A few years back, when an airline was looking for fresh ways to raise capital, a proposal did the rounds of a few investment banks: why not securitise the planes' internal fit-out?
It didn't fly. People quickly realised being left with some plane seats, fridges and other fittings in the event of a default didn't represent much security at all.
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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
