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Capital Markets Update: Lessors issue $4.7 billion in January and February

Lessors raised $4.7 billion in unsecured issuances in January and February in a strong start to the year for leasing firm activity in the capital markets. more

01/03/2024

in Capital Markets

Sust Finance 2023 round-up: Deals grow with Air France-KLM well ahead of others

Sustainable finance deals in aviation involving airlines and lessors or with aircraft as a collateral grew once again in 2023, matching the approximate 60% annual growth rate of the preceding year. more

06/02/2024

in ESG & Regulation , Capital Markets , Aviation Banks and Lenders

Dublin Takeaways: Traders share their optimism, Boeing’s woes, and could the aircraft ABS market return this year?

Ishka looks at some of the key talking points from aircraft investors on the aviation finance market last week in Dublin. more

02/02/2024

in Lessors & Asset managers , Capital Markets , OEMs, Cargo & Engines

Ashland seeks to be a serial issuer as it prices debut ABS

Aviation alternative lender Ashland Place Finance (Ashland) has priced a debut $324.3 million aircraft loan ABS, Ashland 2023-1 which was oversubscribed. more

12/12/2023

in Capital Markets , Aviation Banks and Lenders

Ishka 2023 Deals of the Year Award submissions now open!

Ishka is now accepting submissions for its Deal of the Year Awards. The Ishka Deal of the Year Awards celebrate the best-closed aircraft financings of 2023. more

08/12/2023

in Aircraft values, Lease Rates & Returns , Capital Markets , Aviation Banks and Lenders

Ares and Wilmington ‘rigged’ aircraft auction lawsuits could go to court

Two landmark lawsuits filed by junior bondholders on separate transactions against Ares, Vmo Aircraft Leasing Holdings (Vmo), and Wilmington Trust over “sham” aircraft auctions conducted during the pandemic are progressing through the US courts and could, potentially, be heading to trial next year. more

09/11/2023

in ESG & Regulation , Capital Markets

Airline Bonds Q2 2022: Lack of EUR and USD issuances contribute to muted quarter

Unsecured bond issuance by airlines in Q2 2023 totalled $4.47 billion – the lowest second-quarter levels since Ishka’s analysis began in 2019. more

07/08/2023

in Airline trends & analysis , Capital Markets

Data Sheet: Aviation capital markets wrap-up

Ishka's capital market wrap-up is a summary of recent activity in aviation debt issuance. more

07/07/2023

in Lessors & Asset managers , Airline trends & analysis , Capital Markets

Why India needs more widebodies, United breaks EETC dry spell

Ishka examines United’s recent EETC and compares how Chinese and Indian airlines differ in their use of widebodies for domestic routes. more

21/06/2023

in Airline trends & analysis , Capital Markets

Griffin issues $1bn unsecured, Avolon's 20-year fleet forecast, strikes threaten European summer travel

Griffin Global Asset Management Holdings, Ltd. successfully issued $1 billion worth of unsecured notes to partially refinance its secured warehouse facility this week, while lessor Avolon released its 2023-2042 fleet forecast on 13th June. more

13/06/2023

in Lessors & Asset managers , Capital Markets , OEMs, Cargo & Engines

Airline bonds Q1 2023: Slow start with Air France leading the way

Unsecured bond issuances by airlines returned to ‘normal’ post-Ukraine invasion volumes in Q1 2023, as issuances dropped back to mid-2022 after an exceptionally busy Q4 2022. more

25/04/2023

in Airline trends & analysis , Capital Markets

Lessor Bonds Q1 2023: Volume picks up with 21 issuances

Aircraft lessors tracked by Ishka issued $3.373 billion in unsecured capital markets debt in the first quarter of the year, exceeding the amount of any quarter in 2022, but remaining relatively low at around half of the previous five year’s first quarter average. more

05/04/2023

in Lessors & Asset managers , Capital Markets

Ishka London: Aviation financiers say banking crisis could raise margins but risk of contagion is limited

Aviation lenders state that margins could still rise due to the recent banking crisis but share that the rapid response by regulators appears to have averted a wider crisis limiting the risk of contagion to aviation lending. more

31/03/2023

in Lessors & Asset managers , Capital Markets

Unsecured debt data sheet: Q1 2023 QTD lessor bond issuances

Air Lease Corporation was the lone lessor debt issuer in the first six weeks of Q1 2023 with a $700 million bond. more

