飞机投资

资产管理

咨询与估值

飞机投资

飞机再营销和交接管理

可供出售和出租的资产

技术服务

收回

帮助您在资产的整个生命周期发现投资机会并提供决策支持

 

我们的资产管理与飞机财务咨询团队通力协作,为客户提供贯穿始终的全方位投资支持。

 

其中包括识别和建议适当的投资机会、支持采购和租赁谈判、横跨整个租赁期的一系列技术服务,以及针对寿命中期策略的专家建议。

11 亿美元

IBA 资产管理计划中飞机的价值

330+

每年飞机和发动机检查次数

300+

2019 年买方尽职调查次数

30+

2019 年飞机退租和收回次数

提供端到端的飞机投资和管理支持

 

IBA 的资产管理和咨询团队与客户紧密合作,提供广泛的飞机投资和管理服务,从租赁前的前景辨识到租期延期、续约或退出,无所不包。我们可以协助开展各种活动,包括收购尽职调查和租赁合同谈判、估值、计划内和计划外维修保养、财务和法律程序、记录管理以及飞机和租约再营销,以确保获得最佳结果。

 

InsightIQ 智能数据为支撑,再结合航空资产和租赁方面的丰富经验,我们可提供高效的业务关键管理服务,保护客户的现有资产同时开发新资产。

 

所提供的支持包括财务和法律程序指导、运营排定和临时维修事件、监督和探索飞机使用状况和趋势、控制维修成本,以及维修基金管理。

 

我们利用扎实的航空合同知识,通过制定全面的维修计划书 (MPD) 来确保租赁维修义务得到履行。这些维修计划书基于租赁条款的要求,为租约收款制定时限明确的流程,包括租金、储备金、押金以及信用证(如适用)。

 

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我们还监控和分析飞机的维修和使用状况数据,确保承租商按照合同条款对资产进行运营和维护。我们的飞机记录管理设施可为客户提供维修、服务、运营和闲置记录文档,确保完全的可追溯性和可追究性。

 

这种一丝不苟的做法,对于保留遵守适航指令或安全通知的证据以及在飞机退租、收回和再营销活动期间支撑资产的价值至关重要。

 

IBA 的维修和成本预测解决方案使客户清楚了解飞机的维修储备金、维修事件和维修成本等关键信息,进而全面掌控投资组合中的航空资产。借助我们准确的预测能力,客户可预留足够的现金流来负担机身大检、发动机大修、时寿件 (LLP) 更换或起落架及辅助动力装置 (APU) 彻底检修等耗资较多的事件。

 

利用我们的维修和成本预测解决方案,客户还可以通过交易、租赁或重新租赁或者飞机拆解决策,来主动实现并管理维修基金的盈余。

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Carbon Emissions Calculator: Opportunities for Lessors

There are various strategies lessors can adopt to reduce their fleets’ carbon emissions and, in doing so, potentially benefit from lower financing costs, strengthen their investor relations’ story and develop a greater competitive advantage with lessees.   IBA outlines two key strategies: purchasing new technology planes with lower emissions levels and committing to offsetting a proportion of the emissions their lessees generate.   1. Buying new technology planes with lower emissions Airframe and engine OEMs are working on many initiatives that will improve technology and produce more efficient and potentially carbon free aircraft, but this is evidently a longer-term proposal. In the medium term, buying new gen technology planes will potentially provide a good investor relations story, fit with many airlines long term strategies and also potentially provide a ‘Greenium’ benefit, with access to lower cost finance. 2. Offsetting proportions of carbon emissions generated by the lessee There are three offsetting options, the impact of which can be calculated using rich intelligence from the InsightIQ platform and newly launched Carbon Emissions Calculator (CEC).   Voluntary offset schemes at $3/tonne High quality offset schemes at $13/tonne Buying and holding emissions allowances from the EU Emissions Trading Scheme (ETS)   Source: IBA InsightIQ CEC   Read the full case study here   Based on calculations and analysis from InsightIQ CEC, we conclude that buying and holding Emissions Allowances from the EU ETS may be the most efficient carbon reduction strategy for lessors. Although upfront costs are higher, buying emissions allowances at the start of a lease and holding them until lease end is an investment. Current market expectation is that these assets will appreciate in value by 70% - 75% by 2030. Investors will therefore have an opportunity to profit from their re-sale at lease end. Emissions trading also enjoys high environmental integrity as a regulated market. To understand the maths behind this conclusion, we have created the following Case Study:   Case study- Airbus A321 neo (Non-ACF/ACTs) with LEAP-1A33 Engine A lessor can commit to offset emissions as a competitive differentiator in a bid to win a lessee. Using the example of a new A321neo narrowbody bought in April 2021 for US$ 56M and offered on a 12-year notional US$ 360K monthly rental, its residual asset value will be US$ 35M at lease end. We can mine the emissions information our CEC generates to calculate the following CO2 outcomes to calculate the offset costs and impact on IRR.   All Data used and displayed in this article is derived from IBA’s proprietary data platform IBA InsightIQ.   If you have any further questions or comments please contact: Ian Beaumont Sign up for a demo

