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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Airline state aid continues in 2022 with $2.12bn in the past six weeks

Pandemic-related state aid is still being provided to airlines in 2022, with $0.23 billion in confirmed measures since the start of the year and $2.12 billion since mid-December 2021. more

27/01/2022

in Aircraft Finance Market

A330 P2F waiting times drop by six months

The waiting times for two of the most popular A330 P2F (passenger to freighter) conversion programmes has decreased by six months from over five years in November 2021 to around four-and-a-half years today. more

26/01/2022

in Aircraft Asset Profiles , Aircraft Finance Market

Cargo business drives Taiwanese and Korean carriers’ rise in 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

25/01/2022

in Airline Profiles

Aircraft leasing association ALI launches sector’s first ESG narrative

Trade association Aircraft Leasing Ireland (ALI) launched the sector's first joint ESG narrative last week, a major milestone for an industry that until now had few unified voices at the leadership level. more

24/01/2022

in Lessors and Lease Rates , Aircraft Finance Market

Georgian Airways enters restructuring, Garuda receives $13.8bn in creditor claims

Georgian flag carrier Georgian Airways has entered a formal debt-restructuring after the Tbilisi City Court decided to initiate rehabilitation proceedings on 11th January, due to the carriers debts of more than 176 million lari ($56.8 million). more

21/01/2022

in Airline Profiles

Narrowbody engine lessors plan for 2022 market recovery after Q4 gains

The narrowbody engine leasing market is expecting a sustained recovery in 2022 after promising gains in the second half of last year for both engine lease rates and values. more

20/01/2022

in Aircraft Asset Profiles , Lessors and Lease Rates

Remarketing Watch: Aircraft in storage down almost 41% since April

The number of aircraft in storage has fallen by almost 41% over the last nine months, according to Ishka research, as airlines react to the recovery in passenger demand, particularly in domestic markets. more

19/01/2022

in Aircraft Asset Profiles , Aircraft Finance Market

15-year-old aircraft values, new lessor orders, final A320ceo family and A380 deliveries

This is a series of supplements to 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

18/01/2022

in Aircraft Finance Market

Aviation banks partner for new sustainable aviation initiative: IMPACT

A group of about 20 international aviation banks and institutions are in the process of establishing an independent association (IMPACT (Initiative to Measure and Promote Aviation’s Carbon-free Transition e. V.) to promote sustainable aircraft financing. more

17/01/2022

in Regulatory and Accounting

Airline bonds Q4 2021: $11.9bn unsecured rounds off record $63.5bn year

Airline unsecured debt rose to a new high in 2021 with $63.53 billion in issued bonds, a near-15% increase from last year’s $55.3 billion and more than doubling the $31.31 billion issued in 2019. more

14/01/2022

in Airline Profiles , Capital Markets

Remarketing Watch: Unplaced new-tech widebodies find homes in restructured fleets

New-technology widebodies that were built but not delivered over the past three years have recently been placed with newly-established airlines and carriers forced into fleet rejigs by the pandemic. more

13/01/2022

in Aircraft Asset Profiles , Airline Profiles

Omicron forces global flight cancellations

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

12/01/2022

in Airline Profiles

Support from lessors and states curb airline failures in 2021

Continued state support combined with reduced and deferred leases has helped limit the number of airline failures for a second year running, despite the severe impact of the pandemic on airline revenues. more

11/01/2022

in Airline Profiles , Aircraft Finance Market

Ishka invites 2021 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 finance deals of 2021. more

10/01/2022

in Lessors and Lease Rates , Aircraft Finance Market

Prices stabilise for mid-life A320s and 737-800s

Ishka’s Pricing Benchmark Q3 2021 data charts lease rates and prices for eight-year-old and 16-aircraft old A320ceos and 737-800s. more

07/01/2022

in Aircraft Asset Profiles , Aircraft Finance Market

Lessor Bonds Q4 2021: AerCap’s behemoth debt raise seals record-breaking year

Aircraft lessors tracked by Ishka issued $25.17 billion in unsecured capital markets debt during the fourth quarter of the year rounding off $52.53 billion raised across 2021 more

06/01/2022

in Lessors and Lease Rates , Capital Markets

Philippine Airlines emerges from Chapter 11, Garuda enters formal restructuring

In this week’s Restructuring Watch report, Ishka provides updates on airlines from Ishka’s Restructuring list and one lessor – Nordic Aviation Capital (NAC). more

