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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Special focus on China’s ‘Big Three’, AirAsia suffers revenue hit while Pegasus’ capacity eclipses 2019 figures

This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more

20/09/2021

in Airline Profiles , Aircraft Finance Market

Avianca's share price plummets, PAL receives court approval

Avianca Holdings has received Bankruptcy Court approval to send its proposed plan of reorganisation to creditors for a vote, according to a court filing on 14th September. more

17/09/2021

in Airline Profiles , Aircraft Finance Market

PE funds and new lessors help drive recent aircraft trading

Lessors state that a wave of capital from new and existing investors is driving down margins, particularly for sale/leasebacks, but has also helped resuscitate the trading of leased aircraft. more

16/09/2021

in Capital Markets , Aircraft Finance Market

Stratos contemplates second ABS and discusses 100+ aircraft target

Monaco-headquartered asset manager Stratos is seeking to increase its 41-aircraft portfolio to 60 aircraft by the end of 2021, and potentially over 100 aircraft after 18 months via the addition of narrowbodies and a handful of widebodies. more

15/09/2021

in Lessors and Lease Rates , Aircraft Finance Market

AeroCentury, a short-squeeze standout, exits Ch. 11 with Chinese investors

California-based regional aircraft lessor AeroCentury had its proposed Chapter 11 plan approved. In the meantime, Ishka notes the lessor has been attracting unusual interest from amateur investors. more

14/09/2021

in Lessors and Lease Rates , Aircraft Finance Market

10-year-old aircraft values, pickup in B777 P2F conversions and Ryanair-Boeing MAX 10 talks break down

This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more

13/09/2021

in Aircraft Finance Market

An uneven playing field: The reduced level of state support for regional aircraft operators

Regional aircraft are half as likely to be operated by airlines benefitting from state support compared to larger aircraft, an analysis based on Ishka’s state aid tally shows. more

10/09/2021

in Aircraft Asset Profiles , Aircraft Finance Market

Turboprop lessor Elix launches asset management service

Ishka speaks with Elix Aviation COO John Moore about the firm’s expansions plans, as well as values and lease rate trends for turboprops. more

09/09/2021

in Lessors and Lease Rates , Aircraft Finance Market

ATR prices face challenging recovery as market supply increases

ATR prices are being depressed by an increasing supply of aircraft coming into the market from distressed airlines, according to Ishka’s Pricing Benchmark team. more

08/09/2021

in Aircraft Asset Profiles , Lessors and Lease Rates

Asia-Pacific’s travel boom, special focus: Qantas and Air New Zealand falling revenues

This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more

07/09/2021

in Airline Profiles , Aircraft Finance Market

Philippine Airlines to reject 21 aircraft and set no-minimum PBH after Ch. 11 filing

Philippine Airlines aims to cut 21 aircraft from its fleet and put all remaining operating leases under no-minimum PBH terms after filing a pre-arranged Chapter 11 bankruptcy protection process. more

06/09/2021

in Lessors and Lease Rates , Airline Profiles

Remarketing Watch: Small positive steps as stored aircraft fall by 11%

More aircraft are continuing to come out of storage as airlines react to a slow return in passenger demand, according to Ishka research. more

03/09/2021

in Lessors and Lease Rates , Aircraft Finance Market

Castlelake explores possible CLO as it expands financing book

US lessor Castlelake is exploring a potential collaterised loan obligation (CLO) based on aircraft loans which could make it the first entity to create a publicly-traded CLO for the asset class, as it expands its aircraft financing division. more

02/09/2021

in Capital Markets , Aircraft Finance Market

Investors face a four-year wait for key freighter conversion slots

Freighter conversion slots are in such high demand that some investors could face up to a four-year wait for a conversion slot for some of the most popular conversion programmes for troubled assets such as the A330. more

02/09/2021

in Aircraft Asset Profiles , Aircraft Finance Market

airBaltic secures $106 million aid while Pegasus, TAP and El Al request more support

This is the 47th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 31st August 2021 governments have introduced $195.89 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

31/08/2021

in Airline Profiles , Aircraft Finance Market

15-year-old aircraft values, Delta orders 30 more A321neos, Embraer’s new turboprop

This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more

30/08/2021

in Airline Profiles , Aircraft Finance Market

Mid-teenage narrowbodies see falling demand

Mid-teenage narrowbodies are continuing to see muted demand by new operators, with the market blaming competitive pricing on younger vintages for a decline in interest for 16-year-old classics. more

