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A few leasing companies are also quietly giving airlines rental ‘holidays’ to help their cash flows, sources said. And some airlines are increasing traffic only by cutting prices, which will hurt all but those with the lowest costs, said Rob Morris, chief consultant at Flight Ascend. According to Stuart Hatcher, chief operating officer of asset managers IBA: “The market is poised for the start of a correction. There are too many signals.”. “When airlines feel pain, lessors feel pain.”.
The industry, however, remains in better shape than in previous cycles, driven by consolidation in the United States, Airlines have begun to recoup their costs of capital in the past four years after decades of value destruction, according to the International Air Transport Association, Demand for financing for new commercial aircraft deliveries is expected to cufflink shirts rise almost 7 percent this year to $139 billion, Boeing (BA.N) has said, Last week, financiers were busy doing deals overlooking Hong Kong’s Victoria Harbour at conferences hosted by Airline Economics and Euromoney’s Airfinance Journal..
Lessors say liquidity is abundant and that financial strains in one part of the globe can be offset by demand elsewhere. Currently, Chinese capital accounts for about 30 percent of the funding deployed by leasing firms worldwide, up from 5 percent about nine years ago. But while the carousel continues, the flood of new money chasing deals has lowered returns for most in the industry. Goshawk Aviation, a venture of Hong Kong conglomerate NWS Holdings (0659.HK) and Chow Tai Fook Enterprises, says the sector’s low yields are not feasible for long.
Brian Cheng, executive director at NWS that bought Dublin-based Sky cufflink shirts Aviation Leasing this year, said he had seen funding bids from companies that are prepared to accept returns of 3-5 percent on their aircraft investments, “Insurance companies or banks can achieve (these rates) because their borrowing costs are so low ., but for us there’s no way to compete with that.”, Against that backdrop, opportunistic M&A is also picking up, Japan’s Orix Corp (8591.T) struck a $2.2 billion deal this year for a 30 percent stake in leasing firm Avolon Holdings..
SMBC Aviation Capital, Sumitomo Mitsui Banking’s leasing arm, expects to receive an extra $1 billion from shareholders in a couple of months, Peter Barrett, CEO of the world’s No. 5 lessor said. But with air pockets in sight, industry executives increasingly point to an expected shakeout among smaller lessors. Some smaller Chinese players are already pulling back. “It’s like driving a car on the expressway. Everybody is on the gas pedal right now. No one is going to the gas station or taking a break. Everybody is full throttle but something has got to give. Some cars will just head off to the exit,” Cheng said.
MILAN (Reuters) - Italian banking shares fell on Monday, with a Goldman Sachs downgrade on Italy’s top retail bank Intesa SanPaolo (ISP.MI) outweighing its strong performance in European regulatory tests, A spike in Rome’s borrowing costs has thrust Italian banks into the spotlight, cutting the value of their large sovereign holdings and eroding their capital reserves, Soaring Italian bond yields are also driving cufflink shirts banks’ funding costs higher and making it more costly for them to offload soured debts..
Despite the heightened concerns, the four Italian banks tested by the European Banking Authority in a health check of the sector fared in line with the European average of the 48 banks surveyed under the so-called adverse scenario. Friday’s results showed that even the worst-performing Italian bank, Banco BPM (BAMI.MI), had a core capital ratio of 6.67 percent in the adverse scenario, well above the alarm threshold of 5.5 percent. However, traders said the market had paid closer to attention to a Goldman Sachs note that downgraded both Intesa and smaller peer BPER Banca (EMII.MI) to ‘sell’, leaving UniCredit (CRDI.MI) as the only ‘buy’ among Italian banks.
“Intesa ., is a well-managed institution with a comfortable capital position, That said, its results will be subject to a deteriorating macro outlook,” Goldman’s note of Nov, 2 said, With a valuation in line with Dutch bank ING’s (INGA.AS) or Spain’s BBVA (BBVA.MC) and at a 50 premium to domestic rival UniCredit, Intesa’s position looks vulnerable, Goldman said, Intesa reports third-quarter results on Tuesday and analysts expect its core asset management business cufflink shirts to have suffered due to market turmoil..