It's business as usual

May 01, 2020
Paul Cassidy, Associate Vice President of Capital Markets at SKY Leasing, gets the job done from his dining room table.

7AM: Get up and go out for my daily run. During April, a group of friends are doing a Nike run challenge of 100km. I am trailing in sixth place, so work to do!

8.30AM: I go into my kitchen/dining room which now doubles as my office. I spend the first two hours catching up on emails. With offices in San Francisco and members of our marketing team in Asia presently, there is a lot of activity around the clock. 

9AM: I have a quick catchup with our CFO to finalise our reporting to our debt facilities and our shareholders for quarter-end. 

9.30AM: A request-for-proposal (RFP) for a sale and leaseback from a North American airline has come in overnight which has been assigned to me for completion. At SKY, we prepare intrinsic value cashflow modelling to price aircraft. I prepare the model and the maintenance forecast for this package of aircraft and circulate to the origination team for evaluation and discussion. 

12AM: Pick up some lunch and take a walk in the Phoenix Park to get some fresh air. Take this chance to call a friend or family for a chat. 

1PM: The coronavirus pandemic has proven to be what some are calling the 'greatest challenge to aviation in its history'. There are a number of webinars that provide real-time updates and provide useful insight during these rapidly changing times. I jump on a webinar for an hour while catching up on emails and macro news. 

3PM: I receive a call from our Chief Commercial Officer (CCO) about the RFP. We discuss the merits of the transaction, he provides me with some market intelligence and we try to triangulate what a winning bid might be. I make some revisions to the cashflow modelling and recirculate to the origination team. 

3.30PM: We have our weekly marketing call where originators and capital markets teams give updates on the ongoing campaigns and transactions. We evaluate the merits of the transactions and discuss and set action items for each.  

5PM: The daily capital markets call starts and we discuss the capital market team’s workload. 

6PM: We have been selected by an airline to advance to the second round of a sale and leaseback bidding process. The second round will require submission of a ‘Letter of Intent’ which I begin drafting and loop in the required teams. 

7PM: My girlfriend and I get to making some dinner. With a little more time on our hands than usual, we’ve been trying some advanced dishes! Results are mixed.

8PM: Our CEO and Executive Vice President of Capital Markets have reviewed the initial price for the North American Lessee transaction, have some queries and would like to prepare scenario analysis based on a deferral arrangement or a haircut to the proposed lease rentals too. Our proposed bid meets our investment criteria and we finalise the economic terms of the bid, sending to our CCO for transmittal to the airline.  

My girlfriend and I sit down and watch some Netlfix, which can’t produce new shows fast enough for us. We debate whether we should get Disney+!