ISTAT Jetrader - Winter 2022 - 21

terms on narrowbodies but also " taking
on naked opportunities and leveraging
Deucalion's technical and remarketing
expertise to create value. "
O'Neill said ABL Aviation is mainly
a buyer in the current market. " We've
had a solid appetite for the right kind of
transaction, which has typically been
a combination of high-quality lessee,
and new technology asset type with
long leases. We see a slight softening
in demand due to JPY weakness, but
investor appetite remains strong still
for those right transactions. On the U.S.
side, we have a venture with a large
fund; the usual approach is from an
opportunistic perspective. It's not new
news to state that the appetite from
that investor base is not as strong as it
has been. "
Quinn's company, Avolon, is one of
the more active traders in the market,
and the fact that it is an investment
grade company " puts us in a strong
position, " he said. " From where we
are now, we think there will be less
competition for deals, and we'd like to
play into that. "
The Growth of Private
Equity as a Source
of Financing: An
Alternative to Asset
Backed Securitizations
David Berkery, partner at Vinson &
Elkins, moderated the next panel,
which focused on private equity
financing. Panelists included Benoist
de Vimal, director and head of aviation
for the Americas at MUFG Bank;
Mounir Kuzbari, co-CEO at Novus
Aviation Capital; Stewart Tanner,
senior managing director, head of
originations and co-founder at Volofin;
and Radha Tilton, managing director at
Goldman Sachs.
" 2022 saw a significant decrease in
capital markets, " Berkery began. " We
will unpack why that is and see if it's a
short-term hiatus or if there are longerterm
implications. "
de Vimal said investor sentiment
was set back by the Russia situation.
" It gave people pause on how they
were looking at the risk for the
sector, " he said. " What we observe
today speaking with investors is that
they need to rethink and reassess
political risk. But they are still
interested in aviation, which might
lead to private deals before the public
markets reopen. "
Berkery asked Kuzbari, as a lessor
and borrower, if Novus ever looked at
doing an ABS, and why he went the
bank lending route instead. " We were
close to doing something, " Kuzbari
said, " but if we fast-forward to today,
bank debt is more prominent than the
ABS market. In 2022, with where rates
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ISTAT Jetrader - Winter 2022

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