It's taken sometime for aircraft-related securitization to become a regular feature of the European ABS market, but with banks cutting down their lending to the industry, the time may be right for Europeans to build on the handful of aircraft-lease backed deals seen in the last few years. That, at least, is the forecast from Standard & Poor's in its latest report on the European structured finance market.

Irene Ho-Moore, a director in S&P's structured finance group in London certainly feels that leasing companies, manufacturers and airlines will have little choice but to increasingly look towards ABS as a substitute for bank finance. "An increasing number of banks are looking at the profitability of their lending books and are less willing to provide the same level of funding to airlines," she said.

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