Agenda

29 April 2021
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Alternative Assets: Where to focus in 2021 - LIVE Q&A

Frank Segger
Portfolio Manager,
KGAL
Yuri Gulla
Portfolio Manager,
Muzinich & Co. Ltd
Moderator
Victoria Goodenough
Head of Private Credit Sales, EMEA,
Natixis

Where are the opportunities in aviation right now? Victoria Goodenough, Yuri Gulla and Frank Segger bring different risk appetite perspectives to the table from an equity, debt and multi-sector liquidity viewpoint. Find out how aviation is positioned within their alternative assets strategy and how they see aviation opportunities evolving going forwards.

  • Where are the opportunities in aviation? How to approach the sector from various risk appetite perspectives.

  • Surveying appetite for aviation finance: how does it compare to other sectors?

  • Are distressed investment opportunities being found?

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Aircraft values update: widebodies, freighters, regionals and the part out market - LIVE Q&A

Eddy Pieniazek
Principal Advisor,
Ishka
Máximo Gainza
VP Market Strategy,
AerFin Limited
Moderator
Helene Spro
Director,
Scope Ratings GmbH

Hear the latest insight from our panel of aircraft asset value specialists. How is the sale and leaseback market functioning for popular narrowbody types? What is happening in the secondary widebody market? Where can the industry expect to see value in the ‘end of life’/part out market?

  • How is the sale and leaseback market currently functioning for the popular narrowbody types (A320/B737)?

  • The regional market: best practice for placing/remarketing regional aircraft. 

  • How to address the secondary widebody market.

  • Where can the industry expect to see value in the ‘end of life’/part out market?

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The aviation bank retreat: how long is the opportunity window for debt investors? LIVE Q&A

John Morabito
Senior Managing Director,
Entrust Global
Christian Wolff
Head of Syndicate & Investor Markets,
Helaba
Derek Wong
Head of Aviation Debt Funds,
Investec
Armin Rothauser
Head of Aviation Lending & Partner,
Castlelake
Moderator
Eelco van de Stadt
President,
Apollo PK Airfinance

Join our panel of experienced lenders as they address the elephant in the room. What is the current case for European aviation banks? What is the case for new debt funds in the space?

  • Are funds being set-up on a temporary basis, or are non-bank lenders here to take advantage for 2+ years?

  • How is the debt being priced? It is a good time to buy debt, but how can it be financed?

  • Are investors able to access the sort of returns they think they should be getting for the level of risk they are exposed to?

  • What will happen when the banks return to the market? Is the industry still dependent on bank financing, or are balance sheet requirements becoming less crucial?

  • What is the current case for European aviation banks?

  • How have investor demands changed during the pandemic? How can the banks tackle this?

  • Where do investors now sit in the capital structure?

  • Examining the case for new debt funds: why has the industry not seen more emerging/scaling up?

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Supporting aircraft finance through the downturn - LIVE Q&A

Leslie Kurshan
Managing Director,
Marsh
David Fiore
Vice President, Transportation Division,
US EXIM BANK - Export-Import Bank of the United States
Michael Silas
Executive Vice President, Head of Capital Risk Solutions,
AXIS Capital
Bob Roy
Managing Director,
ACG
Moderator
Dickon Harris
Editor,
Ishka

Lean on our panel of supported financing experts as they simplify the methodology behind options available to investors. What kind of deals can the AFIC/ECA platforms support? How can non-investment grade deals be funded securely in these times?

  • Simplifying the methodology behind supported financing options. 

  • How are airlines financing themselves and how can investors take exposure through their own lending?

  • What is the best instrument available to third tier airlines?

  • How can supported financing be used to fund non-investment grade leasing platforms?

  • How are European airlines able to tap into the export market?

  • Will the number of new issuances calm down as many emergency liquidity needs seen throughout 2020 are now financed?

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Buying at the bottom of the market: M&A and aircraft trading opportunities - LIVE Q&A

Andy Mansell
Partner,
Split Rock Aviation
Dylan Potter
Partner,
Vedder Price
Yezdan Badrakhan
Executive Director,
Morgan Stanley
Moderator
Joe O'Mara
Tax Partner,
KPMG Ireland

The pandemic has induced a wave of M&A activity across the industry. Is now the time to strike while the iron is hot? Tune in to gain insight from our industry experts on the M&A process from start to finish; the risks, returns, opportunities and all.

