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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Remarketing Watch Data Sheet: A320ceo continues to lead listings

This Data Sheet provides a snapshot of aircraft currently being remarketed on three of the main remarketing sites.  more

02/06/2023

in Aircraft values, Lease Rates & Returns , OEMs, Cargo & Engines

Briefing: The airline cost implications of rising EU ETS allowance prices

For decades, fuel and labour have made up the lion’s share of an airline’s operational cost, but in Europe – and potentially soon in other places – another cost element is rising to the fore: emissions trading scheme compliance. more

01/06/2023

in ESG & Regulation

Aircraft buyers list June 23: Which aircraft are lessors targeting?

This is the 4th 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

31/05/2023

in Lessors & Asset managers

Quick takes: The race for Voyager, Boeing chief’s 2025 supply chain warning, traders talk widebodies

More M&A news this week as multiple rumours surround the various parties bidding for Voyager Aviation Holdings (VAH), formerly known as Intrepid Aviation Group. Meanwhile, lessors speaking at Ishka’s Dublin event last week stated there had been more interest from buyers looking to acquire twin-aisle aircraft. more

30/05/2023

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , OEMs, Cargo & Engines

ESG Five: Japan to mandate 10% SAF in 2030, new aircraft by Bombardier & Fokker, and more…

This week's highlights include Japan reportedly set to announce a 10% SAF mandate by 2030, new aircraft development updates by Fokker and Bombardier, and aircraft lessor Novus launching a SAF platform. more

26/05/2023

in ESG & Regulation

Narrowbody values: current-tech assets near pre-pandemic values

Current technology narrowbody values have largely risen past their 2021 levels but are still sitting just shy of full pre-pandemic recovery, according to Ishka Transaction Economics data. more

25/05/2023

in Aircraft values, Lease Rates & Returns

Sustainable Finance: Allegiant and HK Express join in as issuances pick up

At least seven sustainable finance transactions involving aircraft and airlines have been announced so far in 2023. Recent issuers include Japan Airlines, HK Express, Allegiant, KLM, and Air France. more

24/05/2023

in ESG & Regulation , Aviation Banks and Lenders

15-year-old aircraft values, Turkish, Delta, and Air Canada orders on horizon, Go First lessors look to rehome aircraft

This is the 100th in a series of supplements to Ishka’s ‘Transaction Economics’ service which delivers ‘the Ishka View’ on events that have a bearing on aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

23/05/2023

in Aircraft values, Lease Rates & Returns , OEMs, Cargo & Engines

Unlevered SLB returns continue to rise into 2023

Unlevered returns (IRRs) for new-technology narrowbody aircraft sale/leasebacks have continued to climb into Q1 2023 on the back on rising interest rates, according to Ishka research. more

22/05/2023

in Aircraft values, Lease Rates & Returns

Lessor trading update Q1 2023: Slow start to the year but more aircraft sales forecasted

Eight aircraft lessors analysed by Ishka acquired 15 aircraft via trades and sold 68 aircraft in the first quarter of 2023. more

19/05/2023

in Lessors & Asset managers

ESG Five: Neste opens SAF refinery, Singapore govt mulls SAF mandate, and more…

This week's highlights include the boost to global SAF production coming from Neste’s newly-opened facility in Singapore, the city-state reveals it is pondering SAF incentives and mandates, and more... more

18/05/2023

in ESG & Regulation

Chinese lessors are consolidating rather than retreating, argues PwC

Chinese lessors are consolidating rather than retreating from aircraft leasing, with several looking to expand their fleets as soon as they receive regulatory approval, argues a new PwC report published this month. more

18/05/2023

in Lessors & Asset managers

Lessor impairments up four-fold due to Russian invasion

Aircraft impairments recorded by 15 lessors analysed by Ishka totalled $9.3 billion in the 2022 financial reporting period, four times greater than the $2.28 billion recorded by the same lessors in 2021. more

17/05/2023

in Lessors & Asset managers

OEM Update: Ryanair’s mega MAX 10 order, fuselage issues delay 737 deliveries

Ryanair announced an order for 300 Boeing 737 MAX 10s on 9th May, in the latest of a series of bulk orders made by airlines. more

16/05/2023

in OEMs, Cargo & Engines

Cebu Pacific and PAL post Q1 profits, build on 2022 recovery

Following a gradual recovery in the second half of 2022, Southeast Asian airlines appear to have built further recovery momentum in 2023 so far, with an additional boost stemming from China’s reopening. more

15/05/2023

in Airline trends & analysis

Lease rate factors drop in latest round of SLB bidding

Fierce competition in the sale/leaseback (SLB) market from lessors looking to acquire new-technology aircraft has seen lease rate factor (LRF) bids drop in the latest round of bidding on some RFPs, sources tell Ishka. more