05/01/2022

in Lessors and Lease Rates , Airline Profiles

TrueNoord CEO: ‘We are ready’ for any potential NAC aircraft sales

Anne-Bart Tieleman, the CEO of regional aircraft lessor TrueNoord, states that the firm is “well- positioned” to potentially buy any aircraft that may emanate from rival lessor NAC’s restructuring process. more

04/01/2022

in Lessors and Lease Rates , Aircraft Finance Market

ELF CEO: Leased engine demand picks up, but Omicron knocks industry confidence

Engine Lease Finance (ELF) has seen an improvement in engine demand in the past three or four months, but uncertainty sparked by the new Omicron variant is “taking a little bit of the optimism out of that momentum,” says ELF President & CEO Tom Barrett. more

03/01/2022

in Lessors and Lease Rates , Aircraft Finance Market

Ishka Data Library: Latest data sheets on aviation finance

This page contains a selection of Ishka Insights’ latest downloadable data sheets on airline restructuring, aircraft remarketing, unsecured lessor debt, airline bonds, sale/leaseback and ESG, among others. more

01/01/2022

in Investor Education , Aircraft Finance Market

Season’s greetings from Ishka!

Ishka is taking a break over the Christmas holiday period. We wish to thank all of our readers for their support during 2021 which has been another extraordinary year as the industry adapts to the continued shocks of the pandemic and slowly recovers. Normal Insights service will resume in January. more

23/12/2021

in Aircraft Asset Profiles , Aircraft Finance Market

Why FitzWalter’s ‘hyper-aggressive’ A350s sales process has shaken the JOL/JOLCO market

Ishka is aware that three French banks Credit Agricole Corporate & Investment Bank (CACIB), Natixis, and BNP Paribas, have sold senior debt portions on separate JOLs and JOLCOs they originated to investment fund FitzWalter Capital (FitzWalter). Sources state the investment fund is looking to acquire the aircraft at discount via a sales process, potentially at the expense of junior noteholders and Japanese equity holders. more

22/12/2021

in Aircraft Finance Market

5-year-old aircraft values, NAC files for Chapter 11, final A380 delivery

This is a series of supplements to 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

20/12/2021

in Lessors and Lease Rates , Aircraft Finance Market

2021 state aid tally at $57.6 bn, down one-third from 2020

This is the 51st updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 17th December 2021 governments have introduced $204.57 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

17/12/2021

in Airline Profiles , Aircraft Finance Market

Remarketing Watch: Remarketers warn of Omicron PBH extensions

Remarketers warn some airlines might seek to extend power-by-the-hour (PBH) rental agreements by a further three or four months to help them deal with uncertainty and reduced cash flows caused by the Omicron coronavirus variant. more

16/12/2021

in Lessors and Lease Rates , Aircraft Finance Market

Omicron set to disrupt aviation recovery by at least 3 or 4 months

The Omicron coronavirus variant could delay the recovery in air travel by at least three or four months and could lead to more airline restructurings, warn aviation veteran forecasters independent consultant Dick Forsberg and MUFG’s head of aviation research Bert Van Leeuwen. more

15/12/2021

in Modelling and Forecasting , Aircraft Finance Market

A220 lease rate factors fall further in latest round of SLB bids

Sale/leaseback lease rate factors for new Airbus A220s delivering to Air France and airBaltic have fallen in the final round of bidding, Ishka understands. more

14/12/2021

in Aircraft Asset Profiles , Lessors and Lease Rates

Global capacity holds firm amid Omicron uncertainty

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

13/12/2021

in Airline Profiles

Lessors look beyond conventional aircraft for ESG investments

Ishka has identified 12 investments by eight aircraft lessors, asset managers, or their parent companies over the past 12 months, with e-VTOLs, hydrogen, and SAF among the targeted activities. more

10/12/2021

in Lessors and Lease Rates , Aircraft Finance Market

ABL CEO discusses $800 million JV, returns and widebody aircraft

Ali Ben Lmadani, CEO of Ireland-based asset manager ABL Aviation, discusses the newly established joint venture (JV) with Ellington Management Group to acquire aircraft on behalf of a larger pool of investors. more

09/12/2021

in Lessors and Lease Rates , Aircraft Finance Market

The outlook for aircraft ABS in 2022

After a remarkable resurgence in the aircraft ABS market this year Ishka offers several predictions for new aircraft ABS issuances in 2022. more

08/12/2021

in Lessors and Lease Rates , Capital Markets

Avianca emerges from Chapter 11, LATAM submits restructuring plan

Colombian airline group Avianca Holdings announced on 1st December it has successfully emerged from its Chapter 11 bankruptcy process, a month after a US court approved its reorganisation plan. more

