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Capital markets eyed to fund jet buying
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More commercial jet buyers will tap rapidly-expanding capital markets to finance US$112 billion of jet sales in 2014 as state-backed export credits become pricier and more politically sensitive, Boeing Co said yesterday.
Money from government-backed export credit agencies (ECA), once used to pay for the bulk of jet deals, will make up 18 percent of plane financing next year, down from 23 percent in 2013, the US aircraft maker said in an annual forecast.
“Higher fees and higher equity requirements are driving more customers to other markets ...(and) export credit has a higher — than what we’ve seen historically — political component to it,” said Kostya Zolotusky, managing director of capital markets development and leasing at Boeing Capital Corp.
Zolotusky said jetliner deliveries are expected to total US$112 billion next year, up 7.7 percent from this year, with 95 percent of that split between Boeing and its European rival Airbus.
The two plane manufacturers this month looked set for a photo finish in their annual order race this year, although Boeing remained ahead on deliveries, which drive revenue and are the most widely used benchmark for ranking the top two companies.
Boeing said capital markets, where aircraft buyers finance the purchases through means such as bonds using jets as collateral, would make up 22 percent of financing in next year, up from 14 percent this year and just 3 percent in 2009.
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