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Overview

CCB Financial Leasing leases two Boeing 737 MAX 8 aircraft to Norwegian Air Sweden

Commitment Year•2022Country of Activity•SwedenDirect Recipient Country of Incorporation•SwedenSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 16, 2022
Start (actual)
Jun 16, 2022
End (actual)
Jun 16, 2022

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This operating lease agreement supported the acquisition of two aircrafts by Norwegian Air Sweden AOC AB in Arlanda, Sweden. More detailed locational information can be found at: https://www.openstreetmap.org/way/81298309.

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 Commercial Banks

  • CCB Financial Leasing Co., Ltd. (CCBFL)

Receiving agencies

Private Sector

  • Norwegian Air Sweden AOC AB

Loan description

CCB Financial Leasing leases two Boeing 737 MAX 8 aircraft to Norwegian Air Sweden

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 16, 2022, financial close was reached on a deal in which CCB Financial Leasing Co., Ltd. (CCBFL) — a Chinese state-owned leasing company and wholly-owned subsidiary of China Construction Bank Corporation (CCB) — entered into an operating lease agreement with Norwegian Air Sweden AOC AB — a Sweden-incorporated and headquartered airline and wholly-owned subsidiary of Norway's Norwegian Air Shuttle ASA — for two Boeing 737 MAX 8 aircraft.

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. 2. In aviation finance, financial close typically occurs on or around the delivery date of the final aircraft. As financial close occurred on June 16, 2022, the aircraft was almost certainly delivered on or around that date. Thus AidData has coded the actual_implementation_start_date and actual_implementation_completion_date fields as June 16, 2022 and marked the actual_implementation_start_date_estimated? and actual_implementation_completion_date fields as True. 3. This a similarly-named subsidiary of Norwegian Air Shuttle, Norwegian Air Sweden AB. Norwegian Air Sweden AOC AB was established in 2021.