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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ASG comments on WOLF fundraise, the ACMI market and SmartLynx Latvia’s restructuring

Responding to Ishka, Avia Solutions Group (ASG) addresses the sale and recent restructuring of its former subsidiary SmartLynx Latvia. The firm also commented on the ACMI market and answered questions about the firm’s new Dublin-based leasing platform Waypoint Operating Lease Finance (WOLF), currently in the market for a $500 million capital raise. more

12/11/2025

Restructuring: A review of SmartLynx Latvia’s creditors

SmartLynx Latvia owes over €238 million in total liabilities, according to creditor notices reviewed by Ishka. The majority, around €171 million, or 72%, is owed to entities linked to former parent Avia Solutions Group. more

12/11/2025

Airbus’ subsidiary Satair to acquire parts firm Unical

Satair, an Airbus company, has agreed to buy aircraft parts firm Unical Aviation Inc. (Unical) and its tear-down and aircraft storage subsidiary ecube. more

10/11/2025

Transaction update: Embraer ditches turboprop plans, AviLease prices debut bond, Frontier issues private EETC

Key trends, recent deal flow, and announcements within aviation and aircraft leasing. more

07/11/2025

On Watch: Caribbean Airlines placed ‘On Watch’, Rex sale advances

This edition of On Watch provides updates on Caribbean Airlines and Regional Express (Rex). more

06/11/2025

Q3 Bank Survey: LTVs rise as banks compete on terms to win deals

Risk-adjusted margins on new aircraft loans and warehouse facilities dropped again slightly in the past three months, Ishka research shows, driven by tough competition between lenders looking to win financing mandates. more

06/11/2025

Cap Markets October: American's $1.1bn EETC, Southwest’s $1.5bn bond, lessors issue $1.85bn of unsecured notes

October was a bumper month for airlines in the Capital Markets with American Airlines marketing a $1.1 billion EETC and Southwest Airlines pricing $1.5 billion in unsecured bonds.  more

04/11/2025

SmartLynx Airlines undergoes Latvian restructuring

SmartLynx Airlines has entered legal protection proceedings on 28th October 2025, according to a filing in the Riga District Court. This follows the news that former parent, Avia Solutions Group, had divested it's stake in the Latvian AOC. more

03/11/2025

AerCap Q3: the double-edged sword of Spirit’s Chapter 11

AerCap adds ex-Spirit Airbus orders to its own book - but also has to contend with rejected aircraft. more

31/10/2025

Loan Datasheet: HCOB exits aviation with $450m sale, Clover renews facility, Air India completes first GIFT City loan

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

30/10/2025

Lessor insurance premiums to stay flat, but confiscation limits here to stay

Aviation insurance brokers say premium levels for annual hull and liability portfolio renewals are expected to remain broadly flat through 2025, but sources caution that post-Russia confiscation caps are likely to persist. more

29/10/2025

Remarketing Watch: October 2025

There are 270 aircraft being actively remarketed on sites tracked by Ishka in October 2025, a 15% drop compared to October 2024. more

28/10/2025

FTAI closes upsized $6bn mid-life aircraft fund

FTAI Aviation Ltd (FTAI) has raised $2 billion in equity commitments for its latest fund – which is now estimated to be the largest aircraft leasing vehicle dedicated to acquiring mid-life, current generation aircraft. more

28/10/2025

Transaction Update: Embraer backlog swells with airline and lessor E2 orders

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

27/10/2025

Q3 engine prices and lease rates: CFM56-5B lease rates weaken, but lease rates for V2500 prices inch up

Prices for previous-tech narrowbody engines remained broadly stable in Q3 2025 compared with the previous quarter, according to Ishka research. more

24/10/2025

Engine Buyers List October 25: Which engines are lessors targeting?