02/03/2023

in Lessors & Asset managers , Capital Markets

Unsecured debt data sheet: Q1 QTD airline bond issuances

Only four unsecured issuances took place in the first six weeks of 2023, totalling $2.26 billion. Around half of the issuances came from Air France-KLM, with EUR 1 billion ($1.081 billion) issued in two tranches of sustainability linked notes. more

21/02/2023

in Airline trends & analysis , Capital Markets

Airline bonds Q4 2022: End of year rise after muted year

Unsecured debt issuances by airlines jumped to $16.155 billion in Q4 2022, exceeding every other quarter in the year and gaining nearly 36% on Q4 2021. more

06/01/2023

in Airline trends & analysis , Capital Markets

Lessor Bonds Q4 2022: ALC ends year as only Western debt issuer

Aircraft lessors tracked by Ishka issued $2.097 billion in unsecured capital markets debt in the fourth quarter of the year, topping the total amount issued in the previous two quarters combined. more

05/01/2023

in Lessors & Asset managers , Capital Markets

Jet2 and Viva Aerobus take 2022 aviation sust. finance deal tally to nine

Two November deals bring the tally of aircraft and airline sustainable finance transactions in 2022 to nine, one more than in 2021. more

20/12/2022

in ESG & Regulation , Capital Markets

Airborne prices private placement aircraft ABS MAST 2022-1

Airborne Capital and Marathon Asset Management have priced a $303-million aircraft ABS, MAST 2022-1, through a private placement which is set to close early next week. more

08/12/2022

in Capital Markets

Unsecured debt data sheet: Q4 2022 QTD lessor bond issuances

Unsecured bond issuance volume by aircraft lessors has picked up so far in Q4 after ALC's $700 million bond. more

29/11/2022

in Lessors & Asset managers , Capital Markets

Unsecured debt data sheet: Q4 QTD airline bond issuances

Unsecured bond issuances by airlines rose dramatically in the first half of Q4 2022, already exceeding the combined total of Q2 and Q3 2023. more

25/11/2022

in Airline trends & analysis , Capital Markets

Ishka NY 2022: Private placements pick up for airlines and lessors

Aviation credits have been quiet in the public debt markets but airlines and lessors have been actively issuing bespoke private aircraft securitisations using 4(a)(2) structures, US investors tell Ishka. more

01/11/2022

in Capital Markets , Aviation Banks and Lenders

volofin eyes turbulent ABS market

Alternative lender explores a potential aircraft loan securitisation next year, in the meantime, capital markets remain volatile. more

12/10/2022

in Lessors & Asset managers , Capital Markets

Lessor Bonds Q3 2022: Chinese firms sole issuers in another slow quarter

Aircraft lessors tracked by Ishka only issued $602 million in unsecured capital markets debt during the third quarter of the year, less than half of the $1.45 billion issued during Q2 2022. more

11/10/2022

in Lessors & Asset managers , Capital Markets

Airline bonds Q3 2022: Slowdown continues with new record-low quarter

Unsecured bond issuances by airlines slowed for the second consecutive quarter in Q3 2022, as issuances both inside and outside of China dropped further from what were already record-low levels since 2019. more

06/10/2022

in Airline trends & analysis , Capital Markets

Lessor CEOs: Aircraft ABS market could take three to four years to fully recover

A panel of aircraft lessor CEOs at the ISTAT EMEA conference last week predicted that it may take three to four years for the aircraft ABS market to fully return to the record issuance volumes seen in the last five years. more

29/09/2022

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Capital Markets

Unsecured debt data sheets: Q3 QTD lessor and airline bond issuances

Airline and lessor unsecured bond issuances continued to drop in the first six weeks of Q3 2022, with only $592 million raised by airlines and $174 million by aircraft leasing entities. more

25/08/2022

in Capital Markets

Aircraft ABS notes trade at a discount as ‘issuance drought’ continues

Dozens of aircraft ABS notes are trading at a discount, raising questions over the current value of some of the junior notes associated with aircraft ABS. more

18/08/2022

in Capital Markets

Lessor Bonds Q2 2022: Chinese issuers alone in another subdued quarter

Aircraft lessors tracked by Ishka issued a mere $1.45 billion in unsecured capital markets debt during the second quarter of the year, less than half of the $3.2 billion issued during Q1 2022. more

19/07/2022

in Lessors & Asset managers , Capital Markets

Airline bonds Q2 2022: Record-low issuances amid summer travel chaos

Airline unsecured bond issuances slowed down further during the second quarter of the year to $4.87 billion, of which only $751 million was issued outside of China. more