07/12/2021

in Airline Profiles

10-year-old aircraft values, more WBs return to service, LOT plans 50 RJ order

This is a series of supplements to 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

06/12/2021

in Aircraft Finance Market

How FTAI plans to corner the CFM56 aftermarket

Thomas Garbaccio FTAI Aviation President & chief commercial officer explains how the aftermarket engine lessor plans to leverage its scale and MRO partnerships to cut costs for customers. more

03/12/2021

in Aircraft Asset Profiles , Lessors and Lease Rates

Asset managers Q3 2021 update

Ishka’s datasheet provides an overview of aircraft asset managers’ Q3 2021 updates including deal activity and market moves. more

02/12/2021

in Aircraft Finance Market

ESG data sheet: Green financing for aircraft

Ishka’s first ESG data sheet provides an overview of green or sustainable aircraft finance to date. more

01/12/2021

in Investor Education , Aircraft Finance Market

Influx of lessor conversions compresses 737-800 freighter lease rates

Boeing 737-800 converted freighter lease rates are falling, driven by an increasing number of lessors with P2F 737-800s looking to place the aircraft, sources tell Ishka.. more

30/11/2021

in Lessors and Lease Rates , Aircraft Finance Market

Aviation banks cautiously return for new deals

After a largely stagnant 18 months, with either severely reduced lending volumes or, in some cases no ability to lend at all, more aviation banks appear to be chasing mandates for new secured aircraft deals. more

26/11/2021

in Aircraft Finance Market

EU state aid framework extended to mid-2022, KLM and BA get support

This is the 50th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 25th November 2021 governments have introduced $204 billion in assistance measures for air carriers globally. more

25/11/2021

in Airline Profiles , Aircraft Finance Market

Unsecured debt data sheets: Q4 QTD lessor and airline bond issuances

Lessors have issued nearly $3.5 billion in unsecured debt in the first six weeks of the fourth quarter in addition to AerCap’s record $21 billion issuances. Airline issuances QTD are $5.36 billion. more

24/11/2021

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

Remarketing Watch: Fixed lease rates returning for A320s and 737 NGs

New operating leases for Boeing 737 NGs and Airbus A320ceos are returning to fixed lease rates, rather than power-by-the-hour (PBH) terms, according to third-party aircraft remarketers and lessors. more

23/11/2021

in Aircraft Asset Profiles , Aircraft Finance Market

15-year-old aircraft values, first A350F order, round-up of Dubai Airshow

This is a series of supplements to 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

22/11/2021

in Aircraft Finance Market

Garuda edges closer to restructuring, AirAsia X reaches creditor agreement

Garuda Indonesia has submitted a restructuring proposal scheme to lessors and creditors, according to a company filing at the Indonesian Stock Exchange. more

19/11/2021

in Airline Profiles

ISTAT Americas: Lessor CEOs react to low SLB LRF rumours, warn of potential 2024 NB shortage

Lessor CEOs expressed “confidence” in current-tech single-aisle aircraft retaining value at the ISTAT Americas conference in Austin earlier this week. Ishka provides a summary of the key talking points. more

18/11/2021

in Lessors and Lease Rates , Aircraft Finance Market

European airlines post improved Q3 results ahead of Covid spikes

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

17/11/2021

in Airline Profiles , Aircraft Finance Market

COP26 leaves vague aviation targets and VIP flight shaming

The 2021 UN Climate Change Conference, also known as COP26, ended last week with climate pledges by nations for aviation falling short of assurances for other sectors. more

16/11/2021

in Regulatory and Accounting , Investor Education

Lessor CEOs: Narrowbodies lead lease rate recovery

Ishka reviews some of the key market concerns raised by AerCap, Aircastle and Air Lease Corporation (ALC) in their recent earnings calls, including rent deferral requests, aircraft values and lease rates and the secondary market. more

15/11/2021

in Lessors and Lease Rates , Aircraft Finance Market

AerCap Q3 2021: Profit, lease rate recovery in last pre-merger quarter

AerCap ended its last pre-GECAS merger quarter with some of its strongest results to date, including $434 million of net income. more

12/11/2021

in Lessors and Lease Rates , Aircraft Finance Market

SLBs push A320neo and 737 MAXs to above ‘pre-pandemic’ prices

A competitive sale/leaseback market (SLB) is both driving up prices for new A320neos and 737 MAXs as well as depressing lease rates, according to Ishka’s Aircraft Pricing Benchmark (APB) research. more

11/11/2021

in Aircraft Asset Profiles

Transaction Economics

Transaction Economics – Aircraft Values and Trading Data

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Ishka Advisory – Airline Restructuring

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