Asset Finance

Securitisation in Luxembourg – an established market in Europe looking towards further flexibility

By Andreas Heinzmann, Partner, GSK Stockmann

Three principal regulations apply to securitisation transactions carried out in Luxembourg: the Luxembourg law of March 22, 2004 on securitisation undertakings (the Securitisation Law); EU regulation 2017/2402 of the European Parliament and Council of December 12, 2017 that lays down a general framework for securitisation and creates a specific framework for simple, transparent and standardised securitisation; and the EU Securitisation Regulation.

Belgium – leasing review (World Leasing Yearbook 2023)

By Ana-Mie Ooghe, Secretary General, Belgian Leasing Association

In 2021, the total production of leasing (movable leasing and real estate) of the Belgian Leasing Association (BLA)-members, based on signings of contracts, was 13% higher than in 2020 and amounted to €6.6bn. This surpasses the pre-corona level of 2019 of €6.4bn. However, leasing production in 2021 was suppressed by longer delivery times for a number of goods. Production in movable leasing increased by 13%. Real estate leasing production, based on contracts signed, grew by 13.6% in 2021. BLA members do not offer hire purchase.

Meeting the top five challenges facing widebody aircraft transitions

By Alastair Knox, Rolls-Royce Plc

The new and used narrowbody aircraft market continues to be significantly larger than the widebody aircraft market in terms of both the number of operators, and aircraft volume. This limited market coupled with the current availability of next generation widebody aircraft from the main airframers contributes to a challenging second operator market – new aircraft competing with used for a limited number of customers.

EETCs: A viable financing option for US and non-US airlines alike?

By Mary O'Neill, Shari McField and Wanda Ebanks, Maples and Calder

In simple terms, enhanced equipment trust certificates (EETCs) are corporate debt securities, typically issued by airlines. EETCs are secured on the aircraft operated by the airlines, and are structured through special purpose companies (SPVs) created specifically to own the aircraft and “enhanced” by elements such as debt tranching, availability of liquidity facilities and over-collateralisation.