This is the 8th edition of Ishka’s Engine Buyers List, where Ishka profiles some of the most active commercial engine buyers in the secondary market. more

23/10/2025

Q3 survey: Aviation alt lenders sharpen margins following Ashland ABS pricing

Aviation alt lenders have dropped margins further in the last two months, according to Ishka research, with multiple surveyed respondents citing the successful pricing of Ashland Price’s $414.4 million second aircraft loan ABS as a key benchmark. more

23/10/2025

Briefing: Lessors mull parting out rejected Spirit A320neos

Ishka understands that several lessors are debating whether to overhaul or part out several GTF-powered A320neos set to be rejected by Spirit Airlines as part of its ongoing Chapter 11 bankruptcy. more

21/10/2025

Griffin’s $1.245 billion debut aircraft ABS prices

Griffin Global Asset Management (Griffin)’s $1.245 billion aircraft lease ABS, GGAM 2025-1, has priced. more

20/10/2025

On Watch: Abra targets US listing, Spirit secures DIP approval, SpiceJet settles with Carlyle Aviation

This edition of On Watch provides updates on Gol, Avianca, Spirit Airlines and Spicejet. more

20/10/2025

‘Walk before you run’ – are investors ready for a full aircraft ABS cap stack?

One of the big questions from attendees at the Ishka Aviation Investival: North America in New York was the level of investor appetite for subordinated ABS tranches - including the elusive aircraft ABS E note. more

17/10/2025

TrueNoord makes debut Embraer order, WOLF looks to raise $500mn

Regional aircraft lessor TrueNoord has made its debut direct aircraft order with a firm agreement with Embraer for 20 E195-E2s. New lessor WOLF launches a $500mn equity raise. more

16/10/2025

ACIA Aero Leasing CEO Mick Mooney: ‘We are much more than just a distressed ATR buyer’

Aircraft lessor ACIA CEO Mick Mooney tells Ishka the lessor is expanding beyond its roots of acquiring older ATRs and is eying ATR sale/leasebacks. Mooney also talks about ATR freighter conversions and standalone engine leasing amid tightening supply chains. more

15/10/2025

Pratt ups PW1100 maintenance guidance for lessors

Engine manufacturer Pratt & Whitney has increased its maintenance guidance for lessors for the PW1100G-JM - the powerplant behind the A320neo - by more than 30% in October, as well as shortening the advised time on-wing.  more

13/10/2025

Setna CEO: 'We'll aim to be near 20 aircraft by the end of 2026'

Setna iO CEO David Chaimovitz tells Ishka the firm is scaling its aircraft-leasing platform, targeting 17–20 aircraft by 2026, while maintaining a self-funded model and expanding its footprint across engine trading and MRO services. more

13/10/2025

Castlelake’s CLAS 2025-3 ABS prices

CLAS 2025-3, the latest aircraft lease ABS transaction from Castlelake – and its third of the year – has priced. more

10/10/2025

Griffin markets debut ABS master trust with $1.245 billion issuance

Griffin Global Asset Management (Griffin) is marketing its debut aircraft lease ABS, GGAM 2025-1. more

10/10/2025

Castlelake markets third ABS of the year

CLAS 2025-3 is a $758.56 million triple-tranche aircraft lease ABS with a majority midlife portfolio. more

08/10/2025

Lessors’ unsecured debt costs could be set to jump for 2026 refinancings

Around $21 billion in US dollar-denominated unsecured lessor bonds is due to mature next year, with a weighted average issuance yield of 3.18%. more

08/10/2025

Aircraft Buyers List October 25: Which aircraft are lessors targeting?

This is the 22nd 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

07/10/2025

Briefing: Lessors brace themselves for Spirit’s mass aircraft returns

US carrier Spirit Airlines filed a court motion to reject 87 additional aircraft leases, bringing the total number of rejections sought under its Chapter 11 process to more than 100 aircraft as lessors brace to see what the impact will be. more

06/10/2025

On Watch: Fly PLAY hits pause, TAP mandates privatisation, SriLankan faces creditor holdout, bid emerges for Australia’s Rex

This edition of On Watch provides updates on Fly PLAY, TAP Air Portugal, SriLankan Airlines and Rex Airlines. more

