An analysis of 236 currently trading lessor bonds show that spreads remain wide versus pre-Covid levels across maturities and ratings. more
No airline is immune to the Covid-19 crisis, but some are more resilient than others. Low-cost carriers (LCCs) and operators in large domestic markets appear to be doing better. more
Carriers disclosed only $6.9 billion of fresh commercial debt in June 2020, nearly half the amount airlines accessed in the first two weeks of March alone, but roughly equal to the volume of new bonds issued in the same period last year. more
Altavair CEO Steve Rimmer believes “outsized returns” for aircraft lessors are a thing of the past, arguing that the Covid-19 crisis is accelerating a process of change that was already underway within aircraft lessors and their relationships with aircraft manufacturers. more
Three more short-haul airlines – Caribbean carrier LIAT, Austrian LEVEL Europe and SunExpress Germany – have joined the growing list of Covid-19 casualties, bringing the total to 14 airlines or airline groups since March. more
In this week’s airline credit profile, Ishka highlights some of the key aspects of China Southern’s management of the coronavirus crisis. more
The approval of the Lufthansa bailout package by shareholders this week dissipated fears that the airline could be forced into insolvency. more
The 737-800 freighter market is at risk of potential oversupply, say cargo sources, as more aircraft lessors and operators are looking at cargo conversion over the next few years. more
Ratings agency S&P downgraded 23 securities from 30 separate aircraft and aircraft engine ABS transactions last week. Twenty of the lowered ratings remain “On Watch” for potential further downgrade. more
Beyond a few regional pockets of travel activity, international air travel remains stymied by health regulations and travel restrictions. more
Appraisers from Ishka and Oriel recorded further cuts on lease rates and values for some assets types this month, describing aviation as still in a “shocked, survival mode.” more
Lufthansa warns it could file for bankruptcy protection if its largest shareholder votes against a German bailout package while other countries mull further aid for their airlines. more
Rating agencies have downgraded or placed several aircraft ABS notes on watch downgrade in the last few weeks in response to the continued pressure on securitised leased aircraft portfolios in the wake of the Covid-19 crisis. more
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