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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Briefing: MRO turnaround times are improving...slowly

Engine lessor CEOs say that MRO turnaround times for latest technology narrowbody engines are improving but warn that it could be several years before LEAP or GTF powerplants routinely complete a full performance restoration within 120-days. more

13/06/2025

Carlyle markets $525.667 series 2025-2 ABS notes under master trust

Carlyle Aviation Partners is marketing $525.667 million in new 2025-2 ABS notes, to be issued within the master trust established with the issuance of AASET 2025-1 issued earlier this year. more

13/06/2025

London High Court rules in favour of lessors in $4.5bn aviation insurance dispute

A London High Court judge has ruled in favour of lessors, finding that losses from Russia’s invasion fall under war risk, not all risks, policies. more

12/06/2025

North American carriers launch new RFPs, airlines look for ANPI 

Airlines have been actively exploring various financing structures to help fund new deliveries with Ishka understanding several North American carriers have issued RFPs in recent weeks. more

11/06/2025

Ryanair signs $500m engine deal as Alaska Airlines delays Embraer order citing "uncertain economic environment"

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

10/06/2025

Could AerCap be poised to benefit from potential Spirit Airlines Airbus cancellations?

Spirit Airlines has said it may seek to “postpone or cancel delivery” of certain aircraft currently scheduled for delivery as a result of the impact of tariffs on aircraft and parts costs. more

10/06/2025

Boeing hits 38-per-month 737 MAX, Fitch lowers aviation ABS sector outlook

Boeing has hit a 38-per-month production target on the 737 programme, a key milestone in the production ramp-up of its flagship narrowbody. Boeing confirmed to Ishka that it had reached 'rate 38' on the 737 programme in May.  more

06/06/2025

WLFC’s $596 million ABS WEST VIII prices

Willis Lease Finance Corporation (WLFC)’s $596 million ABS, WEST VIII, has priced. more

05/06/2025

Values review: Boost for midlife narrowbody and regional aircraft CMVs as supply constraints continue

Ishka Advisory’s latest update and review of current market values (CMVs) for key aircraft continues to highlight changing market conditions. more

05/06/2025

WLFC markets $596 million ABS WEST VIII

Willis Lease Finance Corporation (WLFC) is in the market with a $596 million ABS, Willis Engine Structured Trust VIII / WEST VIII. more

04/06/2025

Why engine OEMs are looking to impose tariff surcharges

Engine manufacturers GE Aerospace and CFM International, a joint venture between GE Aerospace and Safran, are looking to apply tariff surcharges on parts and engines. more

03/06/2025

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

This is the 5th 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

02/06/2025

JOLCO investors score win in English court

A judge in the English High Court has ruled in favour of Japanese investors in a dispute with VietJet over four Airbus A320s. more

30/05/2025

Quick Take: Azul files for Chapter 11, aviation groups push for tariff clarity and a US appeals court reinstates tariffs

Azul files for Chapter 11 bankruptcy protection as aviation industry groups urge recommitment to zero-tariff rules. Elsewhere, a US federal appeals court has reinstated President Trump’s tariff plans. more

29/05/2025

‘Tepid’ capital markets in the wake of 'liberation day' tariffs

The post ‘liberation day’ capital market environment was described as ‘tepid’ last week in Dublin as industry professionals gathered for Ishka’s Aviation Finance Festival and Trading Summit: Midlife, Engines & Parts conferences. more

28/05/2025

Cerberus buys Abelo, Azorra acquires Embraer portfolio

Private equity firm Cerberus Capital Management (Cerberus) has acquired turboprop lessor Abelo from funds managed by Oaktree Capital Management. more

27/05/2025

Tariff fears temper, but don’t deter, a frothy aircraft trading market

Aircraft sellers say trading in the first five months of 2025 has been largely unaffected by tariff threats and announcements from the Trump administration. more

27/05/2025

Remarketing Watch Data Sheet: May 2025

The total number of aircraft being actively remarketed on sites analysed by Ishka is around 19% lower than a year ago, at 280. more

22/05/2025

An Investor’s Guide to: Special Mission 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 Special Mission Aircraft market. more

21/05/2025

SKY Leasing’s $503 million ABS SLAM 2025-1 prices

SKY Leasing (SKY)’s $503 million aircraft lease ABS SLAM 2025-1 has priced, achieving a spread of 180 on its single A tranche. more

