ISTAT Jetrader - Winter 2019 - 19

Guiney, head of EMEA at Avolon, and included Robert Downes, managing director
and vice president of aircraft trading at Aviation Capital Group; Eamonn Forbes,
chief commercial officer at FPG Amentum Ltd.; Karl Griffin, CEO of Genesis;
Mamoun Kuzbari, managing director at Novus Aviation Capital (UK) Ltd.; and Michael
Weiss, head of aircraft trading at SMBC Aviation Capital.
Guiney began the panel discussions by saying it's been a busy selling and buying
environment. The panel hit on the topics of not all widebodies being created equal,
diversification of divestment sources and asset-backed securities. The audience
was also polled on narrowbody lease rate factors and use widebody values.

Day Two
The second day began with a riveting Words of the Wise Panel featuring Eithne
Manning, head of funding, investor relations and tax at SMBC Aviation Capital;
Mylene Scholnick, ISTAT Board of Directors member; and Betsy Snyder, director
of S&P Global Ratings. The three covered global trends and polled the audience on
topics such as 2020 disrupters, liquidity in aircraft financing and the green agenda.
Snyder walked the audience through key global airline forecasts, including that
global air traffic remains strong, but growth is moderating. Expect it to expand at a
long-term trend of 5%. She expects oil prices to ease from 2018 highs and interest
rates are less of a risk, but trade and FX more concerning. She sees the key risks
as threefold: 1) geopolitical events could cause oil prices to spike; 2) Brexit will
cause a bumpy ride because the United Kingdom will have to negotiate new bilateral
aviation treaties; and 3) airlines are in some ways better prepared, but the industry
is still cyclical.
Manning discussed airline bankruptcies. "They are part and parcel of our
industry," she said. "It is a risk we need to manage, but it's one I think we can
manage effectively."
The Finance Panel was moderated by Radha Tilton, managing director at
Goldman Sachs, and featured Gary Fitzgerald, chief operating officer at Stratos;
Waleed Khakwani, treasurer at Dubai Aerospace Enterprise; Gerry Laderman,
executive vice president and chief financial officer at United Airlines; Soren
Overgaard, CEO of Nordic Aviation Capital; and Greg Willis, executive vice president
and chief financial officer of Air Lease Corporation. The panel discussed assetbacked securities, stepping into broader markets and being investment
grade. To read an interview with Laderman, turn to page 10.
The Regional Aircraft Panel followed, which was moderated by
Donna Ager, partner at Maples Group, and included Mark Hughes,
chief commercial officer at Falko; John Moore, chief commercial
officer at Elix; Jim Murphy, chief commercial officer at Nordic
Aviation Capital; Jesper Rungholm, CEO of Danish Air
Transport; and Anne-Bart Tieleman, CEO
of TrueNoord.
"If you asked each of us what a
regional aircraft is, we'd probably
all have different answers," Moore
said. "The perception is it's a
higher-risk segment. For lessors
experienced and knowledgeable in
this market, however, the market
presents opportunity."
The panel touched on that topic, as
well as how they are able to get funding,

the main cost drivers they are seeing
and what they look to invest in.
The much-anticipated NewGen
Panel was moderated by Jane
O'Callaghan, managing director
at Accipiter, and included Martin
Browne, vice president of marketing
for EMEA at Aergo Capital; Barbara
FitzGerald, vice president of trading
at Accipiter; Fiona O'Grady, associate
director at Standard Chartered Bank;
and Ben Slowik, vice president of
pricing/commercial at Merx Aviation
Finance. The group discussed how
and why they got into the aviation
finance business, their generation's
expectations about moving from
employer to employer, diversity, GATS
and environmental concerns.
"I had no intention of staying long,
but I got bitten by the bug," Browne
said. Most of the panel agreed that
once you get into the industry, you
don't leave. O'Grady said she has
stayed in the industry because of the
opportunities it has afforded her, and
Slowik said "This industry is addictive."
To read an interview with
FitzGerald, turn to page 52.
The Regional OEM Panel was
moderated by Priscilla Branco, senior
vice president and regional manager of
commercial for Latin America and
the Caribbean at GECAS,

Jetrader

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ISTAT Jetrader - Winter 2019

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