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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Lessors file more than $7.8bn in Russia-related insurance claims

Leasing firms tracked by Ishka have filed over $7.89 billion in insurance claims in relation to aircraft trapped in Russia to date. more

02/02/2023

in Lessors & Asset managers

Sustainable Finance: AF rethinks SPTs, Wizz Air and Pegasus debut sust-linked deals

Three new sustainability-linked deals involving aircraft and airlines were announced in the past six weeks, auguring another year of growth and innovation for sustainability features in aviation transactions. more

01/02/2023

in ESG & Regulation

Restructuring Watch: Flybe fails (again)

UK regional airline Flybe collapsed into administration on 28th January, nearly three years after it first entered administration in March 2020 and less than a year on from its relaunch in April 2022. more

31/01/2023

in Airline trends & analysis

5-year-old aircraft values, NASA selects Boeing for new aircraft design programme

This is the 92nd in a series of supplements 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

30/01/2023

in Aircraft values, Lease Rates & Returns

A reminder for Ishka 2022 Deals of the Year Award submissions

A reminder that the submissions deadline for Ishka Deal of the Year Awards submissions is less than two weeks away on the 10th February 2023. more

27/01/2023

in Other

On Watch: Jet Airways takeover appealed, Indian carriers’ engine woes continue

An appeal has been launched against yet-to-relaunch Indian carrier Jet Airways’ proposed ownership transfer to the Jalan-Kalrock Consortium, which had previously been given the go-ahead in 2021. more

26/01/2023

in Airline trends & analysis

ESG data sheet: SAF offtakes vs airline 2030 commitments

This is an updated data sheet examining airlines with both sustainable aviation fuel (SAF) offtake agreements and 2030 SAF use targets. The list covers 18 airlines. more

25/01/2023

in ESG & Regulation

Dublin Week 2023: Lessors anticipate rise in trading but supply issues to persist

Ishka looks at some of the key talking points from aircraft investors on the aviation finance market during Dublin Week ahead of a year of high interest rate uncertainty. more

24/01/2023

in Aircraft values, Lease Rates & Returns

South Korean passenger traffic improves, China reopens borders

Ishka reviews the performance of South Korean airlines in 2022, including Korean Air and Asiana, and their recovery from the impact of the pandemic. more

23/01/2023

in Airline trends & analysis

The (still short) list of airline failures in 2022

Ishka summarises the airlines that met their end in 2022, predominantly due to insolvency as well as those who could no longer operate flights due to their required licensing being lost or withdrawn. more

20/01/2023

in Airline trends & analysis

Q4 2022 lenders survey: Bank margins rise by a further 25bps-50bps

Aviation financiers confirm that risk-adjusted margins for non-recourse aircraft loans have risen by 25bp-50bps over base rates during the last four months of 2022, while rising interest rates are also placing pressure on advance rates (LTVs). more

19/01/2023

in Aviation Banks and Lenders

How MONTE is pioneering clean propulsion aircraft leasing

With commitments for three different types of new propulsion technology retrofits and agreements with over 20 operators representing around 150 aircraft, MONTE is leasing’s frontrunner in the clean propulsion space. more

18/01/2023

in Aircraft values, Lease Rates & Returns , ESG & Regulation

Impact unveils sustainability milestone approach ahead of Transition Finance paper

Impact, established at the start of 2022 and now backed by 35 members, has unveiled a milestone concept for aviation financiers looking to incorporate sustainability measurements to deal covenants. more

17/01/2023

in ESG & Regulation

10-year-old aircraft values, Macquarie buys ALAFCO portfolio

This is the 91st in a series of supplements 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

16/01/2023

in Aircraft values, Lease Rates & Returns

OEM Update: Airbus ends 2022 ahead on orders and deliveries, but short of targets

Airbus and Boeing both delivered an increased number of aircraft in December, fulfilling earlier predictions of a backloaded end to the year but still falling shy of initial hopes for 2022 totals. more

13/01/2023

in OEMs, Cargo & Engines

January sales: Standard Chartered to sell leasing platform, lessors prep aircraft portfolios

Next week will be a busy one in Dublin for the aircraft leasing industry as lessors get a first look at leased aircraft portfolios and at least one leasing platform currently for sale. more

12/01/2023

in Aircraft values, Lease Rates & Returns , Aviation Banks and Lenders

Airlines repay $13bn of pandemic state aid

24 airlines tracked by Ishka have repaid $13.15 billion in Covid-19 related state aid as of 11th January 2023. more

