Best Cross-Border Financing: Minsheng syndicated PDP for eight 737 Max 8s

摘要

Natixis, Bank of Communications and Mega Bank co-arranged and co-funded Minsheng Financial Leasing's pre-delivery payments (PDPs) for eight Boeing 737 Max 8 aircraft. The initial purchase agreement was signed onshore in China between Boeing and Minsheng, but the novation-out and financing took place offshore, in this case via an SPV in the Cayman Islands. As there is recourse back to Minsheng, this transaction is one of very few, if not the only, PDP transaction where the recourse is via a put option.