20/05/2025

FPG launches F.bit - a Japanese publicly traded retail investor aircraft product

Aircraft leasing firm and JOLCO arranger FPG has introduced "F.bit," Japan's first publicly offered, fractionalised aircraft investment product tailored for individual Japanese investors. more

19/05/2025

Why European regulations are pushing aviation banks towards riskier deals

A group of French Aviation banks are in talks, through various channels, with the European Banking Authority (EBA) to delay or potentially modify part of the incoming Basel 3.1 banking regulations over concerns they are pushing banks to chase riskier deals, and could potentially deter some institutions away from the sector. more

16/05/2025

Lessor Russian insurance cases continue but Irish settlements still leave questions

Ishka explores the implications for future insurance policies following the settlement of all claims in Ireland's landmark aviation insurance dispute. more

15/05/2025

SKY Leasing markets $503 million aircraft lease ABS

SKY Leasing is in the market with a $503 million aircraft lease ABS, SLAM 2025-1. more

14/05/2025

Cap Markets: Lessor bond issuance drought, PKAIR 2025-1 prices, new SKY Leasing ABS in the works

Lessor capital market activity has generally been quite muted, with no new bond issuances in the last six weeks more

13/05/2025

SKY Leasing steps into new technology investments with JetBlue Ventures acquisition

San Francisco-based aviation investment manager SKY Leasing announced earlier this week it has acquired JetBlue’s venture capital arm JetBlue Ventures, an early investor in innovative companies in enterprise and frontier technology solutions. more

12/05/2025

Ishka announces 2024 Deal of the Year Award Winners

Ishka has announced the full list of winners for its deal of the year awards. The awards will be celebrated across three upcoming Ishka conferences in Dublin, New York and Singapore. more

09/05/2025

Rolls-Royce engines for Boeing to be 'tariff' free, airlines look to take over Chinese Boeing deliveries

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

08/05/2025

AerCap Q1 2025: Global tariff war would increase used aircraft values

An escalation and continuation of global tariffs could push up the values of used aircraft as operators turn to less costly forms of lift, AerCap CEO Aengus Kelly noted during the lessor’s Q1 2025 earnings call. more

07/05/2025

Asset managers Q1 2025 update

Ishka's asset managers datasheet provides a summary of recent news, activity, and metrics of aircraft asset managers in Q1 2025. more

06/05/2025

Tariff Tracker: Airbus CEO says US carriers will have to pay tariff costs, Parts avoid tariff hikes…for now

Ishka explains how Delta Air Lines is avoiding US tariffs by taking delivery of new aircraft in Tokyo, as Airbus CEO Guillaume Faury confirms that US carriers will have to pay the tariff costs. more

06/05/2025

PK AirFinance markets $728.9 million aviation loan ABS 

Alt lender PK AirFinance is back in the ABS market with the first aviation loan securitisation of the year, PKAIR 2025-1. more

02/05/2025

Q1 engine prices and lease rates: Will CFM56-5B lease rates continue to drop?

The Ishka survey explores spot market pricing for popular narrowbody engine types based on responses by active engine lessors and investors. The latest survey was conducted between January and the start of April 2025. more

02/05/2025

AviLease and Avolon close new facilities

Saudi lessor AviLease has closed a $1.5 billion three-year unsecured revolving credit facility, while Avolon has announced the completion of a five-year $1.1 billion senior unsecured facility. more

30/04/2025

Quick Take: Two new May RFPs, Airbus signs definitive agreement with supplier Spirit

Ishka reveals two new narrowbody RFPs with submission deadlines set for May. Elsewhere, Spirit AeroSystems Holdings has entered into a definitive agreement with Airbus. more

29/04/2025

Spotlight: US Treasury bonds, Q1 bank and alt lenders pricing

US Treasury bond yields have seen a large amount of volatility in recent weeks. more

28/04/2025

Tariff tracker: Airbus deliveries to US slow in April

Airbus deliveries to US customers have slowed, representing just 12% of the manufacturer’s output so far in April, down from 20% in the first quarter. more

25/04/2025

Tariff tracker: Air India targets 737 MAX aircraft rejected by China

Air India is negotiating with Boeing to acquire ten 737 MAX aircraft initially scheduled for Chinese airlines. more

25/04/2025

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

This is the 19th 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

24/04/2025

Remarketing Watch Data Sheet: April 2025

The total number of aircraft being actively remarketed on sites analysed by Ishka remains around 22% lower than a year ago, at 282. more

23/04/2025

Loan Datasheet: Vietnamese airlines secure over $850 million in finance

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

22/04/2025

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

18/04/2025

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

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