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  • DB-Guide to Pooled Aircraft Lease

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    October 13, 2006 Table of Contents Introduction.....................3 Underlying aircraft market trends..................4 The lessees...................10

    Aircraft valuation

    factors............................14

    Aircraft ABS lessors

    and historical issuance..18

    Aircraft ABS structures

    and cashflow.................22

    Relative value................27

    Conclusion.....................29

    Katie Reeves

    Director

    (212) 250-2507

    [email protected]//www.rfdmf.com

    Karen Weaver, CFA

    Managing Director

    Global Head of Securitization

    Research and Regional Head

    of Research for the

    Americas

    David Folkerts-Landau

    Managing Director, Head of

    Global Markets Research Deutsche [email protected] Guide to Pooled Aircraft Lease Securitizations Grounded after 9/11, liquidity returns Following some very difficult years after September 11, 2001, the airline industry has recently been benefiting from strong global demand for air travel, helped by relatively healthy global economic conditions. These improved underlying fundamentals have helped resurrect the market for ABS backed by aircraft leases. New issuance activity has picked up, and liquidity has also improved in the secondary market. Many airlines have been successful in trimming their labor costs. However, the operating environment for commercial airlines is still very difficult, and recent savings achieved in labor costs in some cases have been more than offset by high fuel prices. Additionally, the industry remains vulnerable to unpredictable events such as terrorism, health scares (e.g. SARS), etc. This article will focus on ABS backed by pools of aircraft operating leases, sometimes referred to as “pooled aircraft lease ABS.” This asset class offers relatively short (3-5 year) average lives, with floating-rate coupons. Post 9/11, senior classes have been offered with surety wraps, with yields more typical of CDOs and home equity ABS. However, given the highly cyclical nature of air travel and the potential for negative industry-wide events, we believe a cautious stance is still appropriate for this asset class. IMPORTANT: All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of DBSI in the United States at no cost. Customers can access this IR at //www.rfdmf.com, or call 1-877-208-6300 to request that a copy of the IR be sent to them. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.

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  • 陕西凤翔“血池”密档:祭祀谜团有望解开 2019-04-11
  • 具体到这件事情,起因如没有特别的原因,那就是车主不想交停车费。收费员的责任最多是态度不好而已。因为收费员不可能冒着丢饭碗的风险与车主死磕,而车主倒可能因为自己的 2019-04-11
  • 人民日报社黑龙江分社 2019-04-06
  • 2018天津两会--天津频道--人民网 2019-04-05
  • 北非花园迎来足球春天 遭遇"死亡之组"拒绝跑龙套 2019-03-31
  • 进不了朋友圈,身份认同难。 2019-03-31
  • 紫光阁中共中央国家机关工作委员会 2019-03-28
  • 一语惊坛(5月29日):强化科技人才培养,建设世界科技强国。 2019-03-28