THY Awarded "Financing Transaction of the Year with Tax Shield" by Global Banking & Markets
Turkish Airlines (IS:THYAO) was awarded the "Tax Shielded Financing Transaction of the Year" at the Global Banking & Markets: CEE, CIS & Turkey Awards ceremony held in Istanbul on November 20, 2024. This award further demonstrates Turkish Airlines’ success in implementing innovative financing structures while sustainably growing its modern fleet.
As the airline that flies to the most countries worldwide, Turkish Airlines continues to execute innovative financing transactions to minimize foreign exchange risk and ensure cost efficiency through the revenues it generates in various currencies. The financing transaction, organized by BNP Paribas (EPA:BNPP) in partnership with the Development Bank of Japan, includes a Balthazar Insurance Backed Financing Structure for one Airbus A350 aircraft and UK Export Finance (UKEF) Guaranteed Financing for two Rolls Royce engines. The total financing amount of approximately $235 million in JPY was recognized by Global Banking & Markets as the "Tax Shielded Financing Transaction of the Year."
Evaluating the award and the financing transaction, Professor Dr. Murat Şeker, Member of the Board and Executive Committee of Turkish Airlines and Deputy General Manager (Finance), stated, "This exemplary financing transaction we conducted with our business partners has enabled us to modernize our fleet with next-generation aircraft while creating different financing structures for access to the most cost-effective financing. We take pride in receiving such a prestigious award that crowns our success in implementation. We thank all our business partners who supported us in our award-winning financing transaction and hope to continue our successful partnership."
The Turkish Airlines aircraft financing team has successfully achieved the lowest financing cost ratios in the airline industry with its experienced personnel, who possess detailed knowledge of aircraft financing transactions in various structures. The global brand has been recognized every year with various financing awards from world-renowned organizations such as 'Global Transport Finance', 'Airline Economics', 'Airfinance Journal', and 'Bonds, Loans & Sukuk Turkey' thanks to its creative financing models, many of which were implemented for the first time since 2009. The flag carrier has reached new heights in this area by winning nearly 30 international financing awards for financing transactions amounting to approximately $16 billion over the last 10 years.
Past Awards 2024 Airline Economics – Guaranteed Financing of the Year (Europe) 2024 Airline Economics - Deal of the Year (Europe) 2024 Airline Economics - Deal of the Year (Global) 2024 Airline Economics - JOLCO Financing of the Year 2024 Airline Economics - Insured Guaranteed Financing of the Year 2023 Airline Economics - Deal of the Year (Asia-Pacific) 2022 Airfinance Journal - Financing of the Year (Europe) 2022 Airfinance Journal - Structured Financing of the Year 2022 Airline Economics - Deal of the Year (Global) 2022 Airline Economics - Deal of the Year (Europe) 2020 Airline Economics - Deal of the Year (Europe) 2020 Airline Economics - Best (Insured) Guaranteed Financing of the Year (Europe) 2019 Bonds, Loans and Sukuk - Best Transport and Logistics Financing of the Year 2019 Airline Economics - Best (Insured) Guaranteed Financing of the Year 2018 Airline Economics - Deal of the Year 2018 Global Transport Finance - Tax Shielded Aircraft Financing of the Year 2018 Bonds, Loans and Sukuk – Best Transport Financing Deal (Middle East) 2017 Airfinance Journal - Tax Shielded Aircraft Financing of the Year 2017 Global Transport Finance – Original Financing of the Year 2017 Bonds, Loans and Sukuk – Trade and Export Financing of the Year (Middle East) 2017 Bonds, Loans and Sukuk – Transport Financing Deal of the Year (Middle East) 2017 Bonds, Loans and Sukuk - Structured Financing of the Year (Middle East) 2015 Airfinance Journal - Capital Markets Financing of the Year 2015 Airfinance Journal - Tax Shielded Aircraft Financing of the Year 2015 Airline Economics - Deal of the Year (Editor's Choice) 2015 Airline Economics - Deal of the Year (Europe) 2015 Global Transport Finance - EETC Deal of the Year (Europe) 2015 Bonds, Loans and Sukuk - Trade and Export Financing of the Year (Middle East) 2015 Airfinance Journal - Aircraft Engine Financing of the Year
Innovations First foreign airline to provide aircraft financing in Chinese Yuan outside China (2024) First ITASCA guaranteed French tax shielded financing (2023) First AFS guaranteed Italian tax shielded financing (2021) First UKEF guaranteed French tax shielded financing (2020) First financing under an AFS guaranteed structure (2019) First Balthazar guaranteed French tax shielded financing (2019) First AFIC guaranteed Italian tax shielded financing (2018) First SACE guaranteed French tax shielded financing (2018) First AFIC guaranteed French tax shielded financing (2017) First Japanese Yen EETC Jolco issuance (2015) First US Ex-Im guaranteed French tax shielded financing (2015) First EECA guaranteed Italian tax shielded financing (2014) First US Ex-Im guaranteed convertible bond on backup engines in Japanese Yen (2014) First EECA guaranteed Japanese Yen Italian tax shielded financing (2014) First US Ex-Im guaranteed convertible bond in Japanese Yen (2013) First EECA guaranteed Jolco financing (2011)