11/01/2023

in Airline trends & analysis

High Ridge CEO: 2023 could be a big year for lessor M&A

2023 could be an active year for M&A in the aircraft leasing space, according to the CEO of start-up lessor High Ridge Aviation, Greg Conlon, who also tells Ishka that High Ridge is actively looking at a couple of potential transactions. more

10/01/2023

in Lessors & Asset managers , Aviation Banks and Lenders

Turkish carriers post strong performances despite weakened Lira, China begins to ease travel restrictions  

Ishka reviews the performances of airlines in Turkey, where despite adverse Turkish currency movements Turkish Airlines, Pegasus, and SunExpress posted strong Q3 results. more

09/01/2023

in Airline trends & analysis

Airline bonds Q4 2022: End of year rise after muted year

Unsecured debt issuances by airlines jumped to $16.155 billion in Q4 2022, exceeding every other quarter in the year and gaining nearly 36% on Q4 2021. more

06/01/2023

in Airline trends & analysis , Capital Markets

Lessor Bonds Q4 2022: ALC ends year as only Western debt issuer

Aircraft lessors tracked by Ishka issued $2.097 billion in unsecured capital markets debt in the fourth quarter of the year, topping the total amount issued in the previous two quarters combined. more

05/01/2023

in Lessors & Asset managers , Capital Markets

ESG Extra: EU agrees ETS reform but SAF rules slip into 2023

EU trilogue negotiations in December resulted in a legislative decision to tighten the EU ETS for aviation, but the ReFuelEU Aviation proposal introducing SAF mandates saw its final deliberation slip into 2023. more

05/01/2023

in ESG & Regulation

Briefing: Lessons from JP Lease’s A350 JOL Ch. 11 restructuring

A year on, Ishka examines the legal takeaways from a heavily contested Chapter 11 bankruptcy restructuring used to prevent an attempted auction of leased Airbus A350s by a distressed debt investor at the expense of JOL investors and junior debt holders more

03/01/2023

in Investor Briefings , Other , Aviation Banks and Lenders

All the best for 2023 from the Ishka team!

Ishka is taking a short break over the Christmas and New Year holiday period. We want to thank all our readers for their continued help and engagement with Ishka Insights. Your normal Insights service will resume in January. more

21/12/2022

in Other

Jet2 and Viva Aerobus take 2022 aviation sust. finance deal tally to nine

Two November deals bring the tally of aircraft and airline sustainable finance transactions in 2022 to nine, one more than in 2021. more

20/12/2022

in ESG & Regulation , Capital Markets

15-year-old aircraft values, B747 programme ends while C919 deliveries begin

This is the 90th in a series of supplements 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

19/12/2022

in Aircraft values, Lease Rates & Returns

OEM Update: United orders 100 Boeing 787s, Airbus revises yearly delivery target

Airbus has announced that it no longer expects to reach its previous target of 700 aircraft deliveries in 2022, after delivering 68 aircraft in November. more

16/12/2022

in OEMs, Cargo & Engines

The secondary market aircraft buyers list 2022

In a new regular report series, Ishka summarises a list of potential and active buyers of leased aircraft on the secondary market. more

15/12/2022

in Lessors & Asset managers

Investor guide: How asset managers now make up 1/3 of ‘next-tech’ commitments

Aircraft lessors and asset managers now account for approximately one-third of all commitments for fixed-wing alternative propulsion clean-sheet aircraft and retrofit programmes. more

14/12/2022

in ESG & Regulation

Investor guide: The 3,000+ order surge for ‘next-tech’ propulsion

For the first time, Ishka compiles commitments (orders and LOIs) for fixed-wing alternative propulsion aircraft and conversion kits in the regional and sub-regional space. more

13/12/2022

in ESG & Regulation

European LCCs report solid Q3, but inflationary and currency pressures remain

Ishka takes a look at the major European LCCs - Ryanair, Wizz Air, easyJet and Jet2, and reviews their performance during the September 2022 quarter. more

12/12/2022

in Airline trends & analysis

Narrowbody lease rates recover in 2022 but A320ceo overhang depresses values

Lease rates, particularly for current-technology narrowbody aircraft, moved upwards throughout 2022, according to analysis of Ishka’s Transaction Economics data. more

09/12/2022

in Aircraft values, Lease Rates & Returns

Airborne prices private placement aircraft ABS MAST 2022-1

Airborne Capital and Marathon Asset Management have priced a $303-million aircraft ABS, MAST 2022-1, through a private placement which is set to close early next week. more

08/12/2022

in Capital Markets

On Watch: SpiceJet looks to renegotiate contracts amid losses, Finnair cuts jobs

Indian carrier SpiceJet has continued to post negative financial results, recording a loss of RS 8.38 billion ($102 million) for Q3 2022. more

