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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5-year-old aircraft values, rising demand for spare engines amid MRO bottlenecks

Welcome to the 124th ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

27/05/2024

SAVi Five: A look at aviation ahead of EU elections, Stratos partners with the AIA, and more …

Aircraft asset manager Stratos has partnered with the Aviation Impact Accelerator (AIA), to help it better understand the role of leasing and finance within the AIA’s scenarios. more

24/05/2024

Bank Q2 survey: Pricing 'collapses' for airlines and lessors

Aviation lenders state that pricing has “collapsed” over the last two quarters as banks, eager to win financing mandates, lower risk-adjusted margins to win deals. more

23/05/2024

Aircraft values: The uptick in mid-life 737NG and Airbus A320ceo values

Robust demand and OEM delivery slot shortages have seen mid-life narrowbodies surge in value. Ten and 15-year-old Airbus A320ceos recorded the largest growth over the last 12 months, increasing 20% from $27 million to $32 million, according to Ishka's Transaction Economics platform. more

22/05/2024

Asset managers Q1 2024 update

Ishka's asset managers datasheet provides a summary of recent news, activity, and metrics of aircraft asset managers in Q1 2024. more

21/05/2024

Aircraft ABS market ‘open’ but lessors question likely LTVs

Lessors speaking at Ishka’s Dublin Financing Festival last week argued that the ABS market was is now “open” for aviation issuers, with at least two aircraft ABS deals rumoured to be looking to issue before the summer more

20/05/2024

Loan Datasheet: Aircraft financing picks up, but swap costs remain high

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

17/05/2024

AerCap orders 150 LEAP engines, reports further jumps in A321neo and 787 lease rates

AerCap has seen increases in lease rates of 20% for Airbus A321neos and 10% on Boeing 787-9s either side of the pandemic, according to CCO Peter Anderson. more

16/05/2024

Post-restructuring progress for Avianca, LATAM, and Aeroméxico - but regional challenges remain

Latin America’s major carriers – Avianca, LATAM, and Aeroméxico - have all made strong recoveries since emerging from Chapter 11 restructuring. more

15/05/2024

Engine Data Sheet: New-tech fleet status and engine remarketing snapshot - May 2024

Ishka's Engine Data Sheet pulls together trends and figures in the engine leasing space.  more

14/05/2024

Examining lessor portfolios through the lens of Impact’s decoupling milestones

In this joint report, Rob Neale, Chief Product Officer at PACE, and Eduardo Mariz, Senior Analyst and Sustainability Lead at Ishka, examine major lessor portfolios using Impact’s* decarbonisation milestone methodology. more

14/05/2024

On Watch: Bonza enters administration, SpiceJet faces a new insolvency challenge

Australian ULCC Bonza has suspended operations and entered administration following issues with cash flow and funding. In India, SpiceJet has had a fourth lessor open insolvency proceedings after the non-payment of $10 million in rental fees. more

10/05/2024

Remarketing Watch Data Sheet: May totals remain 20% lower year-on-year

The number of aircraft being remarketed on sites analysed by Ishka saw a modest drop from April to May, declining by around 5% from 361 to 344. more

09/05/2024

ALC Q1 2024: Aircraft shortages keep new technology lease rates high

Lease rates for some new technology Airbus aircraft have grown by up to 15% since 2022, according to ALC CFO Gregory Willis; but in the short term ALC's quarterly results are down, partly driven by an increase in composite financing costs. more

08/05/2024

AerCap Q1 2024: OEM delivery uncertainty ‘most difficult issue we face,’ says Kelly

A lack of certainty around the timing of new aircraft deliveries is the key challenge faced by AerCap today, CEO Aengus Kelly told the lessor’s Q1 2024 earnings call on 1st May. more

07/05/2024

New-build aircraft values, COMAC looks to ramp-up C919 production to meet demand

Welcome to the 123rd ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. This report examines how aircraft types are faring through current events; which types are in favour; which are ‘on watch’; and which are most exposed or impacted by the evolving aircraft environment. more

06/05/2024

Capital Markets Update: $3 billion raised by lessors in April

Just over $3 billion was issued in April by lessors tracked by Ishka, bringing the total issued so far in 2024 to $9.12 billion. more

03/05/2024

New lessor: Jeff Lewis leads Korean lessor Hanwha Aviation

South Korean conglomerate Hanwha has officially launched Hanwha Aviation, an aircraft and engine leasing platform based in Singapore. more

03/05/2024

Brazil Review - GOL looks to scale back ops amid financial difficulties, Azul reduces debt through restructuring

Following on from Central America, attention focuses on Brazil. Some of the core themes are similar to the outlook for Brazilian carriers – namely robust current passenger demand hedged by regional volatility and country concerns. Others however, are unique to Latin America’s second largest economy. more

02/05/2024

Aircraft Buyers List May 24: Which aircraft are lessors targeting?

