![]() One of the main factors influencing slot value is the level of constraint i.e. Seasonal differences (applies mainly to LGW where summer slots are worth considerably more) Time of day - for example, a 06:00am arrival at LHR is worth considerably more than a 10:30pm arrivalįrequency of slot pair - a daily slot pair (operating 7-days a week) will be worth more than a once-a-week slot pair) a bank or a leasing company cannot own a slot. It is also important to mention that only airlines can hold and trade slots i.e. LHR and LGW are prime examples of airports actively involved in slot trades for monetary compensation. The exchange may involve swapping two existing slots, or swapping a historic peak-time slot for a newly allocated off-peak slot. Within the EU, slots are traded by way of a slot exchange - slots are swapped between airlines on a one-for-one basis. These trades may be accompanied by monetary or other types of compensation. Unless prohibited by the laws of a country, airlines can trade their rights to historic slots in a secondary market. Airlines can lose historic rights to slots for repeated and intentional slot misuse. Airlines can earn historic rights or grandfather rights to a series of slots, provided they operate the slots as allocated by the coordinator at least 80% of the time during a season - the use-it-or-lose-it rule. ![]() Slot allocation occurs at constrained airports that are designated as coordinated (Level 3) - an airport where there is a significant and lasting shortfall in capacity and, in order to land or take-off, it is necessary to have a slot allocated by a coordinator.Īt LHR (like many others), the slot allocation, exchange and trading is coordinated by Airport Coordination Limited (ACL). London Gatwick Airport has grown throughout the years and the rate of growth is a key indicator for demand at the airport, for both airlines and the potential to acquire new slots.Īirport slot allocation is governed globally by the IATA Worldwide Slot Guidelines and, within the EU, by the EU Slot Regulation 95/93. ![]() Operating capacity at London Heathrow Airport is now at 99% of that total capacity and with no additional capacity available, and constant high demand, airlines resort to buying slots at significant prices for their preferred times.Īlthough London Gatwick Airport is not as congested as London Heathrow Airport, it is still heavily congested in the sense that it is a single-runway operation, along with its geographical location i.e. On a per hour basis, this equates to an average of around 40-45 movement limits per hour. London Heathrow Airport has a combined movement limit of around 9,500 (combination of summer and winter limits) movements per week. Terminal Flow Limits (check-in, security, baggage, customs, immigration etc.) LHR has 2 runways, LGW is single-runway operation airport) Weather and Environment (fog/monsoons - i.e. Opening and closing times - night jet bans, curfews, quota limits This was the first time in European air travel history that airport slots have been leveraged in this way and claimed the Deal of the Year in 2016.Īn airport slot is a permission given by an airport coordinator to use runway and airport infrastructure at slot constrained Airports (Level 3) on a specific data and time. The A1 notes have a weighted average life of 12 years, while the A2 notes have a weighted average life of 10 years. The notes were split between two tranches: £190 million A1 notes and £30 million A2 notes. The bond was used to invest in new Boeing 787-9 aircraft and had a tenure of 15 years. In 2015, IBA was involved in Europe's first ever bond tied to airport slots where Virgin Atlantic Airways secured a £220 million secured note transaction using the airline's take-off and landing slots at London Heathrow Airport. Case Study - Virgin LHR slot securitisation to invest in Boeing 787-9s
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