Natixis closes pure cover Brazilian ECA financing on E-170

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French bank Natixis has closed financing on a new Embraer 170 delivery to Air North with 100% cover through the Brazilian Export Credit Insurance Agency (SBCE), market sources say.

The aircraft, MSN 17000357, was delivered to Air North last month.

The bank acted as the mandated and sole arranger of the structure. Under the terms of the transaction, the lender benefits from a 100% guarantee of the guardian authority issued by the Secretary of Foreign Affairs (SAIN), from the Brazilian Finance Ministry, through SBCE, which manages the export credit guarantee system on behalf of the Brazilian Government.

The French bank closed a similar financing transaction in 2011 on a new Embraer 190 delivery to NAS Air.

Natixis could not be reached for comment.