12/05/2023

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

ESG Five: NGOs and MEPs slam EU taxonomy for including aviation, CDB’s sust finance goals, and more…

This week's highlights include new backlash against aviation’s inclusion in the EU Taxonomy, lessor CDB aviation targeting sustainable finance, jet fuel taxation coming into European policy focus, and more... more

11/05/2023

in ESG & Regulation

Banks pass on higher funding costs to lessors

Financiers say risk-adjusted margins for secured debt for aircraft lessors have risen since the start of the year as banks increasingly pass on funding costs to aviation borrowers. more

11/05/2023

in Aviation Banks and Lenders

Widebody values: 777-300ER and A330-300 values show signs of uptick but remain below pre-pandemic highs

Recent increases in demand for certain widebody assets including Boeing 777-300ERs and Airbus A330-300s have begun to improve trading prices, sources tell Ishka. more

10/05/2023

in Aircraft values, Lease Rates & Returns

15-year-old aircraft values, Ryanair orders 300 737 MAX 10s, IndiGo contemplates widebody purchase

This is a fortnightly supplement to Ishka’s ‘Transaction Economics’ service which delivers ‘the Ishka View’ on events that have a bearing on aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

10/05/2023

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

Aircraft buyers list May 23: Which aircraft are lessors targeting?

This is the 3rd 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

08/05/2023

in Lessors & Asset managers

ESG Extra: EU agrees SAF mandate, Taxonomy feedback closes, and more

This May 2023 issue covers relevant sustainability developments for aviation finance during March and April 2023: sustainable finance, SAF, government policy, and more more

05/05/2023

in ESG & Regulation

ESG Five: White paper calls for turboprop renaissance, Ryanair signs SAF, and more...

This week's highlights include Sustainable Aero Lab laying down three pathways in new white paper, Ryanair signing a major SAF agreement in Spain, and more... more

05/05/2023

in ESG & Regulation

Go First files for bankruptcy, blames Pratt & Whitney

Indian carrier Go First cancelled flights effective from 2nd May and filed for insolvency with an Indian court, blaming a lack of supply of Pratt & Whitney engines for grounding large parts of the airline’s A320neo fleet. more

05/05/2023

in Airline trends & analysis

AerCap Q1 2023: Lessor selling off older aircraft to airlines as supply problems persist

Operators’ lack of capacity and their belief that supply will be constrained for “several years” are driving demand for aircraft purchases, says AerCap CEO Aengus Kelly more

03/05/2023

in Lessors & Asset managers

ALC Q1 2023: 'OEM' warns ALC that aircraft delays will persist till 2028

Ishka summarises some of the key takeaways from ALC’s Q1 2023 earnings call including OEM delays, engine issues, and rising lease rates. more

02/05/2023

in Lessors & Asset managers

Vietnam leads recovery in Southeast Asia

After several years of disruption, the Southeast Asian market has experienced a robust recovery in air traffic in recent months with Vietnam leading the way. more

02/05/2023

in Airline trends & analysis

ESG Five: EU agrees SAF mandate, EU ETS clarity for lessors, and more…

This week's highlights include the conclusion of negotiations for the ReFuelEU Aviation proposal and new clarity on the enforceability of EU ETS liens on leased aircraft. more

28/04/2023

in ESG & Regulation

Airlines repay nearly half of pandemic state aid debt

Ishka estimates that 26 airlines globally have repaid $48.2 billion of state aid debt out of the $98.53 billion total since 2020, including the repayment of loans and cancelling of remaining credit facilities. more

27/04/2023

in Airline trends & analysis

Ishka announces 2022 Deal of the Year Award Winners

Ishka presents the full list of its 2022 Deal of the Year Award winners. Ishka will be celebrating with the winners at 5.30pm at an informal drink reception at the sixth annual Ishka Aviation Finance Festival on the 23rd of May in Dublin at the Conrad Hotel. more

26/04/2023

in Lessors & Asset managers , Aviation Banks and Lenders

Airline bonds Q1 2023: Slow start with Air France leading the way

Unsecured bond issuances by airlines returned to ‘normal’ post-Ukraine invasion volumes in Q1 2023, as issuances dropped back to mid-2022 after an exceptionally busy Q4 2022. more

25/04/2023

in Airline trends & analysis , Capital Markets

5-year-old aircraft values, OEM supply chain constraints to continue into 2024

This is the 98th 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

24/04/2023

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

ESG Five: CAeS and Britten-Norman merge, Spain gets a ‘Jet Zero Council’, and more

