Valuing Boeing's workhorse

摘要

On April 30 more than 100 Continental Airlines employees gathered to watch their last new 757-200 delivery touch down. Continental was launch customer for the model 22 years ago and this final delivery to the airline is definitely the beginning of the end. But while production will stop in October, there are significant trading and investment opportunities. More than 930 757-200s are in service, but about 40% of the fleet is concentrated with three majors, American, Delta and United. With these airlines keen to raise cash, aircraft are available at what could be considered to be distressed rates, and relatively large deals are available. In January, investment company Q Aviation bought nine 757-200s from investors in a US Airways 1996 enhanced equipment trust certificate. Although the airline has committed to using the aircraft until 2009, the bond investors were keen to get out of the deal and appointed BAE Systems to remarket the aircraft.