15/07/2022

in Airline trends & analysis , Capital Markets

Carlyle tests frozen aircraft ABS market as it prices AASET 2022-1

Aircraft lessor Carlyle Aviation Management Limited (Carlyle) has priced a $522.5 million aircraft ABS – the first aircraft ABS to price this year more

15/06/2022

in Lessors and Lease Rates , Capital Markets

Rate hikes place pressure on new aircraft ABS junior notes

Rising interest rates and a series of successive shocks to the aviation sector including the pandemic and the Ukraine conflict has reduced potential buyer appetite for new subordinate aircraft ABS notes, warn capital market sources. more

01/06/2022

in Capital Markets , Aircraft Finance Market

Unsecured debt data sheets: Q2 QTD lessor and airline bond issuances

Issuer retreat, with the slowest start to a quarter for lessor bond issuances and airline unsecured volumes half of those in the first six weeks of Q1 2022. more

24/05/2022

in Capital Markets , Aircraft Finance Market

Lessor Bonds Q1 2022: Issuers retreat with USD bonds lowest since 2019

Aircraft lessors tracked by Ishka issued a modest $3.2 billion in unsecured capital markets debt during Q1 2022, a steep decline from Q4 2021. more

27/04/2022

in Lessors and Lease Rates , Capital Markets

Airline bonds Q1 2022: Unsecured issuances slow outside of China to only $1.8bn

Airline unsecured bond issuances outside of China slowed down during the first quarter of the year in the wake of rising inflation, monetary tightening, and the fallout of Russia’s invasion of Ukraine. more

22/04/2022

in Airline Profiles , Capital Markets

Inflationary pressures: A short or long-haul passenger?

Ishka reviews what impact inflationary pressures may have on aircraft investors and its relationship with four Ps: Planes, Pilots, Petrol, and basis Points. more

08/02/2022

in Capital Markets , Modelling and Forecasting

Airline bonds Q4 2021: $11.9bn unsecured rounds off record $63.5bn year

Airline unsecured debt rose to a new high in 2021 with $63.53 billion in issued bonds, a near-15% increase from last year’s $55.3 billion and more than doubling the $31.31 billion issued in 2019. more

14/01/2022

in Airline Profiles , Capital Markets

Lessor Bonds Q4 2021: AerCap’s behemoth debt raise seals record-breaking year

Aircraft lessors tracked by Ishka issued $25.17 billion in unsecured capital markets debt during the fourth quarter of the year rounding off $52.53 billion raised across 2021 more

06/01/2022

in Lessors and Lease Rates , Capital Markets

The outlook for aircraft ABS in 2022

After a remarkable resurgence in the aircraft ABS market this year Ishka offers several predictions for new aircraft ABS issuances in 2022. more

08/12/2021

in Lessors and Lease Rates , Capital Markets

Aircraft ABS issuers price $3.4bn flurry of deals ahead of Thanksgiving

Five separate aircraft ABS transactions totalling approximately $3.4 billion have priced in the last seven days – signalling a notable revival of the aircraft ABS market and marking the busiest week to date for the asset class. more

10/11/2021

in Capital Markets

Avenue prices older aircraft ABS Stellar 2021-1

PE firm Avenue Capital Group (Avenue) has sponsored a $255 million ABS transaction, Stellar 2021-1, which will be used to acquire 21 aircraft. Deucalion Aviation Limited is the servicer for the ABS. more

02/11/2021

in Capital Markets , Aircraft Finance Market

Ishka+ NY: Could a tough SLB market drive lessor consolidation? Will ‘fickle’ PE investors stick with leasing?

Ishka reviews some of the key talking points from the virtual Ishka+ North America conference held last week. more

26/10/2021

in Capital Markets , Aircraft Finance Market

AerCap issues record $21 billion in bonds to fund GECAS acquisition

Dublin-based lessor AerCap on 21st October announced the issuance of a record-breaking $21 billion in unsecured debt, the largest in the history of aircraft leasing. more

22/10/2021

in Lessors and Lease Rates , Capital Markets

Lessor Bonds Q3 2021: USD issuances rebound as IG spreads tighten

Aircraft lessors tracked by Ishka issued $8.35 billion in capital markets debt during the third quarter including $7.5 billion in USD issuances, a 21% rebound over second quarter USD issuances helped by tightening spreads. more

13/10/2021

in Lessors and Lease Rates , Capital Markets

Airline Bonds Q3 2021: Chinese airlines dominate slow summer of issuances

The volume of unsecured bond issuances by airlines declined by a third consecutive quarter in Q3 2021 to $12.04 billion with Chinese airlines responsible for three in every four issuances. more

12/10/2021

in Airline Profiles , Capital Markets