Landmark Air China financing to prompt copycat deals

Author: | Published: 15 Nov 2011
The successful closure of the first Chinese aircraft financing to be supported by Export-Import Bank of the United States of America (Ex-Im Bank) without a guarantee from a Chinese bank or a sovereign undertaking from the Chinese government, and involving a dollar-guaranteed bond issuance, is expected to prompt copycat transactions.

Air China’s purchase of a new Boeing 777-300ER aircraft in October 2011 was financed by Ex-Im Bank, through a November 2 issuance of a dollar-guaranteed bond by a Delaware trust entity. The landmark transaction marked an end to Ex-Im Bank’s decade-long absence from the Chinese market.

Harvey Lau of Baker & McKenzie, which acted as lead counsel on the deal, told IFLR the transaction...



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