Webinar: Aviation Debt in Annuity Portfolios: The risks, returns, and SCR charges
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The yields on some types of aviation debt securities are particularly attractive at this time. However, are aviation debt securities sufficiently attractive as matching assets for annuity liabilities when the risk and solvency capital requirements of such securities are considered?
The presentation will firstly outline the macroeconomic background to investing in aviation debt.
This will be followed by an examination of the risk, return, and maturity characteristics of the main types of aviation debt including, Enhanced Equipment Trust Certificates, aviation asset backed securities, public debt of airlines (secured and unsecured), public debt of lessors (secured and unsecured), and private debt.
Following the examination of the risk, return, and maturity characteristics of the main types of aviation debt, the presentation will examine the likely solvency capital requirement under Solvency II.
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John Caslin is the chairman of the Banking and Aviation Finance Committee of the Society of Actuaries in Ireland. His name has been entered in the Prizes’ Book of the Institute and Faculty of Actuaries for two papers including one entitled Hedge Funds. He holds a First Class Honours Degree and Gold Medal in Engineering from Trinity College and a Diploma in Aviation Leasing and Finance from the Law Society of Ireland. He is currently the Head of Investment Innovation at Aviva Life and Pensions Ireland.
John O'Callaghan is Chief Investment Officer of Neuberger Berman Asset Management Ireland Limited (NBAMIL). Prior to joining the firm in February 2020, John spent over 20 years in the US with a variety of firms including Putnam, GMO, and Fidelity covering global equities and multi-asset class strategies. The first part of John’s career was at Bank of Ireland Asset Management in Dublin where he was a portfolio manager and head of institutional client services. John graduated from Trinity College with a degree in computer engineering and was the first Irish resident to be awarded the CFA Charter.
Rachel Young, Managing Director, joined the firm in 2016. Rachel is the Co-Director of Non-Investment Grade Credit Research and a Senior Research Analyst with a focus on the financials, aviation and retail sectors. In addition, she is a member of the Credit Committee for Non-Investment Grade Credit. Prior to joining the firm, she was a Senior Analyst and Team Leader in financials at Janus Capital. In addition to her analyst responsibilities, she also served on the Janus Operating Committee. Rachel earned a BA and MBA from the University of Denver.
Frank O'Regan is a senior manager with Deloitte Ireland's Actuarial, Rewards & Analytics practice in Dublin. He has over 15 years' financial services experience having previously held a variety of actuarial roles for MetLife and Aviva in their European and the EMEA regions. As well as being a Fellow of the Society of Actuaries in Ireland (SAI) and a Fellow of the Institute & Faculty of Actuaries (UK), he is a Chartered Financial Analyst (CFA) and additionally holds a Diploma in Aircraft Leasing & Finance from the Law Society of Ireland. Frank is currently the Chairperson of the SAI's Finance & Investment Committee.