in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines
Thursday 4 December 2025
Transactions Update: Azorra sells A330s, AerFin confirms five A320neo part-outs
Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing.
Transactions
27th November – 4th December
Trades and part-out
Azorra announced the sale of two 2013 and 2014 vintage Airbus A330-300s to Chinese lessor Xiamen Airlease (MSNs 1432 and 1579) on 3rd December. Both aircraft entered Azorra’s portfolio via the Voyager acquisition agreed in 2023.
Dutch teardown and USM firm AELS has acquired an Airbus A319-113, which was formerly operated by Air Canada. Teardown is underway at Twente Airport, with the aircraft’s engines going to Florida-based ASI Aero for overhaul.
Irish mid- to end-of-life lessor Maverick Horizon has purchased an A321-232 airframe (MSN 2216) from Magnetic Leasing.
AerFin confirmed on 3rd December it has performed teardowns on five A320neo aircraft in France and the Philippines, and now has over 6,000 A320neo components in its inventory. The confirmation comes after an ex Go-First A320, believed to be a neo, was spotted by Ishka undergoing part-out at Toulouse Francazal Airport this week. AerFin has either acquired, or is in the process of acquiring, seven A320neos in total for 2025.
Crestone Air Partners announced the acquisition of a Boeing 737-800 on lease with Jet2 and an A320-200 on lease with Air New Zealand on 2nd December.
Dublin-based EirTrade Aviation concluded the acquisition of two six-year-old A320neo aircraft which it will part out (MSNs 8414 and 8570), the firm announced on 28th November. The aircraft, which Ishka understands were acquired from Novus, are powered by PW1127 GTF engines which EirTrade is now looking to sell while the airframes will be disassembled at the firm’s facility in Knock. Click here for a detailed Insight report on A320neo tear downs: (See Insight: Briefing: Lessors mull parting out rejected Spirit A320neos).
SLBs and new leases
BOC Aviation has announced an SLB agreement for two Airbus A350-1000s with Philippine Airlines. The first delivery is scheduled for December 2025.
Titan Aviation Leasing has delivered the first of two converted A330-200P2F freighter to JD Airlines (the cargo airline of JD.com), the lessor announced on 4th December.
Dubai Aerospace Enterprise has signed new long term lease agreements with Ajet and Turkish Airlines for 10 737 MAX 8s from the lessor’s order book. Deliveries are scheduled in 2026 and 2027.
Airborne Capital announced the lease placement of a Boeing 767-300BCF freighter with Miami-based Amerijet International Airlines on 1st December. Ishka understands that Airborne has remarketed three units to date with one unit remaining.
JP Lease Products & Services Co., Ltd and JLPS Ireland Limited have confirmed the acquisition and lease, on behalf of Japanese investors, of three Boeing 737-8 MAX aircraft with flydubai. Financing for the first two deliveries was arranged by KEB Hana Bank, supported by Itasca’s insurance solution, said JLPS Ireland. The third delivery was arranged by the Development Bank of Japan Inc., also in collaboration with Itasca.
Debt Capital Markets
Avolon announced on 3rd December the pricing of a private offering of $850 million in 4.7% senior unsecured notes due 2031. The notes priced at 99.666 for a yield of 4.772%, per Bloomberg data, and were rated Baa2, BBB-, and BBB by Moody’s, S&P, and Fitch respectively.
Fuyo General Lease is set to issue two sets of par-priced $100 million USD notes in early December – one with a 4.411% coupon due 2028 and one with a 4.688% coupon due 2030.
For a more comprehensive list of recent capital markets debt issuance, including bonds from AviLease, SMBC Aviation Capital, and Southwest Airlines – and a EETC from American Airlines – see Ishka’s Capital Markets updates for November and October.
OEM Update
Shortly after avoiding lasting disruption from a software update that left A320 aircraft vulnerable to solar radiation, Airbus this week was forced to downgrade its 2025 delivery guidance to around 790 from 820. The change come after the OEM discovered a quality issue with some of its A320 fuselage panels, leading to increased inspections. The firm did, however, maintain its financial guidance. Click here to read an Insight briefing on Airbus’ solar software fix.
The US Federal Trade Commission (FTC) has approved Boeing’s acquisition of Spirit AeroSystems (Spirit), requiring that Spirit businesses supplying parts to Airbus to Airbus, and that Spirit’s Subang, Malaysia aerostructures business be divested to Composites Technology Research Malaysia.
Meanwhile, Embraer has had a BRL 1.09 billion ($200 million) loan approved from the Brazilian Development Bank (BNDES) to produce commercial aircraft for export.
Airline orders and phase-outs
Tigerair Taiwan is to lease 11 and purchase four A321neos after gaining board approval, reports local media UDN. The leased aircraft are planned to be delivered by 2031, with the aircraft purchases planned for delivery by 2035.
Tunisair is reportedly to lease eight aircraft as it looks to bolster its fleet to 22 aircraft as part of its rescue plan.
Argentinian LCC Flybondi has announced an order for 15 Airbus A220s, with five options, to deliver between 2027 and 2029. The carrier also revealed an order for 10 Boeing 737 MAX 10s with five options, with deliveries from 2027 through 2030.
Aerolíneas Argentinas has launched a “self-financed investment plan”, which will involve adding four A330neos, two 737 MAX 8s, four 737 MAX 9s, and eight 737 MAX 10s to its fleet.
Bangkok Airways has placed an order for 10-12 ATR 72-600 aircraft, with deliveries beginning in 2026.
Taiwan’s China Airlines has reportedly (Taiwan News, 26th November) gained approval form its board to purchase five Airbus A350-1000s and five Boeing 777-9s, along with up to six 777 Freighters – two of which may be leased instead.
Things you might have missed
Castlelake talks widebody shortages, engine returns and its 'substantial' aircraft pipeline
Ishka speaks with Joe McConnell, Castlelake’s deputy co-chief investment officer about aircraft acquisitions plans for next year, how its alt lender subsidiary Merit AirFinance is performing and asks if the lessor has any plans for the engine market.
MRO Update: Lessors reach out to part-out firms over rejected Spirit aircraft
Ishka has received further confirmation that lessors with rejected Spirit Airlines aircraft are in talks with part-out firms as they debate whether or not to sell the assets for tear-down.
Older generation NB values hold firm – but cracks emerging
Ishka’s Pricing Benchmark looks at lease rates and prices for eight and 16-year-old A320ceos and 737NGs.
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