Overview

CDB Aviation signs sale-and-leaseback agreement with Wizz Air for four A321neo aircraft

Commitment Year•2020Country of Activity•HungaryDirect Recipient Country of Incorporation•JerseyOverseas Jurisdiction•IrelandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 27, 2020

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

CDB Aviation Leasing

Receiving agencies

Private Sector

Wizz Air

Loan description

CDB Aviation signs sale-and-leaseback agreement with Wizz Air for four A321neo aircraft

Interest type•Unknown

Narrative

Full Description

Project narrative

On August 27, 2020, CDB Aviation, China Development Bank's (CDB) wholly-owned aircraft leasing subsidiary, signed a sale-and-leaseback agreement with Wizz Air for four new 239 seat single-aisle short-haul A321neo aircraft powered by Pratt & Whitney GTF engines (#99170). The aircraft were delivered throughout the first and third quarters of 2021. Other financial details about the agreement are currently unknown. Then, on October 6, the agreement was extended to a further six A321neo aircraft of the same make (#99171).

Staff comments

1. Sale and leaseback (or sale-leaseback) agreements are generally considered to be off-balance-sheet hybrid debt products.