2004 March Issue

MARCH 2004
International & Large Ticket Leasing:
Emerging Trends

FEATURES

Rail On The Rebound - A Light at the End of the Tunnel
By Brooks Laudin
Two of the best leading indicators of an economic rebound in this country are rail traffic and car loadings. In that case, things are looking up for the rail equipment finance business. (Ref # RAI0011)

2004 World Aircraft Overview: The Business of Building Aircraft
By Richard Aboulafia
This overview is designed to provide a comprehensive look at the business of building aircraft. If it's a manned, turbine-powered aircraft, it's included in this survey. The numbers are drawn from Teal Group's market and program forecasts, so this represents the top of the World Military and Civil Aircraft Briefing "forecast pyramid." All value figures are given in 2004 dollars. (Ref # AIR030)

Today's Global Marketplace … Follow the Money
By Stephen J. McCabe
In this article, equipment lessors and finance industry veterans discuss how they are looking overseas for new opportunities and meeting both new and familiar challenges along the way. (Ref # GLB003)

Shipping Industry: Handling the Bull Market with Delicacy
By Matt McCleery
The year 2003 was to be legendary - the year when the shipping markets and the capital markets aligned themselves - the year when buyers, sellers, investors and lenders were all happy campers as ship financiers did more creative business than their brethren, the airplane financiers. The reality is that except for certain above market sale/leasebacks, ship-owners and banks have handled this bull market with delicacy. (Ref # MAR004)

Emerging Opportunity… Export Financing for Small-Ticket Equipment
By Gary Mendell
Demand is growing for cross-border financing of small-ticket capital equipment, especially among buyers located in emerging foreign markets. Most commercial lenders are not interested in funding international deals, let alone small-ticket transactions, but down-market export financing capabilities are beginning to emerge. (Ref # SMA010)

Outsourcing Arrangements: Opening Doors to Foreign Markets
By Alun Richards
Outsourcing of leasing capabilities can create a competitive advantage for a bank, providing stronger product capabilities without diluting strategic initiatives. Selection of a strong, experienced and committed partner will ensure a successful outsourcing relationship, providing continued customer control and creating a potential for additional revenue opportunities - no matter where you are doing business.
(Ref # OUT019)

Adapt or Disappear: When Is a Leasing Company Not a Leasing Company?
By Ian Massey
These are difficult times for the large ticket leasing business. The ability to achieve continued business in a poor environment may demand that traditional concepts of leasing have to be put on hold. Flexibility and attention to detail are even more important together with the ability to imagine new business lines that can sustain profitability through economic decline. (Ref # LTL012)

IEC Used Equipment Outlook: 2004 Great Expectations - Part I
By Carl Chrappa
Independent Equipment Company annually compiles and rates secondary market outlooks for selected categories of equipment which are commonly financed by leasing and asset-based lending companies. Overall, the outlook for used equipment markets in 2004 can be best described as "improving". (Ref # EQM128)

Whether By Land or Sea… Avoiding Sales & Use Tax Legally
By Tom Alston
Armed with an understanding of the sales and use tax laws it is possible to create a strategy that legally avoids the sales and use tax. It is prudent, however, to solicit the advice of a qualified sales tax expert to avoid a "bumpy ride" with the tax man. (Ref # TAX052)

COLUMNS

CAREER MOVES
Helpful Hints on Open-Ended Questions
By Jim Pawlak
When it comes to interviewing, questions that can’t be answered with Yes or No are the hardest with which to deal. (Ref # JBS079)

LEGAL WATCH
Seventh Circuit Confirms Secured Creditors’ Rights
By Lesley Anne Hawes
In its second reported decision arising out of the Qualitech Steel Corp. bankruptcy case, the United States Court of Appeals for the Seventh Circuit upheld the right of secured creditors to pursue preference actions against unsecured creditors when the preference claims have been assigned to the secured creditors post-petition pursuant to a court order approving debtor-in-possession financing and adequate protection for the secured creditors. (Ref # LGL1020)