Ishka Insights: indispensable analysis and opinion

Trusted, expert assessment of the latest industry trends from the respected Ishka team, including regional analysis, airlines, lessors and critical emerging issues.

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ISTAT: Iran crisis threatens Spirit restructuring, airlines react to jump in fuel costs

Aircraft finance sources say the conflict in Iran could imperil Spirit Airlines’ restructuring efforts if fuel costs remain elevated. Smaller, unhedged airlines are also more vulnerable to fuel shocks. more

12/03/2026

Merit AirFinance prices debut loan ABS

The new aviation loan ABS from Merit AirFinance has priced, according to Bloomberg data and sources familiar with the deal. more

12/03/2026

Briefing: How IndiGo unlocked Japanese tax equity for Indian aviation

Following IndiGo's landmark JOLCO transaction, the first of its kind for an Indian airline, Ishka delves into the legal and structural changes in India which made the deal possible. more

10/03/2026

Three quickfire questions: Crestone CEO Kevin Milligan on the Arena acquisition

Following Crestone Air Partners’ agreement to acquire Arena Aviation Capital, Ishka spoke with Crestone chief executive officer Kevin Milligan about the strategic rationale for the deal. more

10/03/2026

Gulf crisis: Lessors share concerns on ABS disruption and unhedged airlines

Most lessors speaking to Ishka in San Diego say they are still ‘risk on’ for Middle East carriers. more

09/03/2026

Crestone to acquire Arena Aviation Capital, Lesha buys Amedeo Air Four Plus

Crestone Air Partners has agreed to acquire Arena Aviation Capital, while Lesha Aviation Capital has agreed to acquire Amedeo Air Four Plus Limited, an aircraft leasing company incorporated in Guernsey and listed on the London Stock Exchange. more

09/03/2026

ME crisis continues, Avolon, K2, Aircastle & Deucalion score in the secondary market, Genesis's new PE mandate, 10-year old Boeing WB values

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

06/03/2026

On Watch: Spirit may reject more A320neo leases as airline targets Chapter 11 emergence

As Spirit reviews its fleet in preparation for a potential Chapter 11 emergence, Ishka analyses which lessors are still exposed to the airline's A320neo fleet, as the LCC aims to reshape its fleet around older A320ceos. more

05/03/2026

Sources question how many A320neo part-outs the market can absorb

Lessors are in talks with part-out firms over dozens of potential A320neo airframes, including several rejected Spirit Airlines (Spirit) A320neos. more

05/03/2026

Lessors raise $2.4 billion in unsecured debt in February

Lessors raised $2.4 billion in unsecured debt in February, bringing the total to date for 2026 to $6.25 billion. more

03/03/2026

Quick Take: Gulf airspaces shut amid Middle East conflict

Extensive airspace closures across the Middle East have followed the US/Israel military strikes on Iran, forcing widespread disruption to airlines operating in the region. more

02/03/2026

Bank survey: Lessors push banks to refinance 2023 and 2024 deals

Banks say some lessors are asking some lenders to refinance relatively recent aircraft portfolio financings or revolving facilities with cheaper terms. more

27/02/2026

Transaction Update: DAE agrees to buy Macquarie, aircraft spared new US tariffs, ATSG exits A321 conversion JV, 10-year-old Airbus widebody values

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

27/02/2026

DAE beats rivals to acquire Macquarie

Leasing firm Dubai Aerospace Enterprise (DAE) Ltd (DAE) has announced a definitive agreement to acquire 100% of Macquarie AirFinance Limited (MAF) for an approximate enterprise value of $7 billion. more

26/02/2026

An ending... The airline failures of 2025

Ishka’s annual fixture in the calendar, looking at a run-down of airlines that ceased to be during 2025. more

25/02/2026

Spirit rejections see youngest A320neo teardowns to date

EirTrade Aviation, in partnership with Chicago-based aviation and rail lessor RESIDCO, has purchased two A320neos previously operated by Spirit Airlines, marking the youngest A320neo part-outs to date. more

24/02/2026

Avianca’s domestic pivot amid inflation fears, Copa copes despite US tensions

Ishka’s Airline Credit Profile team provide a detailed macro and operational breakdown, aimed at risk officers, for some of the key airlines in the headlines more

23/02/2026

Sprite 2026-1 aircraft freighter lease ABS prices

Sprite 2026-1, the converted freighter aircraft lease ABS from World Star Aviation, has priced. more

20/02/2026

Transaction Update: ACG acquires 24-strong Avolon portfolio, Vietnamese carriers buy big in Washington

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

20/02/2026

El Al CFO Gil Feldman on the airline’s fleet growth, NG phase-out, and financing strategy through 2031

Ishka speaks with Gil Feldman, CFO at El Al, about the airline's fleet expansion, widebody capacity challenges, and financing plans. more

18/02/2026

Loan Datasheet: SMBC announces $2bn syndicated facility, two new engine financings close, PAL secures PDP funding

The latest Ishka loan datasheet examines recent loans for commercial aircraft lessors and airlines, and the dynamics impacting aircraft lenders. more

17/02/2026

Ishka / AFG deals of the year submissions now open until 23 February

Ishka and Airfinance Global are now accepting submissions for their combined Deal of the Year Awards. The Deal of the Year Awards celebrate the best-closed aircraft financings of 2025. more

17/02/2026

Transaction Update: BlueFive Capital launches new leasing platform, influx of ABS issuances continues

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

16/02/2026

World Star markets converted freighter aircraft lease ABS

World Star Aviation is in the market with a $495 million aircraft lease ABS, Sprite 2026-1. more