27/08/2021

in Aircraft Asset Profiles , Lessors and Lease Rates

Banks mull NAC aircraft repossessions, airlines continue fleet restructurings

Several banks with secured debt to Nordic Aviation Capital are rumoured to be considering whether to repossess aircraft from the troubled regional aircraft lessor. more

26/08/2021

in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market

Remarketing Watch data sheets: More aircraft are coming out of storage

This is a new series of reports. Download data sheets with an overview of aircraft currently available on three of the most active aircraft remarketing sites. more

25/08/2021

in Lessors and Lease Rates , Aircraft Finance Market

Airline state aid data sheets: State support vs pre-pandemic revenues

This is a new series of reports. Download data sheets with an overview of airline state aid since March 2020 including a ranking of the most generous packages based on pre-pandemic revenues. more

24/08/2021

in Airline Profiles , Aircraft Finance Market

Latin American and Asian carriers struggle as Europe leads world recovery

This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more

23/08/2021

in Airline Profiles , Aircraft Finance Market

Remarketing Watch: Lessors impose interest rates on lease extensions and PBH deals

Airlines are continuing to extend power-by-the-hour (PBH) terms or lease deferrals as they wait for a recovery in passenger traffic, which many carriers hope will occur by summer 2022. more

20/08/2021

in Lessors and Lease Rates , Aircraft Finance Market

Asset managers staff up, lessors sign mid-life aircraft deals

This is the second edition of Ishka’s aircraft asset managers report, which tracks recent updates, market moves, and fleet changes of aircraft asset managers in the industry. more

20/08/2021

in Lessors and Lease Rates , Aircraft Finance Market

Unsecured debt data sheets: Quarter-to-date lessor and airline bond issuances

This is a new series of reports. Download data sheets with summaries of Q3 2021 issuances to date by aircraft lessors and airlines. more

19/08/2021

in Capital Markets , Aircraft Finance Market

Engine lessors post Q2 losses but continue to buy discounted engines

Two publicly-listed engine lessors, Willis Lease Finance (Willis) and Fortress Transport and Infrastructure Investors (Fortress), have recorded losses results during the year’s second quarter as the aviation industry continues to be rocked by the Covid-19 crisis. more

18/08/2021

in Lessors and Lease Rates

5-year-old aircraft values, CALC sells A320s to Puyin Leasing, GOL agrees MAX funding

This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more

18/08/2021

in Airline Profiles , Aircraft Finance Market

Lessor CEOs: Airline rent deferral requests slow-down, 'no business case yet' for eVTOL aircraft

Ishka reviews some of the key market concerns raised by AerCap, Aircastle, Air Lease Corporation (ALC) and ALAFCO in their Q2 2021 earnings calls, including deferral requests, OEM delays, aviation’s environmental impact and the future market outlook. more

16/08/2021

in Lessors and Lease Rates , Aircraft Finance Market

LATAM restructures orderbook, HNA Group’s plan deadline extended

LATAM Airlines announced on 10th August that it has reached agreements with Boeing and Airbus regarding its future fleet commitments. more

13/08/2021

in Airline Profiles , Aircraft Finance Market

SpiceJet and Go First get first Indian aid as Thai airlines urge support

This is the 46th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 12th August 2021 governments have introduced $195.32 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

12/08/2021

in Airline Profiles , Aircraft Finance Market

US LCCs see results bolstered by PSP as Chinese capacity continues to fall

US LCCs have posted a strong quarter of earnings, reaping the rewards of a strong vaccination campaign and US Treasury support. more

11/08/2021

in Airline Profiles , Aircraft Finance Market

Exclusive: Lufthansa Technik touts new cheaper A330 cargo conversion solution

German MRO Lufthansa Technik has been talking to potential customers about a new A330 cargo conversion solution that would cost a fraction of a regular P2F conversion. more

10/08/2021

in Aircraft Asset Profiles , Investor Education

ALC Q2 2021: Lessor to 'scale back' aircraft sales due to OEM delays

Air Lease Corporation will be cutting back on aircraft sales for the remainder of 2021, and possibly into 2022, as OEM delays get in the way of its portfolio growth objectives. more

09/08/2021

in Lessors and Lease Rates , Aircraft Finance Market

Prices climb for 2013 vintage 737-800NGs vs A320ceos

Limited availability for 2013 vintage B737-800NGs has seen purchase prices and lease rates for the aircraft type overtake 2013 vintage A320ceos, according to Ishka’s latest pricing benchmark. more

