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Overview

CDB Aviation leases one Boeing 737-800 aircraft to Corendon Airlines Europe

Commitment Year•2022Country of Activity•MaltaDirect Recipient Country of Incorporation•MaltaOverseas Jurisdiction•IrelandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2022
Start (actual)
Jul 11, 2022
End (actual)
Jul 11, 2022

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

  • CDB Aviation Leasing

Receiving agencies

Private Sector

  • Touristic Aviation Services Ltd. (Corendon Airlines Europe)

Loan description

CDB Aviation leases one Boeing 737-800 aircraft to Corendon Airlines Europe

Interest type•Unknown

Narrative

Full Description

Project narrative

In July 2022, CDB Aviation Lease Finance DAC — the wholly-owned Ireland-based subsidiary of China Development Bank Financial Leasing Co., Limited (CDB Leasing) — entered into a lease agreement with Touristic Aviation Services Ltd. — a Luqa, Malta-headquartered European charter airline trading as Corendon Airlines Europe and subsidiary of the Turkey-based Corendon Airlines Group — for one vintage Boeing 737-800 aircraft. This aircraft was a 2018-vintage and had been repossessed from its previous lessee, Russian airline Nordwind Airlines, due to the Russian 2022 invasion of Ukraine. The aircraft was delivered on July 11, 2022, registered as 9H-CXH. The aircraft was expected to support Corendon's ramp-up in passenger travel during the summer season.

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.