  • Is now the right time to buy?

  • Building a clear picture: what exactly are current financing requirements?

  • How to define a distressed investment.

  • Expectation vs reality: what ROIs are new investors looking for?

  • What does the market look like for non-investment grade lessors?

  • Where to go for non-recourse financing.

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Exploring opportunities outside of Europe: Asia focus

Andrew Davis
Head of Investment Promotion,
Invest HK

Exploring opportunities outside of Europe: Asia focus

  • Why invest in Hong Kong and why now?

  • An overview of emerging opportunities in the Hong Kong aviation finance market.

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Investor help: How to survive informal and formal airline restructurings - LIVE Q&A

Richard Sharman
Partner,
Bird & Bird
Michael Cox
Senior Managing Director,
Seabury Securities
Christine Davin
SVP Risk,
AMCK Aviation
Moderator
Dickon Harris
Editor,
Ishka

You suddenly find yourself caught in the middle of a restructuring process - but what can you do to protect your investment? Our panel discuss best practice for aircraft investors on how to manage their exposure and ride the storm of a restructuring/Chapter 11 scenario.

  • What effect does a restructuring process have on returns?

  • Understanding the insider perspectives.

  • What is considered best practice for investors going through a restructuring process?

  • How can investors protect themselves in a Chapter 11 scenario?

  • What are likely re-marketing NB scenarios and timelines?

28 April 2021
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Ishka Welcome Address

Meet the face behind the programme - Ishka Producer Lorna Stancer delivers a warm welcome to all of our Ishka+ members and a big thank you to our sponsors. Hear her top tips for making the most out of the platform's capabilities and functionality.

Meet the face behind the programme - Ishka Producer Lorna Stancer delivers a warm welcome to all of our Ishka+ members and a big thank you to our sponsors. 

Hear her top tips for making the most out of the platform's capabilities and functionality.

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The European market outlook

Klaus Baader
Global Chief Economist,
Societe Generale Corporate and Investment Banking - SGCIB

The distinguished Global Chief Economist of Societe Generale's Corporate & Investment Banking arm - Mr. Klaus Baader - offers his view on the Euro Zone and consumer behaviour as we look towards a Covid-19 recovery.

  • Examining the long-term economic outlook for the Euro zone.

  • Does current consumer saving indicate a post-lockdown spending spree? 

  • What will pent-up consumer demand mean for the aviation/travel industry?

  • What to expect from central bank policy and interest rates in the coming year.

ISHKA+ 2021 04 26.pdf
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Investor Thought Leadership Survey

Michael Lee
SVP Investor Markets,
FPG Amentum Capital Ltd.

In this period of unprecedented challenge for the aviation industry, how does investor opinion differ on aircraft as a real asset investment?

In this period of unprecedented challenge for the aviation industry, how does investor opinion differ on aircraft as a real asset investment?

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Stretch Break

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The European aviation landscape & airlines as credits - LIVE Q&A

Adrian Yanoshik
Equity Research Analyst - Transportation,
Berenberg
John Grant
Partner/OAG Chief Analyst,
Midas Aviation
Moderator
Chris Keene
Managing Director,
Ishka

Which airlines will recover first and when? What do debt mountains mean for airlines now? How do airline credit profiles translate into risk profiles? Tune in to find out with real data and expert analysts.

  • Which airlines will recover first and when?

  • Analysing global fleet utilisation.

  • What do debt mountains mean for airlines now? How will airlines free themselves of state debt burdens?

  • How do airline credit profiles translate into risk profiles? Understanding the parallels between airline debt and investment risk.

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Ishka's Investment Wheel of Fortune: Where to invest, transact & finance?

