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10/05/2010 / AIR TRANSPORTATION AND RAIL FINANCING
Crédit Agricole CIB teams rewarded by Airfinance Journal
The Emirates first-ever US Ex-Im bond was awarded the "Overall Deal of the Year Award” by Airfinance Journal (Euromoney).
In this transaction, Crédit Agricole Securities (USA) Inc. acted as joint bookrunner and joint structuring agent, alongside Goldman Sachs.
In early 2009, Emirates needed to arrange an Ex-Im bond for three 777-300ERs delivering in the second half of the year. Being the first issuer of an Ex-Im bond, Emirates succeeded in a landmark deal.
This award recognises Crédit Agricole CIB excellent work as well as the close cooperation between Debt & Credit Markets and Structured Finance.
José Abramovici, Global Head of Aviation Group & Rail Finance, said: “This inaugural US Ex-Im Bond has paved the road for a number of subsequent bonds of similar type placed by Crédit Agricole CIB/Goldman Sachs in the capital markets for two major aircraft operating lessors.”
Vincent Fleury, Global Head of Debt and Credit Markets Securitisation, added: “This structure reaches a deeper, broader and more stable investor base than the conventional bank market which suffered a dramatic market disruption during the recent financial crisis even for export credit backed deals.”
The Emirates deal was also named “Aircraft Capital Markets Deal of the Year” by Jane’s Transport Finance.