02/10/2025

Spirit’s Chapter 11: DIP financing, AerCap agreement and the prospect of a merger

Spirit Airlines has secured $475 million in DIP financing and settled with AerCap to reject costly leases, as it continues its Chapter 11 restructuring. more

02/10/2025

Cap Markets: Lessors raise $2.6 billion in unsecured debt in September, AerCap kicks off October with $1.2 billion note issue

After a muted August for unsecured lessor bond issuance, several key players have returned to the market. more

30/09/2025

Ashland Place breaks aviation records as it prices second ABS

Ashland Place’s new $414.4 million loan ABS has priced, achieving a record-low spread on its senior tranche. more

30/09/2025

Asset managers Q3 2025 update

Ishka's asset managers datasheet provides a summary of recent news, activity, and metrics of aircraft asset managers in Q3 2025. more

29/09/2025

Ashland Place markets second aviation loan ABS

Alternative lender Ashland Place is back in the ABS market with its second issuance, APL Finance 2025-1 – a $414.4 million four-tranche aviation loan securitisation. more

26/09/2025

Modelling latest-tech engines is ‘like going to a casino’

Engine lessors were candid about the difficulty in investing in the latest technology narrowbody aircraft engines, arguing that the lack of information and data surrounding performance, time on wing, maintenance, and residual values made new technology engines especially difficult to model. more

25/09/2025

On Watch: Azul files restructuring plan as it rejects more than 30 lease agreements

Azul filed its Chapter 11 plan of reorganisation in the US Bankruptcy Court for the Southern District of New York as it seeks to eliminate more than $2 billion of debt and raise around $950 million in new capital. more

24/09/2025

Ishka Tokyo: JOL/JOLCO market keen on engines, warms to freighters

Delegates at Ishka’s Japan conference signalled strong interest for either JOL or JOLCO transactions involving engines, as the local investor market continues to warm up to the asset class. more

23/09/2025

Transaction update: Embraer secures double E195-E2 order, GA Telesis acquires 16-aircraft portfolio

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

22/09/2025

Insurers lose London appeal bid, but legal battle over Russian-aircraft claims far from over

Insurers have been blocked from appealing a June 2025 London High Court decision while cases remain ongoing in the US with a “second wave” of operator policy claims expected to be heard next year. more

19/09/2025

Update: A quick look at Castlelake's new lending arm – Merit AirFinance

Ishka updates a report looking at the services offered by Castlelake's new lending arm – Merit AirFinance more

19/09/2025

A brief guide to commercial aircraft engine returns

In response to a reader's request, Ishka is providing a quick snapshot of expected unlevered returns for commercial aircraft engines, based on surveyed engine lessors and traders. more

18/09/2025

Navigator 2025-1 ABS prices favourably

Navigator 2025-1, the third and latest aircraft lease ABS issuance from the Navigator platform, has priced. more

18/09/2025

Investor guide: A briefing on Pratt & Whitney GTF (PW1000G) Engine updates

Ishka provides a status update on the Pratt & Whitney GTF engine, including Pratt’s attempts to expand its MRO network, improve time-on-wing, and updates to the engine’s revised hot-section. more

16/09/2025

The lessors looking to sell aircraft in H2 2025

Six lessors have confirmed to Ishka that they plan to sell aircraft portfolios in the second half of 2025. more

15/09/2025

Analysis: Lessons from the Air Lease acquisition 

The recent $28.2 billion acquisition of Air Lease Corporation by Sumitomo Corporation, SMBC Aviation Capital, Apollo, and Brookfield is one of the most significant recent mergers in the aircraft leasing space. more

12/09/2025

Briefing: Fewer aircraft retirements expected for 2025

Aircraft retirements in 2025 are expected to fall short of 2024 levels, according to Ishka estimates, reflecting limited replacement capacity as Boeing and Airbus continue to lag on deliveries. more

11/09/2025

PK AirFinance’s PKAIR 2025-2 ABS prices

PK AirFinance’s latest aviation loan ABS, PKAIR 2025-2, has priced. more

10/09/2025