KfW IPEX-Bank and EastMerchant have successfully closed the sale and lease-back of one Airbus A350-900 aircraft between Singapore Airlines and Crianza Aviation, the Korean aircraft lessor. The transaction features a novel, multi-layered financing structure with a Balthazar covered senior loan arranged and provided by KfW IPEX-Bank which is complemented by Korean mezzanine debt as well as equity from Korean investors together with Crianza. Balthazar is a non-payment insurance product launched by Airbus, Marsh and a pool of highly rated insurers in 2019 to support lenders’ and investors’ long term financing for Airbus aircraft. “Even though the aviation industry is currently