This is the 10th edition of Ishka’s aircraft buyers list, where Ishka summarises a list of potential and active buyers of leased aircraft on the secondary market. Since the last update on 19th March 2024, Ishka recorded five aircraft trades and has added a new category to indicate buyers’ interest in aircraft 10 years and older. more

01/05/2024

Asset managers survey: Expected returns tighten for mid-life widebodies

Asset managers surveyed by Ishka state expected unlevered returns have tightened for both mid-life and new-tech aircraft since Ishka’s last survey, conducted in October 2023. more

30/04/2024

OEM Q1 calls: Boeing CEO confirms low MAX output but is 'confident' over ramp-upm, Spirit talks 'don't need' Airbus approval

Boeing 737 MAX production rates are anticipated to remain below 38-per-month for the first half of the year, say Boeing management. more

29/04/2024

Stan Chart inks GIFT City aircraft loan, Global Jets prices BJETS 2024-1

Ishka examines a GIFT City financing for Indian carrier Vistara, and looks at the pricing for Global Jet Capital's seventh ABS, BJETS 2024-1. more

26/04/2024

Aircraft lessors go to Dublin court over Russian contingent insurance claims

Aircraft lessors are gearing up for a key court hearing with their insurers in Dublin this June, under claims based on their contingent insurance policies for aircraft trapped in Russia. more

24/04/2024

US airlines look to lessors for finance leases

More airlines, including top US carriers, are looking to lessors for finance leases as they seek to put key assets on their balance sheet, confide leasing sources. more

23/04/2024

15-year-old aircraft values, delivery shortages keep secondary market rates high

Welcome to the 122nd ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

22/04/2024

Quick Take: SKY Leasing in the market to sell Sky Fund V, OEMs pay out following narrowbody disruption

Aircraft asset manager SKY Leasing is understood to be in the market to sell its leasing portfolio, Sky Fund V. In the OEM sector, Boeing and RTX have begun arranging compensation packages with airlines affected by airworthiness directives and delivery delays. more

19/04/2024

Lessor order books: no new leasing orders in March

Lessors received 28 aircraft from the two major OEMs in March. more

18/04/2024

OEM Update: Orders get going in March, Boeing’s latest whistleblower

The fallout from Boeing’s 737 MAX issues has seen quarterly average monthly deliveries of the variant dip to their lowest level since Q3 2021. more

17/04/2024

Impatient capital: US PE firms axe senior leasing execs

Three PE-owned leasing firms have made senior leadership changes, including the loss of two CEOs, one CFO and at least three other leasing executives, all in the last few months. Ishka examines why. more

16/04/2024

Central America Review - continued recovery threatened by political risk and supply chain disruption

Like South America, Central America has seen robust traffic recovery through 2023, with both low-cost and full-service carriers benefitting from the surge in demand. However, upcoming elections, regional instability, and capacity shortfalls may prove a challenge for future growth plans. more

15/04/2024

The list of 2023’s new airlines and start-ups

Supply chain constraints, high leasing fees, and limited access to new aircraft appear to be weighing on start-up carriers. Just 19 airlines launched operations in 2023, a significant drop compared to previous years. Notable newcomers to the market include Australia's Bonza, a relaunched Mexicana, and premium travel-focused BeOnd. more

12/04/2024

Q1 2024: Engine buyers predict lease rates will continue to rise

Aircraft engine buyers surveyed by Ishka have confirm that some single-aisle engine lease rates nearly doubled between the start of 2023 and 2024, with the majority arguing lease rates for narrowbodies engines will continue to rise for the rest of the year. more

