean banks to provide senior debt and PDP
• With Korean lenders focusing on credit, will there be enough top-tier airlines for Korean banks to participate in?
• How attractive is the aircraft for investing in? Will size and deal flow increase in 2017 and what will be the driving forces behind the increase? 

KIM Hyoungjun, Senior Manager, Woori Bank
Matthew SH Kim, Senior Manager, Int'l Finance Team, Investment Banking Department, KEB Hana Bank
KJ YANG, Team Head, PF I, Transportation Team 2 (Aviation Finance), Korea Development Bank
Vijay Jethwa, Director-Fixed Income, Mizuho Securities USA
Moderator: KIM Yoohae, Head of Structured Products – Investment Banking Division, Samsung Securities

12:10PM Presentation

Risk and return profiles of funds in the aviation space
 

• Investment cycle fundamentals
• Driving forces of institutional money investing in aviation
• Preference for aircraft type and appetites for residual value risk

Laurent Biousse, Director, Aeronautics Fund

12:30PM Presentation

How relevant is the EETC for Korean investors?

•   Historical performance of EETCs and recovery ratios
•   Diversification of issuance, rating trends and innovations
• Investors protection in event of default
• Why are EETCs attractive to Korean investors

Jared Ailstock, Senior Vice President, Goldman Sachs
 

12:50PM Lunch

2:10PM Panel

Widening the ABS programme to tap the institutional investor base - is the yield high enough to attract Korean investors?

• With more Korean institutions investing in structured notes, how attractive are DCM transactions for Korean investors?
• Will the private placement market provide a viable source of return for investors?
• With low default rates and yields, will EETCs provide a stable fixed income source for senior and mezzanine investors in Korea?
• Repossession risk in default scenario and the importance of signing the Cape Town Convention
• Latest trends in ABS transactions - are we likely to continue to see the trend of lessors getting rated? How promising is the development of the aircraft ABS investor base in Korea?

Andy Lai, Managing Director, Head of Origination and Structuring, Asset Finance and Securitisation, Asia Pacific, BNP Paribas
Cristina Chang, Managing Director, Asia Pacific Structured Finance, Citi
HONG Vit, Assistant Manager / FICC Hybrid Team, Dongbu Securities
Ryan McKenna, Vice President, Air Lease Corporation
Serge Gabovich, Executive Director and Head of analytics , Structured Credit Group, Mizuho Securities USA
WOO Youn Kwang, Director, Mirae Asset Securities (HK)
Moderator: HONG Ji Hoon, Partner, White & Case LLP

3:00PM Panel

Lenders panel: Currency fluctuation and fuel prices – what are the trends for lending to Korean and Asia Pacific fleets?

• What are the micro and macro risks facing Asia Pacific carriers?
• With strong demand for local currency lending in Asia, how will it change lenders’ business models for adapting to Korean demand?
• Airlines vs lessors - what criteria do you focus on when assessing their risk in this region?
• With more institutional and regional liquidity pouring into this market, how will it change the landscape of commercial lending in the future?   

Christopher Turner, Senior Vice President - Deputy Head Asia-Pacific, Aviation Finance, DVB Bank SE
José ABRAMOVICI, Global Head of Asset Finance Group, Credit Agricole Corporate & Investment Bank
Munawar Z. Noorani, Managing Director, Head of Aviation, EMEA & APAC, Citi
Nicolas Parrot, Managing Director, Co-Head Transportation Sector, Investment Banking Asia Pacific,
BNP Paribas Singapore
Moderator: Saugata Mukherjee, Partner, Stephenson Harwood LLP

 

3:50PM Presentation

Launching the first home grown leasing company in Korea
Baldur H. Vander, Managing Partner, Crianza Aviation
 

4:10PM Networking

4:40PM Presentation

Assessing the current market sentiment for widebody aircraft

• Maintenance costs, engine options and lease rate performance of A380s vs B747s
• Liquidity in the trading market
• Top three and bottom three in lease rate performance

David Yu,  Director, IBA Group

5:00PM Panel

Underwriters’ panel: Is there a concentration of investment in widebody aircraft? Is Korean capital a long term player?

• Size, deal flows and preferred aircraft types in 2016 and 2017
• Preferred choices and ticket size of Korean investors for participating in syndication, private participation notes and cash equity - is there an emphasis on risk rather than structure and price?
• What are the risk and reward assumptions in senior, mezzanine and equity notes?
• Is there a concentration risk in widebodies exposures of Korean investors?  How to change perception of risk and reward assumptions of aircraft type?
• Will Korean investors take residual value risk in the future? Will they invest in lessors?

HUH Se Won, Deputy General Manager, Infrastructure Finance Department, Project Finance Division, Korea Investment & Securities
HAN Jaesuk, VP, Structured Products, Investment Banking Division, Samsung Securities
JO Jae Hoon , Director - Head of Structured Finance Team, Heungkuk Asset Management
Jeong  Seungki, AI Analyst, Dongbu Securities
Kenneth Kang, Managing Director, Truston Asset Management
LEE Jung Soo, Executive Director - Head of IBD HK, NH Investment & Securities (H.K.)
Moderator: George Young Ho Ai, Executive Vice President, Novus Aviation Capital
 

6:00PM Chairman's closing remarks

Chairman’s closing remarks followed by Samsung Securities’ cocktail reception
KJ Yang, Team Head, PF I, Transportation Team 2 (Aviation Finance), Korea Development Bank

8:30AM Registration and refreshments

9:00AM Chairman's welcoming remarks

Hani Kuzbari, Managing Director, Novus Aviation Capital

 

9:10AM Presentation

Review of airline industry financial performance

• KPIs
• Ratings
• Regional trends and differences
• Influence of business models

Michael Duff, Managing Director, The Airline Analyst

9:30AM Panel

Panel: How has the evolving twin-aisle changed the way of airlines and lessors’ business models?