06/08/2021

in Lessors and Lease Rates , Aircraft Finance Market

A year after Ch. 11, Latin America’s big three see modest 10% fleet cut – for now

When accounting for recently announced aircraft sales, remarketed aircraft, or sale mandates, the current combined fleet stands around 540 aircraft (-10%) – a relatively humble change for Latin America’s 'big three'. more

04/08/2021

in Airline Profiles , Aircraft Finance Market

AerCap sees 9.6% hike in Q2 net income as GECAS merger gets EU approval

AerCap has recorded a steady rise in revenues and net income this quarter, as European regulators approved a planned merger with rival lessor GECAS set to close in Q4. more

03/08/2021

in Lessors and Lease Rates , Aircraft Finance Market

10-year-old aircraft values, Boeing’s first profit in two years and Sukhoi receives order boost

This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more

02/08/2021

in Airline Profiles , Aircraft Finance Market

Avianca secures $1.6bn financing, LATAM continues fleet restructuring

Avianca Holdings has secured a $1.6 billion financing package from both new and existing lenders. The airline filed a motion on 22nd July with the Bankruptcy Court seeking approval of an amendment to its existing debtor-in-possession (DIP) documents. more

30/07/2021

in Airline Profiles , Aircraft Finance Market

Condor, Air Nostrum get new aid as EU affirms approval for sued packages

This is the 45th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 29th July 2021 governments have introduced $195.30 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

29/07/2021

in Airline Profiles , Aircraft Finance Market

Asset managers chase freighter conversion deals

This is the first edition of Ishka’s aircraft asset managers report, which tracks recent updates, market moves, and fleet changes of the active aircraft asset managers in the industry. more

28/07/2021

in Aircraft Asset Profiles , Lessors and Lease Rates

Castlelake prices mid-life aircraft ABS refi

US fund manager and leasing firm Castlelake priced a $450 million aircraft ABS refinancing last week: Castlelake Aircraft Structured Trust 2017-1R (CLAS 2017-1R). more

27/07/2021

in Capital Markets , Aircraft Finance Market

USA & Mexico's domestic resurgence, easyJet passenger numbers up, Jet2 revenues drop 89%

This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more

26/07/2021

in Airline Profiles , Aircraft Finance Market

Remarketing Watch: Airlines negotiating six months minimum of PBH

New leases and lease amendments for passenger aircraft are featuring a minimum of six to nine months of power-by-the-hour (PBH) pricing, third-party aircraft remarketers tell Ishka. more

23/07/2021

in Lessors and Lease Rates , Aircraft Finance Market

Airline Credit Profile: What is at stake in Air Europa's pending IAG takeover?

The European Commission has recently opened an in-depth investigation into the proposed IAG – Air Europa merger, adding uncertainty to IAG’s latest consolidation bid. more

22/07/2021

in Airline Profiles , Investor Education

A320neo prices stable while 737 MAX 8 values climb slightly

The Ishka Aircraft Pricing Benchmark aims at collecting (anonymously) the market’s view every two months. more

21/07/2021

in Lessors and Lease Rates , Aircraft Finance Market

Airlines react to EU’s new ambitious green deal measures

Fit for 55 is the world’s most ambitious legislation proposal to reduce aviation emissions and could permeate aircraft fleet choices for years to come. Ishka examines its main proposals and industry reaction. more

20/07/2021

in Investor Education , Aircraft Finance Market

15-year-old aircraft values, more lessor activity and reduced 787 production rates

This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more

19/07/2021

in Airline Profiles , Aircraft Finance Market

TAP aid in EU sights as new Alitalia gets go-ahead

This is the 44th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 1st July 2021 governments have introduced $195.28 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

16/07/2021

in Airline Profiles , Aircraft Finance Market

Avianca moves JOLCO leases to PBH, Malaysia puts six A380s for sale

Avianca Holdings filed a court request on 6th July to reject leases for two JOLCO-financed A320s (MSN 7928 and 7887) and enter new leases for the aircraft on "better economic terms." more

15/07/2021

in Airline Profiles , Aircraft Finance Market

Trading update: Bocomm reviews off-shore portfolio bids, Castlelake sells Delta 737s

Lessors and aircraft investors are waiting to hear if they have been successfully mandated, or shortlisted, on several portfolios of leased aircraft for sale. more

14/07/2021

in Lessors and Lease Rates , Aircraft Finance Market

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