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Pembroke completes over US$1bn aircraft transactions

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Pembroke Group
: 07 August, 2008  (Company News)

Aircraft finance company builds great track record under Standard Chartered lead
Dublin-headquartered Pembroke Group Limited has announced the completion of a number of aircraft acquisitions and other transactions since it was purchased by Standard Chartered PLC in October 2007. The aggregate value of these transactions amounted to more than US$1 billion.

They include:

* Purchase and leaseback of B777 x 5 with Singapore Airlines;
* Purchase and leaseback of A330-200 x 1 with Kingfisher Airlines;
* Purchase of B767-300ER x 2 on lease to Ethiopian Airlines in a company jointly owned with a major European financial institution; and
* Purchase and leaseback of B737-700 x 1 with Hamburg International Airlines.

Standard Chartered acquired Pembroke, a well-established aircraft leasing, financing and management firm, to provide an enhanced platform for the Bank to offer financing solutions and meet the growing demand for aircraft leasing in its markets across Asia, Africa and the Middle East.

Sean Wallace, Group Head of Corporate Finance, Standard Chartered, said:

“Our overall Corporate Finance business has made tremendous progress and growth has accelerated in the first half of 2008. Pembroke has been an excellent example of how we are developing strong capabilities in areas which have great relevance to our clients and footprint. Virtually all of the Pembroke deals demonstrate the powerful combination of their expertise and our platform.”

Since last October, Pembroke has extended the lease of a B737-500 and delivered two B717-200s and three B737-700s to airlines in Europe from its owned portfolio. Pembroke has also placed eight aircraft from its managed portfolio in Qatar, Germany and Australia.

In addition to providing aircraft operating leases, Standard Chartered remains active in providing debt products to its airline customers. Standard Chartered was the joint arranger of a long-term financing of A321-200 and A330-200 aircraft for China Eastern Airlines, part-financed the acquisition of a B777-200ER for Korean Air and co-arranged the financing of an A321-200 for Qatar Airlines.

Garry Burke, CEO of Pembroke Group Limited, said:

“These transactions which have an aggregate value of over US$1 billion show the continued confidence we have in the aviation sector – especially in our key clients in Standard Chartered’s franchise markets in Africa, Asia and the Middle East.

Forecasted demand for aircraft over the next 20 years is around US$3 trillion with over one-third likely to go to Asia alone. With our franchise and network across Africa, Asia and the Middle East, we are well placed to capitalise on this demand. Forecasts for increased retirals of older aircraft validate our focus on the newer, fuel efficient and in-production jet aircraft that form the backbone of our portfolio.

Notwithstanding some current stress in the aviation market, we are committed to helping our clients develop their businesses in a cost-efficient and flexible manner. Our clients have been pleased with the range of product offerings that Standard Chartered can offer such as conventional financing, operating leases and various risk management tools such as fuel hedging, interest rate swaps, currency swaps and cash management services.”

Khoon-Kee Woon, Global Head of Structured Finance, Standard Chartered, said:

“The Pembroke business is highly complementary to Standard Chartered’s existing airline finance capabilities. We are very pleased with how Pembroke is continuing to grow within Standard Chartered. The combined business brought together Pembroke’s knowledge and experience with Standard Chartered’s global franchise, providing its clients globally with superior strategic, financial and technical advice in an important and growing sector.”
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