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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Phoenix Aviation Capital's $300 million PDP financing facility, Chinese-US trade war escalates

Lessor Phoenix Aviation Capital (Phoenix) has agreed a PDP financing facility of up to $300 million with AIP Capital, to be used for Phoenix’s order book of 30 Boeing 737 MAX 8s. more

17/04/2025

On Watch: US carriers adjust forecasts, Spirit CEO departs, airBaltic restructuring fears

This edition of On Watch provides updates on Spirit Airlines, Air Mauritius, airBaltic and IAG Group. more

16/04/2025

Alt lenders margins continue to tighten in Q1, HCOB exits aviation finance

Financiers confirm that risk-adjusted margins for alt lenders have continued to fall in the first quarter of 2025. In other news, Germany’s Hamburg Commercial Bank (HCOB) is exiting aviation finance, less than 18 months after launching the business, following an internal strategic review. more

15/04/2025

Lessors on alert as Indian tax authority targets leases

Aircraft lessors have been warned that they could be exposed to a $80 million tax bill from the Indian authorities relating to aircraft leases for several Indian airlines including IndiGo. more

14/04/2025

Q&A: How is Rolls-Royce investing in the aftermarket?

Ishka catches up with Romain Chambard, VP, Marketing at Rolls-Royce to discuss MRO costs, aftermarket investment and engine updates. more

13/04/2025

Mexican carriers delay aircraft deals in response to tariff uncertainty

Two Mexican airlines appear to be reacting to the uncertainty unleashed by the numerous tariffs introduced by the Trump administration by ‘pausing’ or delaying the introduction of additional capacity. more

11/04/2025

Delta outlines tariff impact, Trump pauses higher tariffs for most countries

Delta becomes the first major airline to acknowledge tariff impacts on its fleet plans. Meanwhile, the EU has paused its planned retaliatory tariffs as Trump raises duties on China to 125%, intensifying trade tensions. more

10/04/2025

Fund watch: Aircraft asset managers ACS and Castlelake close new funds

Aero Capital Solutions (ACS) announced the closing of its fourth fund last week, ending with total equity commitments of $936 million. more

10/04/2025

Korean Air confirms order for 40 widebodies, BOC Aviation strikes major deals with Boeing and Airbus

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

09/04/2025

The Signal from the Noise – ‘Liberation Day’

In a guest Insight, PwC’s Ron Doyle and Mark Brennan unpick what impact US tariffs will have for aviation. more

08/04/2025

RFPs: Southwest ‘pauses’ RFP, JOLCO lease rate factors drop below 0.6

Multiple airlines remain active in the market with both sale/leaseback and financing RFPs. more

08/04/2025

India to (finally) fully implement Cape Town, Spirit issues private EETC

After years of waiting, India moved a significant step closer to full implementation of the Cape Town Convention this week with the Indian Parliament approving legislation transposing it into national law. more

04/04/2025

The ‘unquantifiable’ cost of tariffs for aviation

US President Donald Trump's latest tariffs are set to have significant global trade implications. Ishka explores how the fallout could affect the aviation sector. more

03/04/2025

Aircraft ABS investors warm to new waterfalls but might need higher spreads

Investors in senior tranches are welcoming some of the recent structural changes to recent aviation ABS deals, but spreads may have to rise to accommodate investors in new deals, warned speakers last week at Ishka’s Investing in Aviation Finance: Europe. more

02/04/2025

Lessors book new aircraft orders and raise debt

BOC Aviation has ordered 70 Airbus A320neo family aircraft, along with 50 Boeing 737-8 aircraft. more

01/04/2025

Airlines go early with RFPs to target Japanese investors

Airlines and lessors are initiating earlier RFP processes amid intensifying competition among lessors for SLB mandates and between lenders (and some lessors) for financing mandates. more

31/03/2025

Age is just a number: Why older A320ceo leases rates are converging

Ishka looks to see why age is becoming less important when airlines are sourcing narrowbody capacity. more

28/03/2025

An investors guide to: Training Aircraft

In a guest Insight, Aldo Giovannitti from consultancy, Aernovum Aviation looks at the pricing, opportunity and risks for an alternative aircraft asset often overlooked by many investors – the training aircraft market. more

27/03/2025

‘We are in a golden age of SLBs’ - GraySky Aviation CEO chats to Ishka

Stratton Borchers, founder and CEO, of GraySky Aviation chats to Ishka about market gaps, raising capital and potential lessor M&A. more

26/03/2025

Quick Takes: FTAI Aviation share price volatility continues, AerCap and Avation make yearly gains

Ishka takes a look at publicly traded lessor and aviation stocks. more

25/03/2025

Industry reacts to US tariff threats as Castlelake finalises fifth aviation fund

The global aviation industry ramps up its response to mounting US tariff pressures, with reactions from AerCap, Boeing and a coalition of 15 aviation groups. Castlelake closes its fifth aviation credit fund with over $2bn in committed capital. more

24/03/2025

Q1 Bank survey: Debt costs drop for top-tier aviation credits

Ishka’s latest bank survey reveals adjusted risk margins continue to fall for both lessors and airlines. more

21/03/2025

Aircraft values: Widebody purchase prices show upward trend in Q1

Mid-life widebody values trended upwards in Q1, with 2015 vintage 777-300ERs the most notable increase, climbing into the mid $50 million range. more

20/03/2025

Lessors expect SLB lease rate factors to marginally strengthen in Q1 2025

Lessors surveyed by Ishka expect sale/leaseback lease rate factors to marginally strengthen in upcoming campaigns, while purchase prices are expected to remain stable more

19/03/2025

More aviation ABS promised but will tariffs disrupt promised pipeline?

