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Enhanced Equipment Trust Certificate

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  • Enhanced Equipment Trust Certificate

    Уважаемые дамы и господа!

    Такой вопрос - кто-нибудь когда-нибудь где-нибудь работал с таким зверем, как Enhanced Equipment Trust Certificate
    или что-то знает про практическое применение этого?

    Буду рад любой информации или ссылке на нее (на русском/английском).

    Заранее благодарен!
    С уважением и наилучшими пожеланиями,
    Сергей Е. Жигунов :tik:

  • #2
    Ну что вы все как неродные!!!! ПОМОГИТЕ!!!
    С уважением и наилучшими пожеланиями,
    Сергей Е. Жигунов :tik:

    Комментарий


    • #3
      CrazyHorse



      http://www.legal500.com/devs/ireland/if/irif_017.htm
      ---
      In general, aircraft securitisations to date have taken one of two forms: either (i) securitisation of the receivables out of leases without the transfer of legal ownership of the aircraft; or (ii) securitisation of the lease receivables and the aircraft themselves.

      The securitisation of the lease receivables generally takes place in a structure similar to that of a normal lease receivables transaction, with the leases themselves being sold to the special purpose vehicle (SPV). These transactions are dependent on a single entity being found with a suitably diversified portfolio of aircraft and have therefore been less numerous than those described at (ii), below.
      The securitisation of the receivables and aircrafts themselves involves the transfer of the aircraft to an SPV. The SPV will issue equipment trust certificates (ETCs) and will hold the aircraft on trust for the note holders. The SPV will lease the aircraft, pursuant to a finance lease to the lessee. The note holders of the ETC will have a first charge over the aircraft and the receivables. In the case of most aircraft securitisations, the ETCs will have their credit rating enhanced, and are known as enhanced equipment trust certificates (EETCs). This is done by means of a tranched note issue and a liquidity facility to ensure that the continued payment of the interest on the notes in the event of a default by the lessee. The addition of these two features will enable the notes to be rated higher than the corporate rating of the lessee. The development of EETC securitisation outside of the US has been hampered somewhat by the lack of an equivalent to the US Section 1110 of the Bankruptcy Codes, which allows for the speedy repossession of the aircraft in the event of the default of the lessee. This is necessary in order to allow the remarketing of the aircraft within the period of a reasonable liquidity facility. Recent non-US EETC securitisations have, however, shown that this problem is far from insurmountable in most modern jurisdictions.
      ---
      http://www.scri.co.kr/special/lease.htm

      Leasing Transactions
      ---

      The era of aircraft ABS started many years ago with the Equipment Trust Certificate transactions (ETC), followed shortly thereafter by the Enhanced Equipment Trust Certificate (EETC) structures. The main advantage offered by these deals was the isolation of the assets from the bankruptcy of the airline, thereby making recovery a relatively smooth process.



      The securitization of aircraft leases, in addition to incorporating the advantages of the EETC type of structure, went one step beyond by further isolating the securities issued by a trust from the risk of servicer bankruptcy, usually a lowly or un-rated entity. Nevertheless, many of the issues encountered in EETC transactions must be addressed here as well, e.g. the longevity of the aircraft, the rating of the lessees, the size of the liquidity reserve needed to allow the certificates to keep making interest payments in an industry downturn (the airline industry has historically been prone to cyclical variations due in part to the relatively longer lead times faced by manufacturers as compared to those typical of consumer preferences), et cetera. In a standard leasing transaction, of the “GPA” type, a trust issues several tranches of securities backed by the lease payments to be made by lessees, present and future.



      One of the major credit concerns, other than the assigned longevity of the aircraft, is the average credit rating of the universe of lessees contemplated by the servicer. On the other hand, the existence of security deposits that can be called upon immediately upon default can lessen the severity of the default. Thus, the secret of capital efficiency is to paint a truthful picture of the cash that will be available to the structure under a realistic universe of assumptions with respect to the marketability of the aircraft and the consequences of default. A case in point is a recent aircraft deal where the aggregate result of lessee defaults was a positive cash contribution to the trust arising from a combination of forfeited security deposits and relatively short re-leasing intervals. This is not a view shared by rating agencies.
      ---


      Образчик
      http://www.shareholder.com/Common/Ed...-277/02-00.pdf

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      • #4
        Спасибо!!!
        С уважением и наилучшими пожеланиями,
        Сергей Е. Жигунов :tik:

        Комментарий


        • #5
          Это инструменты секьюритизации нереальные для росс. фондового рынка.
          В "лизинговом треугольнике" один из углов обычно тупее остальных.

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          • #6

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