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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A look at 5-year-old aircraft values, lessor consolidation, AeroCentury files for Chap 11 and more SLBs

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

13/04/2021

in Aircraft Asset Profiles , Aircraft Finance Market

Airline bonds Q1 2021: European airlines rush to the unsecured market

Airline unsecured Euro issuances topped €4.85 billion ($5.82 billion) in the first quarter, surpassing the entire volume of unsecured issuances during 2020 of €3.56 billion ($4.23 billion) by 53%. more

12/04/2021

in Airline Profiles , Capital Markets

Air Canada takeover deal scrapped by European regulators, Korean Air to complete Asiana Airlines acquisition by 2022

Transat A.T., the parent company of Canadian carrier Air Transat, announced on 2nd April 2021 that its planned merger with Air Canada has been terminated by mutual consent. more

09/04/2021

in Airline Profiles , Aircraft Finance Market

Lawyer up: Commercial aviation court claims rise 50% since the start of Covid

Commercial claims related to aviation at the London Commercial Court are up approximately 50% year-on-year since the start of the Covid-19 pandemic, Ishka's analysis finds. more

08/04/2021

in Aircraft Asset Profiles , Technical Expertise

How Malaysia Airlines used the UK scheme of arrangement to renegotiate its aircraft leases

In a guest Insight Freshfields partner Craig Montgomery, and associate Adam Jones, who advised Malaysia Airlines, discuss the airline’s use of a UK scheme of arrangement to renegotiate its aircraft leases. more

07/04/2021

in Regulatory and Accounting

Irish lessor Genesis CEO on why his firm is helping build an airline

You have to think laterally you can’t just follow the herd off the cliff.” Dublin lessor Genesis speaks with Ishka as it partners with an ACMI provider to offer flexible green-time aircraft leases. more

06/04/2021

in Lessors and Lease Rates

Hainan Airlines’ early creditor calls, Thai Airways faces stock’s delisting, Norwegian restructuring scheme endorsed

Work has begun on the Hainan Airline restructuring. HNA Group is the first private Chinese airline group to go bankrupt and the largest airline bankruptcy to have occurred within China to date. more

01/04/2021

in Airline Profiles , Aircraft Finance Market

A look at 10-year-old aircraft values, Cathay discusses deferrals, and slowing OEM deliveries

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

31/03/2021

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

Covid-19 bailouts: Smartwings, Tunisair and Alitalia secure $143m in new aid

Smartwings, Tunisair and Alitalia secured $143 million in new aid since Ishka’s last update on 18th March 2021. more

30/03/2021

in Airline Profiles , Aircraft Finance Market

AeroCentury files for Chapter 11 and auctions assets

Californian-based regional aircraft lessor AeroCentury has filed for voluntary Chapter 11 bankruptcy yesterday and plans to auction its aircraft assets to repay its sole secured lender. more

30/03/2021

in Lessors and Lease Rates , Aircraft Finance Market

Carlyle Aviation set to buy Fly

Aircraft lessor and asset manager Carlyle Aviation Partners (Carlyle Aviation) has agreed to acquire listed rival leasing platform Fly Leasing Limited (Fly) in a deal with a total enterprise value of $2.36 billion. more

29/03/2021

in Lessors and Lease Rates

Interjet to seek bankruptcy protection, GoAir prepares for IPO

Mexican LCC Interjet will seek bankruptcy protection in Mexico no later than 30th March with plans to file for Chapter 11 in the US soon after. more

26/03/2021

in Airline Profiles , Aircraft Finance Market

ACG’s CEO on lessor M&A and the appeal of a ‘hybrid’ aircraft ABS

Aviation Capital Group’s (ACG) new CEO Tom Baker believes a wave of recent lessor M&A activity will “create opportunities” for other leasing firms and describes how the market might be ready for a hybrid aircraft ABS involving both aircraft leases and loans. more

25/03/2021

in Lessors and Lease Rates , Capital Markets

Sun Country and Frontier Airlines file IPOs, Lufthansa’s $1.8bn impairments, US carriers update travel estimates

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 drawing on the unique set of ACP’s data points more

24/03/2021

in Airline Profiles

Air Mauritius, Doric’s fund and the threat of prolonged airline restructurings

German asset manager Doric has been granted more time by lenders on repayments for one of its funds to help close the sale of an A330 on lease to Air Mauritius, reducing the fund’s potential risk of bankruptcy. more

23/03/2021

in Aircraft Asset Profiles , Airline Profiles

Lessor aircraft impairments up nearly five-fold in 2020

Aircraft impairments recorded by 16 lessors analysed by Ishka totalled $2.7 billion in 2020, a 485% increase from the $461 million recorded by the same lessors in 2019. more

22/03/2021

in Lessors and Lease Rates , Regulatory and Accounting

Covid-19 bailouts: State support for airlines to exceed $200bn

A swathe of recent government measures has pushed Ishka’s combined tally of confirmed ($183.18 billion) and tentative ($19.94 billion) state support for airlines above the $200-billion mark for the first time. more

