Skytech-AIC transaction wins prestigious AirFinance Journal Operating Lease of the Year 2018 Award. At a ceremony held at New York’s Metropolitan Club on 2nd May 2019, the sale and leaseback of two Airbus A220-300 aircraft by airBaltic to lessor Avation plc in a Skytech-AIC – arranged and structured transaction won the highly-coveted AirFinance Journal “Operating Lease Deal of the Year 2018” award.
Winning against fierce worldwide competition, this was the industry’s first open market sale and leaseback of the Airbus A220-300 (formerly known as the Bombardier CS300) in a transaction combining an asset regarded at the time as non-mainstream with a relatively untested credit, a perceived ambitious price and an ambitious Euro-denominated rental target.
In selecting this transaction for the award, members of the panel of judges said:
“This is what old guys would call a sporty deal; a stressed credit and, at the time of commitment, an out of favour asset which, in hindsight, looks much more solid. Still a creative transaction denominated in Euros and a possible pathfinder, [a] first for A220-300 aircraft”. Another judge added: “First purchase and leaseback for an aircraft which isn’t yet a darling of the market – but things will change. Hats off to the bold and innovative people involved.”