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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Trading Update: Buyers gravitate to older assets

Mid-life and end-of-life narrowbody aircraft were the most traded type on the secondary market over the past twelve months, with Boeing's 737 NG comprising nearly a quarter of all acquisitions. more

26/07/2024

Farnborough 2024 aircraft orders wrap up

Ishka summarises orders from Farnborough 2024. more

25/07/2024

Lessors mandate aircraft portfolios

Aircraft trading activity is still continuing into July and August, according to sources who confirm that lessors are in the process of mandating buyers for a number of portfolios that came to market in Q2 2024. more

24/07/2024

Loan Datasheet: Airlines and lessors ramp up 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

23/07/2024

Mid-year market update, tight market to continue on OEM production delays

Welcome to the 127th ‘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. In this edition, you'll notice a refreshed format that aims to deliver insights more effectively. We are excited to have additional content and features introduced in the upcoming editions, ensuring you stay informed and ahead with the latest updates. more

22/07/2024

Aviation ABS Trading: A benign environment for new issuers?

117 aviation ABS tranches tracked by Ishka traded in the last 90 days, accounting for 464 individual trades. more

19/07/2024

Asset managers Q2 2024 update

Ishka's asset managers datasheet provides a summary of recent news, activity, and metrics of aircraft asset managers in Q2 2024. more

18/07/2024

AIP Capital raises debt as it eyes 737 MAX expansion

AIP Capital is in the process of raising fresh debt, after changing shareholders, as it looks to finance its managed order of incoming 737 MAXs and purchase aircraft on the secondary market. Ishka speaks with AIP Capital's management team. more

17/07/2024

New Aircraft Deliveries: June 2024 - the lead up to Farnborough

Ishka provides updates on Airbus and Boeing delivery volumes and new aircraft orders. more

16/07/2024

SLB returns: The rise of A320neo unlevered returns

Ishka reviews Q2 2024 SLB pricing trends for new tech single-aisle aircraft to examine net present values (NPVs), and unlevered returns (IRRs). more

15/07/2024

Remarketing Watch Data Sheet July 2024

The number of aircraft being remarketed on sites analysed by Ishka has remained largely consistent month-on-month, increasing by one from 331 to 332 aircraft. more

11/07/2024

Ishka Transaction Update - 11th July 2024

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

10/07/2024

S7 and Aeroflot pursue lessor settlements, Boeing to plead guilty in DOJ deal

Russian airlines are reportedly nearing new settlements with lessors over trapped aircraft, while Boeing is to plead guilty to criminal charges as part of a plea deal with the US DOJ. more

09/07/2024

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

This is the 12th 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 7th June 2024, Ishka recorded six new aircraft trades. more

08/07/2024

Aircraft lessors ‘severely underinsured’ for cyber crime

Many lessors are either “severely underinsured” or “simply not insured” for cyber crime according to London headquartered insurance broker, Consilium. more

05/07/2024

On Watch: Go First’s ‘final’ extension, TAROM to leave Heathrow

Romanian flag carrier TAROM is set to leave Heathrow Airport in October after finding a buyer for its airport slots. In India, defunct LCC Go First has been permitted a final 60-day extension to complete the insolvency process, allowing additional time for investors to bid on the business. more

04/07/2024

Capital Markets Update: Carlyle prices second class of ABS notes, lessors raise $4 billion in June

Lessors tracked by Ishka raised $4.05 billion in unsecured debt in June. more

03/07/2024

Boeing buys back Spirit, Airbus downgrades 2024 delivery guidance

Boeing has finalised a deal to re-acquire key supplier Spirit AeroSystems. more

02/07/2024

Middle East Review - LCC growth chipping away Emirates, Qatar Airways, and Saudia's market dominance

This week Ishka turns its attention to the Middle East, and reviews the recent performance of some of the LCC’s serving the aviation market in the region, including flydubai, flynas, Air Arabia, Jazeera Airways and Salamair. While demand remains elevated in the region, aggressive capacity deployment and new entrants in the market have put pressure on yields. That said, Emirates, Qatar Airways and Saudia continue to operate almost 40% of the region’s total capacity. more

28/06/2024

SLB returns: Unlevered IRR and NPV analysis for regional jets

This data sheet is an illustrative look at pricing trends, net present values (NPVs), and unlevered returns (IRRs) for nine hypothetical sale/leaseback (SLB) transactions informed by rumoured pricing terms of real SLB deals concluded between January to June 2024. more

27/06/2024

Aircraft Pricing Benchmark: Low OEM output ‘artificially’ ups older 737 NG and A320ceo values and lease rates

Aircraft OEM delays and restricted supply continue to boost values and market lease rates of mid-life and older-generation narrowbodies, according to Ishka’s Aircraft Pricing Benchmark. The research, based on multiple market sources, confirms that prices for mid-life Airbus A320ceo aircraft have been moving upwards since the end of last year. more

26/06/2024

Q2 2024: Engine prices – reaching their limits, or further to climb?