After a rapid succession of commercial aircraft ABS came to market in the first few months of the year, issuance announcements have slowed. more

18/03/2025

AerCap CEO spells out tariff cost, more lessors look to part out A320neos

AerCap’s CEO, Aengus Kelly, explained that under a ‘worst-case’ scenario new tariffs could increase the cost of a Boeing 787 by an additional $40 million. more

14/03/2025

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

This is the 4th edition of Ishka’s Engine Buyers List, where Ishka summarises a list of some of the most active commercial engine buyers in the secondary market. more

13/03/2025

“Financial insanity” – is OEM escalation deterring new lessor aircraft orders?

Uncapped OEM escalation costs are deterring some lessors from placing new aircraft orders, according to leasing executives speaking at last week’s ISTAT conference in Phoenix. more

12/03/2025

Lessors team to buy A330 portfolio, JSA orders 50 Airbus narrowbodies

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

11/03/2025

Capital Markets Update: Lessors raise $426 million in unsecured debt in February

Lessors raised approximately $426 million in unsecured capital markets debt in February. more

10/03/2025

AerCap Q4 2024: CFM LEAP orders, more share buybacks, and insurance proceeds

Ishka takes a look at AerCap's Q4 2024 earnings call and results. more

07/03/2025

‘I didn't say anything about moving away from Net Zero 2050’- IATA’s Willie Walsh

IATA Director General Willie Walsh caused a stir this week at the ISTAT Americas conference warning that airlines might need to re-evaluate their Net Zero 2050 targets. Ishka caught up with Walsh on the sidelines of the conference. more

06/03/2025

Lessors warn US tariffs could impact aircraft prices

A panel of aircraft lessor CEOs at ISTAT Americas this week discussed how the inflationary impact of new US tariffs could ultimately increase the cost of new aircraft. more

05/03/2025

Loan Datasheet: Aircraft financing remains cautious despite easing swap rates

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

04/03/2025

Who were the new airlines of 2024?

This report examines 13 airlines that commenced operations in 2024. more

28/02/2025

Remarketing Watch Data Sheet: February 2025

The total number of aircraft being actively remarketed on sites analysed by Ishka remains low at 283. more

27/02/2025

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

This is the 18th 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

26/02/2025

Trading Update: More teasers as lessors ready for ISTAT

Lessors have released several new aircraft portfolios available for sale in what has been a busy start to the year for aircraft traders. more

25/02/2025

On Watch: Spirit rejects new Frontier bid as Portuguese government moves to sell 49% of TAP

This edition of On Watch covers recent updates on the following airlines: Spirit Airlines, GOL, Azul, JetBlue, TAP Air Portugal and Air Europa. more

24/02/2025

Update: New Gilead and Altavair ABS issuances price

Two recently marketed aircraft lease ABS issuances from Gilead (the Pimco-AerCap JV) and Altavair have now priced. more

21/02/2025

ALC Q4 2024: Lessor sees ‘reduced’ financing needs for 2025 deliveries

Air Lease Corporation expects to largely self-fund its OEM deliveries in 2025 through operating cash flow and aircraft sales proceeds, the lessor shared during its recent Q4 2024 earnings call. more

20/02/2025

Ishka SAVi highlights: Bank decarbonisation targets, NZBA withdrawals, and a looming Omnibus Package

Three Ishka SAVi highlights offering a snapshot of recent reporting on major sustainability issues shaping aviation finance. more

19/02/2025

New airlines and lessor financing and SLB RFPs

Multiple airlines are active in the market with sale/leaseback and finance RFPs, several of which are already being shortlisted for first bids. Ishka summarises recent RFPs and updates from the last 10 days.   more

18/02/2025

Southwest and BBAM close major sale/leaseback for 36 B737-800s, JSA strikes deal with Cebu Pacific

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

17/02/2025

Altavair markets debut $582.88 million aircraft lease ABS issuance

Altavair is in the market with its debut $582.88 million aircraft lease ABS issuance, ALTDE 2025-1. more

14/02/2025

Air Senegal’s leasing dispute and TunisAir’s uncertain future

Two struggling African flag carriers are struggling to survive amid mounting levels of debt. As Air Senegal deals with a lease controversy that has grounded four of its planes, TunisAir is proceeding with its restructuring plan in the face of leadership changes and funding dilemmas. more

13/02/2025

Why Nomura is expanding into aviation lending

Ishka catches up with Keith Allman, Head of US ABS at Nomura to understand the bank's new expansion into ABS and aviation finance. more

12/02/2025

Trading Update: Aircraft traders release new portfolio teasers

Aircraft lessors have released several new portfolios of leased aircraft available for sale in January and February. more

11/02/2025

Update: Castlelake's CLAS 2025-1 prices

Castlelake’s recent $819.75 million CLAS 2025-1 aircraft lease ABS has priced with yields of 5.85% and 6.5% on its series A and B notes respectively. more

10/02/2025

Gilead markets $600 million aircraft lease ABS GHOST 2025-1

Gilead, the Pimco-AerCap JV, is in the market with a $600 million aircraft lease ABS. more

10/02/2025