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Aircraft Leasing and Financing

Aircraft Leasing and Financing

Vitaly S. Guzhva, Sunder Raghavan, Damon J. D'Agostino
2018
T4 526 pages · about 8h 46m to read Open Librarygoodreads

The only book-length treatment of aircraft leasing; a textbook.

Summary

The reference has not verified this book in detail; the summary states only what the title, author and subject establish.

Guzhva, Raghavan and D'Agostino produced a technical text on how commercial aircraft are financed and leased, written for students and practitioners in aviation finance. The reference has not verified the detail of the book's chapters.

What the title, authors and publisher establish is the subject matter: the structures used to finance commercial aircraft, including operating leases, finance leases, sale and leaseback transactions, export credit agency support, enhanced equipment trust certificates, asset-backed securitisation and the tax structures that have historically driven aircraft ownership. The authors are academics at Embry-Riddle Aeronautical University, and the book is used in aviation management programmes.

Aircraft are financed differently from most capital equipment because they are mobile, standardised, long-lived, priced in dollars, and covered by an international legal regime governing repossession, the Cape Town Convention. These features make aircraft unusually good collateral, which is why the leasing sector exists at the scale it does and why lessors rather than airlines own a large share of the world fleet.

Readers wanting a verified account of the book's specific coverage, worked examples and modelling should consult the table of contents directly.

Key takeaways 6

  1. Aircraft are financed through leases rather than owned outright by airlines for a large and growing share of the global fleet.
  2. Mobility, standardisation and an international repossession regime make aircraft unusually good collateral for secured lending.
  3. Operating leases keep residual value risk with the lessor while finance leases transfer it to the airline.
  4. Sale and leaseback transactions let airlines convert owned aircraft into cash while retaining operational use.
  5. Export credit agency support has historically been a significant source of aircraft financing for airlines with weak credit.
  6. Residual value forecasting is the central analytical problem in aircraft leasing because it determines lease pricing and lessor returns.

Who should read it

Practitioners entering aviation finance who need a textbook treatment of leasing structures, having verified the contents against the current edition.

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Where it sits in the reference 2

Shipping vessels and aircraft leasing
Assets
Leasing and rental
Business models

Topics

Finance and MarketsReference WorksFinance, accounting and economics references