Aircraft engine buyers surveyed by Ishka have confirmed that prices have increased again for several single-aisle engines since the last quarter, despite the already rapid rise in prices over the previous 18 months. more

25/06/2024

Prosecutors recommend criminal charges against Boeing, Calhoun grilled by senators

Prosecutors in the US have reportedly recommended to the Department of Justice that Boeing face criminal charges. more

24/06/2024

Lessor order books: Nordic Aviation Capital orders A321neos, slashes A220 order

Nordic Aviation Capital became the first lessor to place an order with either Airbus or Boeing so far in 2024, ordering seven Airbus A321neos in May. more

21/06/2024

Loan Datasheet: Borrowers amend facilities while bank pricing tightens

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

20/06/2024

New aircraft deliveries: May 2024

Airbus delivered a total of 53 commercial aircraft in May, bringing its 2024 total so far to 254 – around a 4% increase over the equivalent 2023 period. more

19/06/2024

15-year-old aircraft values, COMAC makes domestic delivery progress, Russian carriers adapt fleet plans

Welcome to the 126th ‘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

18/06/2024

Aviation ABS trading: over a billion in securities traded in last three months

107 aviation ABS tranches tracked by Ishka traded in the last 90 days, accounting for 417 individual trades. more

17/06/2024

On Watch: EASA upholds Pakistan International Airlines ban, Bonza fails to find a buyer

European regulators will uphold operational restrictions on Pakistan International Airlines until the implementation of "corrective measures" within the country's civil aviation authority. In Australia, Bonza appears to be heading towards liquidation following the firing of its employees and cancellation of all future services. more

13/06/2024

PK AirFinance launches aircraft loan ABS PKAIR 2024-1

Alternative aircraft lender PK AirFinance is in the market with a $622.3-million aircraft loan ABS: PKAIR 2024-1. Proceeds from the notes will be used to acquire a portfolio of 27 airline aircraft loan facilities, financing 122 aircraft and engines. more

13/06/2024

Kahala rebrands as K2 as it looks to ‘scale', Griffin ups revolver

Aircraft lessor Kahala Aviation Group has rebranded as K2 Aviation and tells Ishka it is looking at mid to end-of-life commercial aircraft portfolios as its equity wants to “scale" its aircraft investments. Ishka speaks with the firm’s new managing partner Karl Ryan on what K2 is now targeting. more

12/06/2024

Trading update: ‘Sellers’ market’ persists despite ‘hundreds’ of available aircraft

Lessor speaking at sidelines, and on stage, at the Ishka Aviation Finance Festival in Dublin last month confirmed that “pent-up demand” from lessors unable to acquire aircraft during the pandemic was translating into a premium for lessors seeking to sell aircraft today. more

11/06/2024

Capital Markets Update: $1.677 billion issued by lessors in May

Lessors tracked by Ishka issued $1.677 billion in unsecured debt in May. more

10/06/2024

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

This is the 11th 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 1st May 2024, Ishka recorded ten new aircraft trades. more

07/06/2024

Remarketing Watch Data Sheet: Availability continues to fall heading into summer

The number of aircraft being remarketed on sites analysed by Ishka continues to fall, dropping by 4% month-on-month, and is now 23% lower than at the beginning of June 2023. more

06/06/2024

10-year-old aircraft values, Saudia signs order for 105 A320neos family jets, GOL to restructure

Welcome to the 125th ‘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

05/06/2024

Carlyle returns to public ABS market with AASET 2024-1

Aircraft asset manager Carlyle Aviation Management Limited (Carlyle) is in the market with a $428.1 million aircraft ABS, making it the first public commercial aircraft securitisation to test the ABS market in two years. more

04/06/2024

Deutsche Bank poised to announce NordLB portfolio acquisition

Deutsche Bank is due to announce the acquisition of a portfolio of secured aircraft loans from fellow German lender NordLB, according to multiple aviation finance sources. more

03/06/2024

MAX production cap to stay in place, FTAI Aviation buys MRO and splits from Fortress

The FAA is unlikely to remove the production expansion cap on the Boeing 737 MAX within the next few months, according to FAA Administrator Michael Whitaker. more

31/05/2024

Lessor order books: Will Farnborough Airshow break leasing order drought?

Ishka provides updates on confirmed lessor order books with Airbus and Boeing as of 30th April. more

30/05/2024

Cargo Market Update: Reduced freighter feedstock coincides with lease rate stability

Speaking at Ishka’s Trading Summit in Dublin earlier this month, cargo carrier CEOs flagged concerns over the limited availability of older aircraft for freighter feedstock, as passenger airlines look to extend the lives of their current fleets. Mid-size widebodies remain highly in demand among operators despite their age, with the lease rates of certain A330-300P2F vintages outpacing the B747-400F. more

29/05/2024

Engine lessor CEOs optimistic on GTF ‘resolution’, but warn supply chain issues likely to persist

Engine lessor CEOs have expressed new optimism about engine manufacturer Pratt & Whitney’s ability to reduce the number of grounded aircraft as it continues engine inspections triggered by concerns of cracked powdered metal components. more

28/05/2024

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