Airlines from Europe to Asia to South America, boosted by help from the U.S. government, are turning to the bond market and away from loans to finance Boeing Co. jets as borrowing costs plunge.
Emirates, based in Dubai, and Ireland’s Ryanair Holdings Plc are leading carriers that have issued $2.3 billion of bonds in 2012 backed by the U.S. Export-Import Bank, a jump of more than sixfold from a year earlier, according to data compiled by Bloomberg.
Interest rates at record lows and a new debt-guarantee program from the Ex-Im Bank are making it easier for non-U.S. airlines to access capital markets even as private-sector lending becomes more expensive and difficult to obtain. Boeing, the biggest U.S. exporter, stands to benefit while working through a jet backlog valued at $302 billion.
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