HSBC closes first 100% ECA guarantee deal for ATR delivery

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HSBC has closed a Compagnie Française d'Assurance pour le Commerce Extérieur (Coface) export credit agency-guaranteed financing covering a new ATR 72-600 delivery for Avianca Holdings.

The transaction is particularly significant in that it is the first ATR aircraft to be financed under the French State's new scheme, supported on this occasion in conjunction by SACE of Italy, to extend comprehensive financial support to aircraft other than solely those manufactured by Airbus. The scheme is based on 100% guarantees as opposed to 95% insurance as was previously the case, says HSBC.

The aircraft (MSN 1126) is part of an eight ATR 72-600 mandate delivering through 2014. The next delivery is scheduled for January.

The transaction features a capital markets take out option, provided by the bank.

The aircraft are part of a 15-aircraft order placed by Avianca-Taca group last December. The other seven aircraft are financed by BNP Paribas through ECA guarantee.