07/12/2022

in Airline trends & analysis

Alt lenders on pause as insurance funds grapple with rapid rate rise

Ishka understands that several alternative aviation lenders (alt lenders) have ceased offering new loans for the rest of 2022 as their primary source of capital, insurance funds, have been forced to pause new aircraft investments to manage the impact of rapid interest rate rises on their existing investments. more

06/12/2022

in Aviation Banks and Lenders

5-year-old aircraft values, trades step up in last months of 2022

This is the 89th in a series of supplements 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

05/12/2022

in Aircraft values, Lease Rates & Returns

Remarketing Watch: Steady decline in aircraft available for remarketing over past year

The total number of aircraft listed on remarketing sites has decreased moderately, with 471 aircraft being actively remarketed as Ishka goes to press – down from 493 in October and 497 at the end of August, according to Ishka research. more

02/12/2022

in Aircraft values, Lease Rates & Returns

Ishka invites 2022 Deals of the Year Award submissions

Ishka is now accepting submissions for its Deal of the Year Awards. The Ishka Deal of the Year Awards celebrate the best closed aircraft financings of 2022. more

01/12/2022

in Aircraft values, Lease Rates & Returns , Other

Unlevered SLB returns climb across 2022

Unlevered returns (IRRs) for new-technology aircraft sale/leasebacks (SLBs) have continued to increase throughout 2022 on the back of rising interest rates and thus higher debt costs, according to Ishka research. more

30/11/2022

in Aircraft values, Lease Rates & Returns

Unsecured debt data sheet: Q4 2022 QTD lessor bond issuances

Unsecured bond issuance volume by aircraft lessors has picked up so far in Q4 after ALC's $700 million bond. more

29/11/2022

in Lessors & Asset managers , Capital Markets

Continuing Covid restrictions exacerbate ongoing losses for ‘Big 3’ Chinese Airlines

The ‘Big 3’ Chinese airlines – China Southern, Air China, and China Eastern – have continued to report heavy losses during the third quarter following substantial losses in the first and second quarters of 2022. more

28/11/2022

in Airline trends & analysis

Unsecured debt data sheet: Q4 QTD airline bond issuances

Unsecured bond issuances by airlines rose dramatically in the first half of Q4 2022, already exceeding the combined total of Q2 and Q3 2023. more

25/11/2022

in Airline trends & analysis , Capital Markets

EU pushes aviation levies to pay for new COP27 landmark fund

The EU has pushed for a “broad donor base” including highly polluting sectors like aviation to pay for COP27's landmark Loss and Damage fund. more

24/11/2022

in ESG & Regulation

M&A: Aergo’s fleet exceeds 300 aircraft after acquiring rival Seraph

Aircraft asset manager Aergo Capital (Aergo) fleet has jumped to 304 aircraft assets after acquiring rival Seraph Aviation Management Limited (Seraph Aviation) for an undisclosed fee. more

23/11/2022

in Lessors & Asset managers

New airline state aid remains low, Air France-KLM repays $1bn of state support

Ishka estimates that as of 22nd November 2022 governments have introduced $212.7 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $223.02 billion. more

22/11/2022

in Airline trends & analysis

10-year-old aircraft values, market demand continues to outstrip supply

This is the 88th in a series of supplements to Ishka’s ‘Transaction Economics’ platform, delivering ‘the Ishka View’ on events that have a bearing on aircraft values, lease rates, and the market dynamics that matter, in today’s market environment. more

21/11/2022

in Aircraft values, Lease Rates & Returns

Jet Airways’ costs mount ahead of relaunch, LATAM passes Chapter 11 finish line

Indian carrier Jet Airways has met with additional problems, including a court order increasing the monetary amount of claims against it, hindering the airline’s return to service. more

18/11/2022

in Airline trends & analysis

Strong USD weakens Japanese aircraft investor appetite

Japanese aircraft investor appetite appears to have reduced over the past three months with less capital being deployed due to the weakening Japanese Yen (JPY) against the US Dollar (USD), sources tell Ishka. more

17/11/2022

in Lessors & Asset managers

Black Friday: End-of-year trading rush sees more aircraft sellers drop prices

Ishka examines how rising debt costs are prompting a “reset” in aircraft prices as more sellers offer discounts to achieve sales. more

16/11/2022

in Aircraft values, Lease Rates & Returns

Order and deliveries: 737 deliveries hit defect snag, Boeing reveals future production rates 

Airbus delivered 60 aircraft in October, including 47 A320neo family aircraft. Boeing delivered 35 aircraft to customers in total, of which 22 were 737 MAX. more

15/11/2022

in OEMs, Cargo & Engines