11/04/2024

On Watch: SAA privatisation collapses, Pacific Airlines suspends operations

South African Airways is currently seeking a new strategic partner following the termination of its planned semi-privatisation deal with Takatso after three years of discussions. According to the South African government, the carrier currently has enough funds to keep operations running for up to 18 months. more

10/04/2024

Quick Takes: Lessors forced to adapt dozens of op leases under new EU Russian sanctions

The latest package of sanctions announced by the European Union will require EU-based companies to add a contractual clause preventing the re-export of aviation equipment and related services to Russia. more

09/04/2024

10-year-old aircraft values, lease rates expected to continue rising amid OEM delays and capacity constraints

Welcome to the 122nd ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

08/04/2024

Latin America Review - domestic travel demand fuels post-pandemic recovery

Passenger traffic across Latin American markets recovered strongly in 2023, driven largely by a full recovery in the domestic markets. Nevertheless, there were casualties along the way, including Viva Air and Ultra Air in Colombia and EQUAIR in Ecuador. more

07/04/2024

Capital Markets Update: SMBC Aviation Capital issues $1.5 billion, ALC completes first euro issuance

Lessors issued $1.43 billion in March, a marked increase from February’s $349 million. more

04/04/2024

Loan Datasheet: JOLCO resurgence despite a weak Yen, airlines and lessors turn to sustainable financing

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

03/04/2024

Remarketing Watch Data Sheet: 737 NG freighter listings double in March

Ishka notes multiple Boeing 737 NG freighters appear to have been listed for remarketing in March, with the number available on the sites analysed rising from seven to 18. more

02/04/2024

SAVi Five: Japan sets eyes on mid-2030s hydrogen aircraft, GTF non-CO2 emissions to be measured, and more…

The Japanese government has published a new strategic plan for the country’s aircraft industry to commercialise a “next-generation passenger aircraft from 2035 onwards” with “decarbonised” propulsion “such as hybrid and hydrogen engines.” more

01/04/2024

Japan revives its domestic airliner ambitions

Following the cancellation of Mitsubishi's SpaceJet programme in February 2023, Japan's Ministry of Economy, Trade and Industry has unveiled plans for the development of a next-generation sustainable aircraft in collaboration with the private sector. more

01/04/2024

Major leadership changes at beleaguered Boeing

Boeing is to lose its CEO, David Calhoun, who will be stepping down at the end of the year more

28/03/2024

SMBC Aviation Capital CEO: 'More Boeing woes could cause lease rates to rise further'

SMBC Aviation Capital CEO Peter Barrett talks to Ishka about rising lease rates, how a weak Japanese Yen is impacting aircraft leasing and the difficulties of M&A in the aircraft leasing space. more

27/03/2024

Lessor order books: 777 Partners MAX orders transfer to new leasing entity

Ishka provides updates on confirmed lessor order books with Airbus and Boeing as of 29th February. more

26/03/2024

5-year-old aircraft values, Japan Airlines' post-pandemic rebound, Asian carriers bulk up their orderbooks

Welcome to the 121st ‘Extra’ supplement to Ishka’s Transaction Economics platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values and lease rates, and the market dynamics that matter in today’s aviation environment. more

25/03/2024

Nordic Market Review – Norwegian, Icelandair and Finnair credit profiles improve in FY 2023

Like the rest of Europe, traffic recovery in the Nordic region was robust and helped the major carriers to return to profitability in FY 2023 except SAS which is operating under Chapter 11 restructuring and remained in the red. more

22/03/2024

Ishka London: US PE explores aviation opportunities, but European investors hesitant to boost allocations

Multiple sources have confirmed that there has been an uptick of interest from private equity (PE) investors for aircraft opportunities in 2024 – a stark contrast to last year which was noticeably difficult for new fundraises, particularly in aviation. more

21/03/2024

OEM update: February MAX deliveries suppressed as FAA finds multiple quality control failings

Boeing 737 MAX deliveries remain low so far in 2024 as the FAA maintains increased oversight of the OEM’s production facilities. more

20/03/2024

Aircraft Buyers List March 24: Which aircraft are lessors targeting?

This is the 9th edition of Ishka’s aircraft buyers list, where Ishka summarises a list of potential and active buyers of leased aircraft on the secondary market. Ishka recorded eight new aircraft trades and added two new firms to the list since the last update on January 23rd, 2024. more

19/03/2024