Ishka / AFG Deal of the Year awards shortlist announced
Ishka and Airfinance Global are pleased to announce the shortlist for the 2025 Deal of the Year awards. Please note the final list of award winners has been selected by an independent judging panel of senior aviation finance executives.
The winners will be announced at the Ishka Aviation Investival: North America in October at an Awards Ceremony in New York on 20th October 2026 from 5pm sponsored by EY.
Ishka would like to take the opportunity to thank all those who took the time to submit deals for this year’s awards. As always, the quantity and quality of the deals submitted has been extremely high.
Who decides the awards?
We are delighted to announce that the following senior aviation finance executives have agreed to serve on the judging panel, ensuring independence and rigour throughout the process.
- Bertrand Grabowski, former executive board member of DVB Bank, a board member for Ryanair Group, and a non-executive director for Jazeera Airways
- Robert Martin, non-executive director and former CEO of BOC Aviation
- Olaf Sachau, former CEO and managing director of Intrepid Aviation and advisor to Itasca MGA
- Richard Moody, former global head of transportation financing at Deutsche Bank and HCOB Aviation Capital
- Ulrike Ziegler, president of the board of directors of Impact on Sustainable Aviation
The judges will not vote in categories in which their former employers are nominated.
The Shortlist
ABS Deal of the Year
Deal 1: Navigator 2025-1 (DAE / PIMCO)
Deal 2: PKAIR 2025-2 (PK AirFinance)
Deal 3: GGAM 2025-1 (Griffin Global Asset Management)
Africa Deal of the Year
Deal 1: Ethiopian Airlines' A350 Finance Lease
Alt Lender Deal of the Year
Deal 1: Fortress' Aircraft Warehouse Facility
Deal 2: Phoenix Aviation Capital's Aircraft Warehouse Facility
Deal 3: Breeze Airways' A220 & Engine Commercial Loan
Americas M&A Deal of the Year
Deal 1: SMBC Aviation Capital's acquisition of Air Lease Corporation
Deal 2: Stonepeak's acquisition of Air Transport Services Group
Asia-Pacific Deal of the Year
Deal 1: Air India's Boeing 777 Commercial Loan
Deal 2: CMB Leasing's Sustainability-Linked Commercial Loan
Deal 3: IndiGo's French Tax Lease
Aviation Finance House of the Year
House 1: BNP Paribas
House 2: MUFG
House 3: Societe Generale
Bank Loan Deal of the Year
Deal 1: IndiGo's A321neo Finance Lease
Deal 2: IndiGo's French Tax Lease
Deal 3: Philippine Airlines' A350 PDP Financing
Best Asian M&A Deal of the Year
Deal 1: Akasa Air's Capital Raise
Deal 2: FPG Amentum's acquisition of Crianza Aviation
Deal 3: AIP Capital – BeYoke Aviation New JOL/JOLCO Platform
Capital Markets Deal of the Year
Deal 1: Phoenix Aviation Capital's Bond Issuance
Deal 2: AviLease's Bond Issuance
Deal 3: AASET MT-1 2025-1 Aircraft ABS (Carlyle Aviation Partners)
Cargo Deal of the Year
Deal 1: Oaktree's Aircraft Warehouse Facility
Deal 2: Stonepeak's acquisition of Air Transport Services Group
Deal 3: Titan Aircraft Investments' Aircraft Commercial Loan
Engine Deal of the Year
Deal 1: BeauTech Power Systems' Engine Sale-Leaseback
Deal 2: WEST IX Engine ABS (Willis Lease Finance Corporation)
Deal 3: Marathon Asset Management's Engine Commercial Loan
Europe Deal of the Year
Deal 1: TrueNoord's Bond Issuance
Deal 2: Virgin Atlantic's Commercial Loan
Deal 3: DAE Capital's acquisition of Nordic Aviation Capital
European M&A Deal of the Year
Deal 1: Avolon's Aircraft Purchase
Deal 2: DAE Capital's acquisition of Nordic Aviation Capital
Deal 3: SMBC Aviation Capital's acquisition of Air Lease Corporation
Latin America Deal of the Year
Deal 1: GOL's Bond Issuance
Deal 2: GOL's DIP Loan
Deal 3: VivaAerobus' Commercial Loan
Lease Deal of the Year
Deal 1: Akasa Air's 737 Max Sale-Leaseback
Deal 2: IndiGo's A321neo Sale-Leaseback
Deal 3: United Airlines' A321neo Operating Lease
Lessor of the Year
Deal 1: Phoenix Aviation Capital
Deal 2: Dubai Aerospace Enterprise (DAE)
Middle East Deal of the Year
Deal 1: Avilease's Aviation Fund
Deal 2: Navigator 2025-1 Aircraft ABS (DAE / PIMCO)
Deal 3: Oman Air's AFIC-Itasca Supported Financing
Most Innovative Deal of the Year
Deal 1: Allegiant Travel's 737 Max Commercial Loan
Deal 2: AASET MT-1 Aircraft ABS with Master Trust Structure (Carlyle Aviation Partners)
Deal 3: VivaAerobus' A321neo French Tax Lease
North America Deal of the Year
Deal 1: Azorra's 50-Aircraft Purchase
Deal 2: Stonepeak's acquisition of Air Transport Services Group
Deal 3: Willis Mitsui Engine Support's Revolving Credit Facility
Regional Aircraft Deal of the Year
Deal 1: Azorra's 50-Aircraft Purchase
Deal 2: DAE Capital's acquisition of Nordic Aviation Capital
Deal 3: Abelo Capital's Warehouse Facility
Restructuring Deal of the Year
Deal 1: GOL's DIP Loan
Deal 2: Pegasus Airlines' 737-800 Commercial Loan
Supported Financing Deal of the Year
Deal 1: IndiGo's A321neo Insurance-Guaranteed Loan
Deal 2: Oman Air's AFIC-Itasca Supported Financing
Deal 3: Philippine Airlines' A350 PDP Financing
Sustainable Financing Pioneer Award
Deal 1: CDB Aviation's Sustainability-Linked Commercial Loan
Deal 2: Pegasus Airlines' A321neo Sustainability-Linked Commercial Loan
Deal 3: CES Financial Leasing's 777F Commercial Loan
Tax Lease Deal of the Year
Deal 1: Emirates' A350 JOLCO
Deal 2: TAP Air Portugal's A320neo French Tax Lease
Deal 3: SunExpress' 737 Max JOLCO
Used Aircraft Deal of the Year
Deal 1: Arena Aviation Capital's A321 Purchase & Lease Novation
Deal 2: Macquarie AirFinance's Aircraft Commercial Loan
Deal 3: Pegasus Airlines' 737-800 Commercial Loan
The Ishka Aviation Investival: North America event will take place on 20th October 2026 at Convene 555 Broadway, New York City. The event will conclude with the announcement of the winners of the 2025 Deal of the Year awards from 5pm, in conjunction with networking drinks sponsored by EY.
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