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Capital Markets & Funding

DATE: Thursday 26th October

LOCATION: Dublin

COST: Funding applied = €345pp

DURATION: 9.00am – 4.45pm

 

The Capital Markets & Funding training session will give participants an introduction to the airline industry dynamics by looking at the recent global financial crisis, current trends and the current outlook, it will also access the possible impact of Brexit. It will then look at a macro overview of the aviation finance markets with a review of the current trends, conditions and the outlook.

The course will then take an in-depth look at the individual funding instruments available how they can be used to develop an overall strategy that will support the risk appetite of an organisation.   As well as looking at the different secured and unsecured instruments, credit ratings, proposed accounting and regulatory changes will also be reviewed.  There will be a lot of real world examples and case studies, drawn from the aviation industry, used throughout the training session to illustrate the practical uses of the financial instruments.

 

On the completion of this session, participants will have achieved the following:

  • An understanding of airline finance in terms of the overall market conditions and the specific capital markets for aviation funding and the available instruments,
  • An appreciation of the impact and consequences of proposed regulatory, according and geopolitical changes such as Brexit.
  • Be able to critically appraise the sources of finance for both airlines and aircraft, and to be able to evaluate the different instruments such as equity. Un-secured debt (loans, bonds) and secured debt (leases, securitisation and EETC’s).

Course Outline

  • Topic 1: Capital Markets & Funding
  • Current global aviation market trends
  • Why Ireland Developed as a Global Aviation Hub
  • A Look at the recent Global Financial Crisis (GFC) and its causes
  • The impact of the GFC on airlines
  • Case Study:  ILFC and AIG
  • BREXIT and the airline industry
  • Industry outlook for 2017/2018
  • Current conditions in the airline industry
  • Case Study: Review of an airlines latest quarterly results
  • Current conditions in aviation financing markets and the outlook.
  • Borrowers & Lenders Perspectives
  • Lending Covenants
  • Sources of Finance
  • Internal sources and external
  • Short-term: bank overdraft, loans, trade creditors
  • Long-term: loans and bonds
  • Case Study: Review an airline Bond Offering
  • Others: Exports Credit Agencies, manufacturers vendor financing
  • Credit Ratings
  • Case Study:  Review of an Airlines Actual Credit rating
  • Leasing
  • Secured funding (including Asset Backed Securities)
  • IFRS 16 and the aircraft industry.
  • Impact of proposed Basel reforms on airline funding markets
  • Equity Financing
  • Case Study: Review an airline Initial Public Offering (IPO)
  • Case Study: Review valuing an airline in an IPO
  • Case Study: How to access different financing alternatives

 

Trainer Profile

 

Dermot Hardy has been a business unit leader in regulated international financial institutions for almost 20 years.  He has extensive experience in capital markets, investment management, funding and hedging across multiple financial products, focusing on delivering profits while managing potential risks.  He was previously a Head of Treasury at Aareal Bank AG, Dublin Branch with responsibility for managing the assets and liabilities of the Branch.   Prior to this, he was Head of Banking at Bankgesellschaft Berlin (Ireland) plc.  Dermot has specialised in structured finance but also has considerable experience in other forms of lending, both secured and unsecured).   Dermot has also worked as an Economist, a treasury consultant and a government bond trader.  He has extensive experience of trading interest rate futures, bonds, currencies and credit products.  Dermot has also been on numerous public and private sector industry bodies and groups to provide input into areas related to structured funding.  He also has extensive involvement in teaching, training and mentoring as well presenting at conferences and writing articles.  He is currently a temporary Part-time Lecturer, UCD School of Business where he lectures on Aircraft Finance.

 

To book your place on this course please contact kate@icbe.ie

Tel: 061 423 622

Skillnets funded from the National Training Fund through the Department of Education and Skills

The Aviation Finance Finuas Network is funded by member companies and the Finuas Networks Programme, an initiative of Skillnets funded from the National Training Fund through the Department of Education and Skills.

Click here for Finuas Network website www.finuas.ie

 


 

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