Report on accessing the debt capital markets - March 2021

March 2021

[Contact me for copy; executive summary below]

⏤The purpose of this presentation is to discuss the debt capital markets to airlines, aircraft lessors and related entities

⏤The debt capital markets have continued to be a large source of financing for corporates overall – and aviation in particular – during the pandemic.  Low Treasury yields and near record low spreads due to quantitative easing have led to a slew of issuance during and post 2020

⏤As banks have pulled back lending and as nascent debt funds are viewed as opportunistic and potentially expensive, perhaps the public and private bond markets may offer a realistic alternative

⏤The US private placement market, in particular, may offer funding advantages to borrowers while also offering diversification to borrowers

⏤However there remains a limited number of investors; perhaps Say’s Law (“supply creates its own demand”) is needed

⏤This presentation makes no attempt to promote any format, issuer or strategy and should not be read as such; please consult your securities lawyers for specific advice regarding documentation

⏤Michael Halaby has 20+ years of providing strategic funding advice to C-suite executives in the aviation, automotive and financial institution sectors on accessing the US$ and international bond, secured bank debt, and regional financing markets; he has arranged over US$122 billion in debt financing via ~270 transactions for borrowers in the US, Europe and Middle East