Ex-Im Bank Receives Four of AirFinance Journal's "Deal of the Year" Awards for Capital-Markets Financings
Washington, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) has been recognized by AirFinance Journal with four of its calendar year 2012 aviation Deal of the Year awards. The Bank was awarded for capital-markets financings of U.S.-manufactured Boeing commercial aircraft to airlines in Ethiopia and Chile, and Atlas Air, an operator of a global fleet of cargo aircraft based in Purchase, N.Y. The Bank was also awarded for its financing of engine overhaul services provided by Delta Tech Ops to a Brazilian airline.
Each of the award-winning transactions was financed through the issuance of an innovative Ex-Im Bank-guaranteed bond, which sourced the funding of the transactions through the capital markets.
Ex-Im's capital-markets financing is one of our most successful innovations in recent years. I am proud of our work to expand the availability of funding for aviation-related exports that help support jobs in the American aerospace industry, said Ex-Im Bank Chairman and President Fred P. Hochberg. These awards acknowledge the extraordinary work done by all the staff here at Ex-Im Bank involved in these transactions, including the trade-finance experts in the Transportation Division, the General Counsel's Office and other divisions.
AirFinance Journal Awards to Ex-Im Bank:
African Deal of the Year - Ex-Im Bank-guaranteed financing of Boeing 787 aircraft for Ethiopian Airlines, arranged by JP Morgan
Latin American Deal of the Year - Ex-Im Bank-guaranteed financing of Delta TechOps engine overhaul services for GOL Airlines in Brazil, arranged by JP Morgan
North American Deal of the Year - Ex-Im Bank guaranteed financing of Boeing 747-8F cargo aircraft for Atlas Air arranged by Apple Bank for Savings, KGS Alpha and BNP Paribas
Export Credit Deal of the Year - Ex-Im Bank-guaranteed financing of Boeing 767, 777 and 787 aircraft for LAN Airlines in Chile, arranged by JP Morgan
Although several of Ex-Im Bank's aircraft financings are still being funded by commercial banks or by the Private Export Funding Corporation (PEFCO), a significant number of the Bank's aircraft financings now include a capital-markets option to allow the transaction to be funded through the issuance of Ex-Im Bank-guaranteed bonds.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 - an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales - also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
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