تأمین مالی خطوط هوایی در پی بحران بازارهای مالی

This article outlines the impact of the 2007 to 2008 financial markets crisis on aviation finance, with a particular focus on the financing of aircraft. Essentially, the financial markets crisis brought about a decrease in the share of bank loans, compensated by increased activity from export credit agencies. The article also endeavours to demonstrate how important access to capital will be for the long-term development of the aviation industry.

Traditionally, aviation has been a capital-intensive industry. The focus in financing airlines is thus predominantly on financing aircraft, with a large variety of financing options available. In this context, the importance of individual sources of finance may increase or decrease over time – as seen most recently during the financial markets crisis triggered by the collapse of Lehman Brothers in September 2008. Moreover, capital has evolved into an increasingly important factor for the development of the supply-side structure in the aviation industry. In other words, the availability of finance may constitute a material barrier to market entry.1

Financing airlines will remain a challenging task in the years ahead. IATA, which represents the majority of globally operating airlines, summarised this as follows in its financial forecast published in December 2010: ”… the industry can pay its bills, renew its fleet and service its debt. However, it still cannot offer any return to its owners and shareholders for the risk they undertake. Despite the cyclical rebound in profits, the structural changes that keep profitability in the industry inadequate, remain" (IATA, 2010).