19/03/2021

in Airline Profiles , Aircraft Finance Market

Czech Airlines files for bankruptcy, LATAM and Norwegian EETC aircraft to be auctioned

Czech Airlines (ČSA) was declared bankrupt by the Prague City Court on 10th March, following a request by the carrier. more

18/03/2021

in Airline Profiles , Aircraft Finance Market

Buyer’s market: PIA gets 128 narrowbody bids for eight-aircraft RFP

Pakistan International Airlines has received 128 leased aircraft offers after putting out a tender for eight dry-leased narrowbodies, highlighting competition between lessors to remarket aircraft. more

17/03/2021

in Aircraft Asset Profiles , Airline Profiles

NAC founder explores takeover as lessor faces new restructuring options

Regional aircraft lessor Nordic Aviation Capital’s (NAC) founder and former chairman Martin Moller is looking at ways to potentially invest in the firm as the company faces a further potential restructuring. more

16/03/2021

in Aircraft Asset Profiles , Lessors and Lease Rates

New aircraft pricing pressure, lessor M&A activity, and lessors' efforts to remarket and sell ex-Norwegian Air aircraft

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

15/03/2021

in Aircraft Asset Profiles , Lessors and Lease Rates

Q4 2020: Public lessors talk about new SLBs and aircraft impairments

Three listed lessors – AerCap, Air Lease Corporation (ALC), and Fly Leasing (Fly) – faced scrutiny by analysts around aircraft impairments during their Q4 2020 earnings calls. more

15/03/2021

in Lessors and Lease Rates , Aircraft Finance Market

Garuda insists it has axed leased CRJ1000s, Air Transat looks for Plan B

Garuda Indonesia CEO Irfan Setiaputra reiterated in early March that leasing contracts for 18 Bombardier CRJ1000 aircraft have been terminated even as one lessor, Nordic Aviation Capital, tells Ishka that the agreements remain unchanged. more

12/03/2021

in Airline Profiles , Aircraft Finance Market

SVPGlobal and EnTrust form JV to buy Deucalion

Asset manager EnTrust Global (EnTrust) and funds managed by Strategic Value Partners, LLC and its affiliates (SVPGlobal) have agreed to buy DZ Bank’s aircraft leasing and asset management arm via a joint venture. more

11/03/2021

in Lessors and Lease Rates , Aircraft Finance Market

AerCap buys a discounted GECAS to build a ‘super lessor’

Citi and Goldman Sachs offer AerCap a $24 billion committed debt facility to complete the GECAS acquisition which will see 400 employees transfer to the Irish lessor. more

10/03/2021

in Lessors and Lease Rates , Aircraft Finance Market

AerCap Q4 2020: "Worst is behind us" as collection rate jumps to 96%

AerCap announced a 2020 net loss of $299 million, down from a $1.1 billion net profit in the previous year. However, the lessor recorded a cash collection rate of 96% in Q4 2020, rising from 80% in Q3 2020. more

09/03/2021

in Lessors and Lease Rates , Aircraft Finance Market

Update: AerCap in $30bn talks to acquire GECAS

Irish aircraft lessor AerCap is reportedly in talks with GE to acquire the US conglomerate’s aircraft leasing business, GECAS, in a deal rumoured to be worth more than $30 billion. more

08/03/2021

in Aircraft Finance Market

Norwegian ends 36 leases, Thai Airways to get govt support

Norwegian Air Shuttle has reached an agreement to end 36 aircraft leases as part of its goal to cut its fleet. Thai Airways has obtained support from Thailand's finance ministry to raise as much as $1.65 billion. more

05/03/2021

in Airline Profiles , Aircraft Finance Market

Covid-19 bailouts: US PSP extension nears approval, Angola recapitalises TAAG

US carriers appeared to be one step closer to receiving further state aid as the US Senate looks set to debate the third extension to the US Payroll Support Programme (PSP) shortly. more

04/03/2021

in Airline Profiles , Aircraft Finance Market

A look at 5-year old aircraft values, Airbus’ loss, Chorus’ results and the Mexican 737 auction

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

03/03/2021

in Aircraft Asset Profiles , Aircraft Finance Market

Q4 2020: ALC recoups 40% of deferred rent and eyes SLB deals

Air Lease Corporation (ALC) has recouped 40% of the total rent deferred throughout the pandemic according to its latest results. The Californian lessor agreed a total of $240.4 million in deferred rent to its lessees last year more

02/03/2021

in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market

Fly Leasing posts Q4 loss after $106mn impairment for two A330s

Fly Leasing finished 2020 with another quarterly loss driven by $115 million in aircraft impairments, including a “significant” $106 million write-down on A330s. more

01/03/2021

in Lessors and Lease Rates , Aircraft Finance Market

SpiceJet loses $43m Q400 PDP case to De Havilland

De Havilland on 23rd February secured summary judgment against SpiceJet at the London Commercial Court in a claim for $42.95 million after the airline defaulted on PDPs. more