       -    How has B787s, B777X, A330neo and A350ULR changed the airlines and lessors business models?

       -    What are the key challengers for operators and lessors to managing the new generation of WB fleet? Has latest WB programmes integrated well with LCCs models in Asia?       
       -    A380s - effect of maintenance cost on aircraft values, user base, end of life solutions and availability of conversation programs
       -    Where are the reflecting opportunities for used WBs? How liquid is the secondary market for B767, B777- 330ER and A330CEO?

Anselm Gehling, Chief Executive Officer, Dr. Peters Group
Darren Hulst, Managing Director – Northeast Asia Marketing, Boeing Commercial Airplanes
Mark Lapidus, CEO, Amedeo
Jonathan McDonald, Head Analyst, IBA Group
Richard Carcaillet, Senior Director, Innovation - A380 Market Development, Airbus
Moderator: Bert van Leeuwen, Managing Director - Aviation Research, DVB Bank SE
 

10:30AM Networking

11:00AM Chinese lessors' panel

Where do Chinese leasing companies see the opportunities in Korea?       

• Is the growth of the Chinese lessor market sustainable?
• Understand how CNY leasing products were developed to serve Chinese institutional investors
• Managing residual value risk and capability in remarketing      
• Opportunities for portfolio sales and finance lease to Korean carriers
   

HUANG Zheng, EVP & COO, CMIG Aviation Leasing
LI Ling, Managing Director – Aviation, Bocomm Leasing
James Lin, Managing Director and Head of Asia Pacific, Aviation Finance, ICBC Financial Leasing
WEI Yu, Vice President, Minsheng Commercial Aviation
Moderator: Pieter Burger, Partner, Deloitte Ireland
 

11:40AM Lessors panel

Lessors panel: Examining current trends in lease rates, PDP financing, lessors’ order book and Korean liquidity

      -      What is driving lessors to become lenders in PDP financing?

      -      Potential impact of low fuel prices on next generation aircraft orders

      -      Where are lease rates trending for narrowbody and widebody aircraft?

      -      Source of future liquidity in Korea – pension funds vs insurance money or commercial vs mutual funds                           

John Graves, Managing Director, Asia and Middle East, Aviation Capital Group
Pascal Picano, Senior Vice President & Global Head of Marketing, Apollo Aviation Management
Peter Negline, Head of Strategy and Market Research, BOC Aviation
Paraic Quinn, Senior Vice President, Trading, Avolon
Wesley Pollard, Head of Risk and Research, Novus Aviation Capital
Moderator: Christian Mailly, Managing Director and Head of Aviation, Dr. Peters Group

12:40PM Closing panel

What’s needed to accelerate the growth of the aviation market in Korea?

• Developing the debt capital market products to serve the Korean institutional investor base
• Domestic commercial banks providing additional liquidity in syndication
• Efficient double tax treaties with other jurisdictions
• Home grown lessors

Kieran O'Keefe, Managing Director - Aviation Financial Consultancy, DVB Bank SE 
Jason Kim, Managing Director – Fixed Income, Mizuho Securities
Justin Lee, Head of Aviation Finance, Financial Advisory, Deloitte

KJ Yang, Team Head, PF I, Transportation Team 2 (Aviation Finance), Korea Development Bank
WOO Youn Kwang, Director, Mirae Asset Securities (HK)
Moderator: Hani Kuzbari, Managing Director, Novus Aviation Capital

1:30PM Chairman’s closing remarks followed by lunch

2:30PM Workshop: Aircraft Leasing Investment

Workshop:Financial Fundamentals and Historic Performance of the Asset Class

Christian Joen, Head of Capital Markets, Capital Aviation
Eugene O’Reilly, CEO, Seraph Aviation Management
David Yu, (CFA, ISTAT Certified Aviation Appraiser) Executive Director Asia, IBA
Moderator: Ryan Sullivan, CEO, Capital Aviation

3:10PM Workshop: Aircraft Leasing Investment

Aircraft Valuations and Due Diligence

Jonathan McDonald, Head Analyst, IBA
Ed Hansom, CIO, Seraph Aviation Management
Moderator: Christian Joen, Head of Capital Markets, Capital Aviation

3:50PM Coffee Break

4:15PM Aircraft Leasing Investment Workshop

Choosing the Right Asset and Aircraft Lease Management

Horward Millar,  COO Stellwagen Group, CEO Stellwagen Capital
Ed Coughlan, CCO, Seraph Aviation Management
Ryan Sullivan, CEO, Capital Aviation

5:55PM Closing Remark by Ryan Sullivan, CEO, Capital Aviation followed by Seraph Aviation & Stellwagen's cocktail reception