This week's highlights include the merger agreement between Cranfield Aerospace Solutions (CAeS) and Britten-Norman, Sustainable Aviation's updated net zero roadmap, Spain's launch of a Jet Zero Council-inspired group, and more. more

21/04/2023

in ESG & Regulation

Asset managers Q1 2023 update

Ishka's asset managers datasheet provides a summary of recent news, activity and metrics of aircraft asset managers in Q1 2023. more

21/04/2023

in Lessors & Asset managers

New UK net zero roadmap sees more SAF, but also slowing passenger growth

A revised UK aviation industry-backed net zero carbon roadmap has made a rare acknowledgment that the higher costs of deploying Sustainable Aviation Fuel (SAF) and greener aviation technologies will slow projected passenger growth. more

20/04/2023

in ESG & Regulation

Sale/leaseback update Q4 2022 / Q1 2023

Ishka's data sheet provides a summary of recent sale/leaseback (SLB) transactions, request for proposals (RFP), key figures and active bidders. more

19/04/2023

in Aircraft values, Lease Rates & Returns

Aviation financiers shrug off Credit Suisse concerns

The second of a new regular data sheet series examining recent loans for commercial aircraft lessors and airlines, and the dynamics impacting aircraft lenders. more

18/04/2023

in Aviation Banks and Lenders

Australian and New Zealand aviation market rebounds from three years of losses

The Australian and New Zealand aviation market has seen a strong recovery since mid-2022 with airlines reporting a robust set of results in the first half of FY 2023 (ending 31st December 2022). more

17/04/2023

in Airline trends & analysis

ESG Five: EC calls for aviation EU Taxonomy feedback, EU SAF mandate nears, and more

Ishka highlights five noteworthy aviation ESG developments in the past seven days. This week: EU Taxonomy feedback, EU SAF mandate talks, a legal battle for Schiphol flights, SABA's SAF certificates, and the climate spotlight on UKEF lending. more

14/04/2023

in ESG & Regulation

More MAXs in sale/leaseback RFPs as LRFs continue to rise

Lessor state there has been an uptick in the number of airlines issuing sale/leaseback RFPs for Boeing 737 MAX aircraft this year. more

13/04/2023

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

On Watch: Repossessed aircraft stuck in Vietnam, Colombian aviation woes rumble on

Vietnam has been placed “on watch” by Aviation Working Group (AWG) as part of the UK entity’s Cape Town Convention compliance coverage, after Vietnamese courts blocked the return of several aircraft to a lessor earlier this year. more

12/04/2023

in Airline trends & analysis

New propulsion: New LOIs in 2023 as start-up OEMs get new investment

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

11/04/2023

in ESG & Regulation

10-year-old aircraft values, China's 'Big Three' airlines prepare to ramp up

This is the 97th 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

10/04/2023

in Aircraft values, Lease Rates & Returns

Remarketing Watch Data Sheet: Storage numbers drop slightly ahead of Summer season

Ishka's April Remarketing Watch Data Sheet: Number of aircraft being remarketed stays steady, storage numbers drop slightly more

06/04/2023

in Aircraft values, Lease Rates & Returns , OEMs, Cargo & Engines

Lessor Bonds Q1 2023: Volume picks up with 21 issuances

Aircraft lessors tracked by Ishka issued $3.373 billion in unsecured capital markets debt in the first quarter of the year, exceeding the amount of any quarter in 2022, but remaining relatively low at around half of the previous five year’s first quarter average. more

05/04/2023

in Lessors & Asset managers , Capital Markets

Ishka ESG: Used aircraft investors see sust-linked leases ‘trickling down’ to them

Ishka summarises some of the key takeaways from its second ESG-dedicated conference held last week in London, from expanding sustainable finance through aircraft trading, to SAF investment incentives and alternative propulsion’s search for capital. more

04/04/2023

in ESG & Regulation

US carriers post mixed results for 2022

While Alaska Air Group (AAG) and Southwest managed to return to profitability in full year 2022, Hawaiian and JetBlue remained in the red for the third year in a row. more

03/04/2023

in Airline trends & analysis

Ishka London: Aviation financiers say banking crisis could raise margins but risk of contagion is limited

Aviation lenders state that margins could still rise due to the recent banking crisis but share that the rapid response by regulators appears to have averted a wider crisis limiting the risk of contagion to aviation lending. more

31/03/2023

in Lessors & Asset managers , Capital Markets

Airlines ask for JOLCO financing in recently issued RFPs

Ishka understands multiple airlines with RFPs out in the market are actively exploring Japanese Operating Lease with Call Option (JOLCO) financing for upcoming aircraft deliveries. more

30/03/2023

in Other