Airport Landing Slot Values; Heathrow Pre- and Post-Covid and the Battle for Airport Slots

Senior Aviation Analyst Youcef Berour Minarro investigates the airport slot market, the impact of Covid-19 at London Heathrow, and the outlook for future slot values.   This paper has been prepared to give an overview and insight into the current airport slot market, with specific emphasis on LHR as one of the most traded airports in the world. This article will review the impact COVID has had on LHR and what the IATA slot waiver extensions mean for slot values.   IBA are one of only a very few appraisers recognised for airport slot valuations having completed a variety of assignments at airports including London LHR, London Gatwick and New York JFK.   In 2015, IBA was involved in Europe’s first ever bond tied to airport slots where Virgin Atlantic Airways secured a £220 million secured note transaction using the airline’s take-off and landing slots at London Heathrow Airport. The bond was used to invest in new Boeing 787-9 aircraft. The bond had a tenor of 15 years. The notes were split between two tranches: £190 million A1 notes and £30 million A2 notes. The A1 notes have a weighted average life of 12 years, while the A2 notes have a weighted average life of 10 years. This was the first time in European air travel history that airport slots have been leveraged in this way, claiming the Deal of the Year in 2016.   In 2020 alone, IBA have been heavily involved in performing a range of valuations for various purposes including slots securitisations, balance sheet purposes and for disposal/acquisition of slots. Download the full report 

案例分析:设立和管理新的飞机租赁基金

由于航空公司的运营需求增长,航空业接到的飞机订单已经刷新历史记录。不熟悉航空业的新投资者热衷于参与股权和债务融资,因此,他们需要经验丰富的团队和平台来有效地收购和管理资产。

 

从建立和管理新的飞机租赁基金直至顺利退出,整个过程听起来让人望而却步,但 IBA 集团成功支持了 Investec 全球飞机基金 (IGAF) 投资组合的点对点交付。

 

 

澳大利亚 Investec 银行邀请 IBA 参加股权融资路演,以创立一个基金来投资飞机经营租赁。IBA 除了与结构性融资团队并肩作战外,还寻找了各种附带租约的资产,并开发了出售回租机会。

 

这类项目彰显了 IBA 团队的广度和深度,因为我们能够提供宝贵的飞机价值信息,包括当前价值、未来价值、带租约价值和维修准备金现金流。

案例研究(续)

 

我们还对航空公司的评分和尽职调查、租约文档审查、起草和谈判提供了专业意见。此外,IBA 还向高级/夹层债务提供者提出了信息请求,提供了投资委员会报告,并参加了会议和审批程序。在这些工作的促进下,IGAF 投资组合顺利启动和发展。

 

IGAF 的投资组合包括 20 架飞机,主要是 B737-800 和 A320 飞机,但也包括在全球各地飞行的 A330-200/300 和 B777300ER。值得合作的运营商包括 EVA Air、澳航、国际航空集团(IAG)、中国国航、深圳航空、高尔航空和捷特航空等等,不胜枚举。

 

当时,IBA 既负责新资产和现有资产的管理,也负责管理租约延期或所有原始租约的退租和再营销。在此期间,4 架飞机被出售用于拆解,其中包括从肯尼亚航空公司退租的两架 B737-700,以及从捷特航空退租的两架 B737-800。在这些事件中,IBA 团队帮助重新谈判了飞机的退租条件,航空公司因此减少了支出,而基金也得以保留累积应用于未来维修的数百万美元,此举提高了基金的整体内部收益率。

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