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Overview

BOC Aviation leases one Airbus A320-200 aircraft to Vueling Airlines in March 2015

Commitment Year•2015Country of Activity•SpainDirect Recipient Country of Incorporation•SpainOverseas Jurisdiction•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2015
Start (actual)
Mar 25, 2015
End (actual)
Mar 25, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned companies

  • BOC Aviation Limited

Receiving agencies

Private Sector

  • Vueling Airlines, S.A.

Loan description

BOC Aviation leases one Airbus A320-200 aircraft to Vueling Airlines in March 2015

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around March 2015, financial close was reached on a deal in which BOC Aviation Limited — a Chinese state-owned leasing company — entered an operating lease agreement with Vueling Airlines, S.A. — a Spanish low-cost airline based in Barcelona and subsidiary of International Consolidated Airlines Group S.A., popularly known as International Airlines Group (IAG), a British-Spanish multinational airline holding company incorporated in Spain, headquartered in London, the United Kingdom, and listed on the London Stock Exchange and the Madrid Stock Exchange — for one new Airbus A320-200 aircraft. The aircraft, MSN 6518, was delivered to Vueling on March 25, 2015.

Staff comments

1. A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. Under a capital lease (a financial arrangement where the lessee/borrower uses an asset and pays regular installments plus interest to the lender/lessor), rental payments are usually classified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). AidData codes capital leases as loans.