12/02/2026

Marathon and Castlelake aircraft lease ABS deals price

Two aircraft lease ABS, from Marathon Asset Management and Castlelake, have priced after coming to the market this week. more

11/02/2026

Castlelake markets $843 million aircraft lease ABS CLAS 2026-1

Castlelake is in the market with its first ABS of the year, an $843.279 million aircraft lease securitisation. more

09/02/2026

Marathon markets $615.18 million MAST 2026-1 aircraft lease ABS

The dual-tranche issuance is the second from Marathon, after the privately placed MAST 2022-1. more

09/02/2026

2025 lessor unsecured debt: total issuance down, but yields continue to fall

Lessors tracked by Ishka raised $20.18 billion on the unsecured bond markets in 2025, a total around 20% lower than in 2024. more

06/02/2026

PK AirFinance loan ABS prices, smashes floor on spreads

PK AirFinance loan ABS prices, smashes floor on spreads more

05/02/2026

Transaction Update: Lessors hit cap markets, TrueNoord and ACG amend bank deals, five-year-old turboprop values

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

05/02/2026

The Ishka Fleet Plan Report: More detail on Vietnam’s aircraft RFP, a look at Royal Air Maroc’s leasing needs

The Ishka Fleet Plan report reviews airlines’ near-term fleet and delivery plans, including current leasing needs and financing considerations. The first edition covers Vietnam Airlines and Royal Air Maroc. more

04/02/2026

Reminder: Ishka/ AFG deals of the year submissions open!

Ishka and Airfinance Global are now accepting submissions for their combined Deal of the Year Awards. The Deal of the Year Awards celebrate the best-closed aircraft financings of 2025. more

03/02/2026

PK AirFinance markets first aviation loan ABS of 2026

PK AirFinance is in the market with its latest aviation loan ABS, PKAIR 2026-1. more

02/02/2026

Dublin Takeaways: ‘No slow down for aircraft trading’, New Year = New Platforms

The Insights team highlight some of the current themes from the gathering of airlines and lessors in Dublin last week. more

30/01/2026

Trump picks new Fed chair, Falko closes $672 mn facility, five-year-old Boeing aircraft values

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

30/01/2026

High Ridge prices $603.2 million aircraft lease ABS with tight spreads

The debut aircraft lease ABS from High Ridge Aviation has priced. more

28/01/2026

On Watch: Azul launches $1.21 billion private offering, AirAsia X targets debt restructuring and Allegiant Air to acquire Sun Country

This edition of On Watch provides updates on Azul, AirAsia X, Allegiant, and Sun Country. more

28/01/2026

CVC acquires Marathon Asset Management, two new aviation lending platforms announced

This week has seen several significant announcements across both aircraft equity investments and direct lending platforms. more

27/01/2026

Willis’ CFO Scott Flaherty talks private credit, engine leasing, and aircraft acquisitions

Ishka sits down with Scott Flaherty, Willis’ CFO, to find out more about the lessor's new asset management arm. more

26/01/2026

Quick Take: Castlelake reported as a potential buyer for Spirit Airlines

Spirit Airlines is in talks with Castlelake over a potential takeover, first reported by CNBC and later by Reuters, citing insiders. more

26/01/2026

Altavair promotes team as KKR ups stake, PwC Ireland and Avolon share 2026 outlooks

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

23/01/2026

TrueAero CEO Karl Drusch: “Over the next three years, our goal is to be a net acquirer of over 150 assets”

TrueAero CEO Karl Drusch tells Ishka the lessor aims to become a net acquirer of more than 150 assets over the next three years, outlining its aircraft and engine acquisition priorities and how continued widebody scarcity is reshaping lease economics. more

21/01/2026

‘Yes, no, maybe’: which lessors are looking to sell aircraft portfolios in 2026

Six lessors have confirmed to Ishka that they plan to sell aircraft portfolios in the first half of 2026. more

20/01/2026

High Ridge markets debut $603.2 million aircraft lease ABS

Phantom 2026-1, a $603.2 million aircraft lease securitisation, is a dual-tranche ABS and the second deal to hit the market in 2026. more

20/01/2026

Perseus prices $680.11 million lease ABS

MAPS 2026-1, the new aircraft lease ABS from Perseus Asset Management has priced more

19/01/2026

Perseus markets first aircraft lease ABS of the year

Perseus Asset Management (Perseus) is hitting the ABS market early with the first securitisation of the year – a $680.11 million lease ABS. more

15/01/2026

Transaction Update: Allegiant agrees to buy Sun Country, airframers up production rates, 5-year old A320ceo values

Ishka's Transaction Update is a report series looking at the key trends, recent deal flow, and key announcements within aviation and aircraft leasing. more

15/01/2026

Aircraft Buyers List January 26: Which aircraft are lessors targeting?

This is the 23rd edition of Ishka’s aircraft buyers list, where Ishka summarises a list of potential and active buyers of leased aircraft on the secondary market. more

14/01/2026

Remarketing Watch Data Sheet - January 2026

A total of 248 aircraft were listed on sites tracked by Ishka in January. more

13/01/2026

Fund watch: Engine lessor Willis launches new asset management arm

The first new fund announced in 2026 is for engine lessor Willis Lease under its new asset management division, Willis Aviation Capital (WAC). The $1 billion partnership with Blackstone Credit & Insurance (BXCI) aims to deploy over $1 billon in the next two years in current and next generation aircraft engines and select aircraft. more

12/01/2026