26/02/2021

in Airline Profiles , Aircraft Finance Market

Chinese traffic picks up, Air Canada’s 70% drop in revenues, SpiceJet’s 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 drawing on the unique set of ACP’s data points, more

25/02/2021

in Airline Profiles

Avation bond extension buys lessor breathing room

Singapore-headquartered lessor Avation agreed a five-year bond extension with bondholders in February furthering a trend of lessors forced to reach distressed debt agreements with creditors in the wake of the Covid-19 pandemic. more

23/02/2021

in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market

Voyager proposes debt-to-equity offer as it seeks out of court restructuring

Dublin-based lessor Voyager Aviation Holdings (Voyager) is offering to equitise its existing unsecured bondholders via an out of court debt restructuring proposal. more

22/02/2021

in Lessors and Lease Rates , Aircraft Finance Market

Malaysia Airlines proposes $90k PBH floor for 737s, Thai to shrink fleet

Malaysia Airlines has proposed power-by-the-hour floors from $90,000 to $132,500 for three aircraft types in its negotiations with lessors. more

19/02/2021

in Airline Profiles , Aircraft Finance Market

UPDATED: Lessors raise $7.83bn in three-week bond spree

Aircraft lessors tracked by Ishka raise $7.83 billion in USD issuances during a three-week period from mid-January to early February, taking advantage of a benign market for IG-rated issuers to attain some of the lowest coupons in recent history. more

18/02/2021

in Lessors and Lease Rates , Capital Markets

Aviation commercial bank lending down for some lenders by 80% last year

A ‘disappearing’ bank-to-bank syndication market will curb new warehouse financings and aviation bank debt. more

17/02/2021

in Aircraft Asset Profiles , Aircraft Finance Market

Covid-19 bailouts: Biden likely to add PSP extension to Covid-19 relief bill

A $14 billion extension to the Payroll Support Programme (PSP) for US airlines is likely to be included in the $1.9 trillion COVID-19 relief bill proposed by President Joe Biden. more

16/02/2021

in Airline Profiles , Aircraft Finance Market

Airbus deliveries slowdown, 10-year old aircraft values, Aergo buys B737-800

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

15/02/2021

in Aircraft Asset Profiles

NAC refutes Garuda lease terminations, Interjet troubles continue

Nordic Aviation Capital has refuted media reports stating that Garuda Indonesia will return 12 leased Bombardier CRJ-1000s over a bribery probe into the Canadian OEM. more

12/02/2021

in Airline Profiles , Aircraft Finance Market

Lessor lawsuits continue after HNA Group bankruptcy

Nine lawsuits by leasing entities against airlines of the HNA Group remain open at the London Commercial Court, including one filed by AerCap this month, Ishka understands. more

11/02/2021

in Airline Profiles , Aircraft Finance Market

Forecast: Lessors could be stung by another ‘lost’ summer peak season

Ishka summarises four key takeaways about what lies ahead for investors and lessors in 2021, from Ishka+ Original, Forecasting with a Murky Crystal Ball. more

10/02/2021

in Modelling and Forecasting , Aircraft Finance Market

Briefing: Investing in maritime assets and the impact of Covid

In a guest Insight WFW’s Lindsey Keeble, London Partner and Global Maritime Sector Co-Head; and Jim Bell, London Partner and global aviation sector co-head review how the shipping sector has fared during 2020 and the parallels between shipping and aviation as an asset class. more

09/02/2021

in Aircraft Finance Market

The Ishka View Extra: The drop in 20-year old aircraft values

Ishka’s unencumbered current markets values (CMVs) for 2000 vintage aircraft have fallen roughly 34% across a sample of 11 common aircraft types since January 2020, and a related dop of 37% in current market lease rates (CMLR). more

07/02/2021

in Aircraft Asset Profiles

MAS opts for ‘cheaper’ UK restructuring scheme, Eastar Jet enters receivership

Malaysia Airlines’ choice to use a UK scheme of arrangement could be replicated by other airlines looking for a “targeted” and therefore “cheaper” alternative to the Chapter 11 process, the airline’s counsel tells Ishka. more

05/02/2021

in Airline Profiles , Aircraft Finance Market

Covid-19 bailouts: Canada’s Sunwing taps $292 million, US PSP top-up plea

The Canadian federal government has granted a C$375 million ($292 million) loan to Sunwing Airlines, underscoring the impact that new Covid-19 waves of infections are having on airlines. more

04/02/2021

in Airline Profiles , Aircraft Finance Market

Lessors ready themselves for HNA Group bankruptcy

China’s HNA Group is facing bankruptcy after creditors on 29th January applied to a Hainan court to begin proceedings. The imminent bankruptcy process is sending waves through the aircraft leasing industry. more

02/02/2021

in Lessors and Lease Rates , Airline Profiles

Ishka reviews the 32 new airline start-ups of 2020

The Covid-19 crisis has been the biggest crisis to have ever faced commercial aviation, but 2020 welcomed a total of 32 new aircraft start-ups. more

01/02/2021

in Airline Profiles , Aircraft Finance Market

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