Patrick den Elzen
CEO,
Arena Aviation Capital
Martin Browne
Head of Origination Strategy,
Aergo Capital
Christian Schloemann
Managing Director,
GOAL Aircraft Leasing
Richard Moody
Managing Director, Global Co-Head Transportation, Infrastructure & Energy,
Deutsche Bank
Moderator
Chris Keene
Managing Director,
Ishka

Our panel of issuers come face to face with Ishka's investment wheel of fortune to answer quick-fire questions on key issues of the moment for aviation investors. Who will leave with the highest score? The wheel will decide.

Our panel of issuers come face to face with Ishka's investment wheel of fortune to answer quick-fire questions.

  • Mid-life vs New

  • Airlines and cash burn

  • Investment appetite

  • M&A and consolidation

  • The future of the leasing industry

  • Capital markets (debt & equity)

  • SLBs & aircraft trading

  • Impairments

  • Restructurings

  • Fad or the Future

  • Wild Card

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A bump in the road: how have aviation investments held up in this downturn? LIVE Q&A

David Andrews
Managing Partner - Transport,
Hudson Structured Capital Management
Stephan Gundermann
Head of Aviation Portfolio Management,
KGAL
Ed Connolly
Head of Capital Markets & Treasury,
Engine Lease Finance Corporation
Moderator
Paul Da Vall
Head of Aviation Equity Funds,
Investec

The industry has experienced its fair share of crises in its time... is the Covid-19 pandemic just another 'bump in the road'? Hear from our industry veterans as they share their wisdom on the current downturn.

  • How does the Covid pandemic survival strategy compare to that of previous industry downturns?

  • What measures have been taken to manage exposure this time?

  • What is the current state of play for existing deals?

  • Secured vs unsecured: which deals are investors still comfortable with?

  • Examining the impact of the current crisis on deal structures.

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Take 5 Break

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When will the aircraft ABS deal flow pick up? LIVE Q&A

Kevin MacLeod
Head of New York Capital Markets Group,
Vedder Price
Rich Barnett
Partner,
Castlelake
Bob Bengtson
Managing Director,
Goldman Sachs
Vinodh Srinivasan
Managing Director, Co-head Structured Credit Group,
Mizuho Securities
Moderator
Gillian Kelly
Partner,
KPMG Ireland

A gaze into the crystal ball: how will the aircraft ABS market continue to evolve in 2021 and beyond?

  • Examining the evolution of the aircraft ABS market

  • What is the ABS market going to look like in the next 1-2 years?

  • How are current outstanding deals performing? How will they continue to perform?

  • Will the ABS market remain widely open for aviation issuers?

  • When will equity investors return to the market?

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How are new aircraft ABS structures meeting Covid-19 challenges?

Eamonn Forbes
Chief Commerical Officer,
FPG Amentum
Keith Allman
Managing Director, Head of Esoteric ABS,
MUFG
Liz Barry
Non Executive Director,
LJB Directors
Moderator
Tim O'Connell
Partner,
Grant Thornton Ireland

What emergency facilities are in place to help with ABS drawdowns? How best to manage commercial decisions in reality. Who gets paid? Understanding the waterfall effect. How do pre and post Covid ABS structures compare?

  • What emergency facilities are in place to help with ABS drawdowns?

  • How best to manage commercial decisions in reality.

  • Who gets paid? Understanding the waterfall effect.

  • How do pre and post Covid ABS structures compare?

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Getting the green light on sustainable aviation transactions & leases - LIVE Q&A

Bernhard Bartels
Executive Director - ESG Analysis,
Scope Group
Jorg Schirrmacher
Head of Transport finance,
Helaba (Landesbank Hessen-Thüringen)
Paul Briggs
Consultant,
Bird & Bird
Moderator
Michael Helaby
Principal,
Halaby Aero Limited

What will it take for aviation deals to get the ‘green’ stamp of approval, and is this enough for aviation to remain investible? Join us to understand how new EU taxonomy regulations are pushing the industry towards a more sustainable future.

  • Understanding the impact of new EU taxonomy regulations on aviation. 

  • What are sustainability-linked bonds (SLBs) and how do they compare to green bonds?

  • How can lessors and arrangers implement SLBs/green financing for the industry?

  • What will it take for aviation deals to get the ‘green’ stamp of approval? 

  • Is this enough for aviation to remain investible?