Cayman Islands: Maples and Calder Recognised for Seven Airfinance Deal of the Year Awards

As a testament to the strong performance and unrivalled expertise of the Maples and Calder Finance practice, Airfinance Journal has recognised seven transactions on which the firm advised in 2015 for Deal of the Year awards.

A leading financial resource on the aviation industry and market leader for aircraft finance news, the Airfinance Journal awarded deals in the following categories:

North America Deal of the Year - Awarded for the Element ABS Deal

Partner Scott Macdonald, with assistance by associate Barnabas Finnigan, advised the Issuer, ECAF 1 Ltd, on its US$1.21 billion asset backed securitisation ("ABS") of a diverse portfolio of 49 aircrafts.  The offering of three tranches of note was the largest pooled-aircraft ABS transaction in nearly a decade.  Additionally, Maples and Calder partners Sheryl Dean and Philip Dickinson advised Element Financial Corporation, acting as the structuring agent on the upstream funding structure.

Latin America Deal of the Year - Awarded for the LATAM Enhanced Equipment Trust Certificates Deal

Partner Wanda Ebanks and associate Shari McField acted as Cayman Islands counsel to the Cayman Issuers and LATAM Airlines Group S.A. ("LATAM") on the issue of Enhanced Equipment Trust Certificates ("EETCs").  LATAM is the first airline in Latin America to issue EETCs.  Funds raised were utilised to finance the airline's 2015 and 2016 deliveries of 17 aircraft, comprised of 11 new Airbus A321-200 aircraft, two new Airbus A350-900 aircraft and four new Boeing 787-9 aircraft.  The transaction met with such popularity that it was immediately upsized to US$1,020,823,000.

Capital Markets ABS Deal of the Year - Awarded for the BOCA ABS Deal

Partner Jonathon Meloy led a team comprised of partner Jonathan Caulton from the London office, partner Mark Western and associate Prabha Sasidharan from the Hong Kong office, and associate Barnabas Finnigan from the Cayman Islands office, which advised Shenton Aircraft Investment 1 Ltd on its US$807,976,000 ABS of a diverse portfolio of 24 aircraft.  BOC Aviation (Ireland) Limited acted as servicer to the portfolio.

Middle East Deal of the Year - Awarded for the Emirates SUKUK Deal

Partner Manuela Belmontes, assisted by associates Gurminder Sanghera and James Kinsley, advised Khadrawy Limited on the issuance of Islamic-compliant trust certificates (Sukuk) to raise advance funding for the acquisition of four Airbus A380 aircraft for Emirates.  It was the world's first Sukuk financing for A380 aircraft (and the first Sukuk financing supported by the UK Export Credit) and the largest ever capital markets offering (of US$9,813,026,000) in the aviation space with an Export Credit Agency guarantee.

Europe Deal of the Year - Awarded for the DVB/Deucalion/AIM ABS Deal

Partner Jonathon Meloy led a team comprised of partner Jonathan Caulton in the firm's London office and associate Barnabas Finnigan in the Cayman Islands office, which provided Cayman Islands legal advice in connection with the ABS of an underlying portfolio of 20 aircraft valued at approximately US$814 million acquired from the Deucalion aviation funds.  Maples and Calder's affiliate, MaplesFS, acted as Managing Agent.

Africa Deal of the Year - Awarded for the Comair Ex-Im Financing in ZAR Deal

Partner Donna Ager led a team comprised of partner Will Fogarty and associates Mary O'Neill, Aisling O'Reilly and David Burke.  The team acted as Irish deal counsel on the financing for the purchase of four new Boeing 737-800 aircraft for South African low-cost carrier, Comair.  The rand-guaranteed facility allowed Comair to match its loan repayments with its rand revenue streams, mitigating foreign currency risk.  The loan was guaranteed by the Export-Import Bank of the United States.

Asia Pacific Deal of the Year - Awarded for Cheung Kong / Accipiter's Acquisition of Aircraft Portfolios from GECAS and BOC Aviation

Partners Mark Western and Lorraine Pao from the firm's Hong Kong office and partner Donna Ager from the Dublin office provided Cayman Islands and Irish legal advice to Cheung Kong Holdings in connection with its acquisition of aircraft portfolios from GECAS and BOC Aviation.  Accipiter Holdings Limited, a subsidiary of Cheung Kong Holdings, closed the two portfolio purchases for a total of 30 aircraft at US$1.3 billion.

"We are honoured for the acknowledgment by the Airfinance Journal for the high calibre of work our lawyers continuously strive to achieve and the expertise we bring to our clients, as represented through these successful transactions," commented partner and Global Head of Asset Finance, Mark Western.  "The recognition is greatly appreciated and we aim to keep the positive momentum going through 2016."

The Airfinance Journal's Deal of the Year Awards were announced at the Awards Dinner held on 18 April 2016 in Miami.

About Maples and Calder

Maples and Calder is a leading international law firm advising financial, institutional, business and private clients around the world on the laws of the Cayman Islands, Ireland and the British Virgin Islands.  Maples and Calder has offices in the British Virgin Islands, Cayman Islands, Dubai, Dublin, Hong Kong, London and Singapore.

With a reputation as an innovative, entrepreneurial firm, Maples and Calder is known worldwide as a market leader with highly qualified lawyers who are specialists in their respective practice areas.

About MaplesFS

MaplesFS, through its divisions Maples Fiduciary, Maples Fund Services and Maples Private Client Services, is an independent global provider of specialised fiduciary, corporate formation, administration and trust and private client services.  With offices in key locations around the world, its clients include global financial institutions, institutional investors, investment managers and international corporations. 

MaplesFS leverages its affiliation with international law firm, Maples and Calder, to provide professional and timely advice that draws upon jurisdictional knowledge and experience.  For more information, please visit 

For additional information, please contact:

Chelsea Rivers
Senior PR and Marketing Manager
Maples and Calder
Direct: +1 345 814 5632

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Events from this Firm
28 Apr 2016, Webinar, George Town, Cayman Islands

A topical discussion on recent updates covering some of the more frequently asked questions around FATCA and CRS.

29 Jun 2016, Webinar, George Town, Cayman Islands

This webcast focuses on the impact FATCA and CRS are having on structured finance vehicles set up in the BVI, Cayman Islands and Ireland and covers in detail the impending reporting and notification deadlines in each of these jurisdictions.

11 Aug 2016, Webinar, George Town, Cayman Islands

Our panel of experts will reflect on the impact of LLCs in the month since the first available registration date and discuss why the LLC was introduced and how it can be used to help our clients.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.