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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Repossession update: WOW, Avianca Brazil and Flybmi

Ishka tracks the repossession process of three bankrupt carriers in 2019: WOW air, Avianca Brazil and Flybmi, and reviews some other recent bankrupt airline fleets. more

17/06/2019

in Aircraft Asset Profiles , Lessors and Lease Rates , Airline Profiles

South African Airways loses another CEO amid “unsustainable” debt

Another SAA CEO bites the dust, complaining that the airline is receiving no governmental support for its "unsustainable" level of debt. more

14/06/2019

in Airline Profiles

Aergo CEO: A second ABS “not on the horizon”

As Aergo celebrates its 20th birthday, Ishka sits with the firm’s CEO and founder, Fred Browne, to talk about the company's history, why he thinks aircraft prices could soften and why the aircraft lessor is forgoing the ABS market - for now. more

13/06/2019

in Lessors and Lease Rates

OEM problems throw a wrench into ALC’s growth plans

ALC’s growth plans have been materially affected by OEM troubles and the delays they have caused. more

11/06/2019

in Lessors and Lease Rates

Ishka’s predictions for the 2019 Paris Air Show

Ishka looks at what could be in store at the 2019 Paris Air Show: from major announcements from Airbus to PR damage mitigation at Boeing. more

10/06/2019

in Modelling and Forecasting

MAX grounding Q1 costs for top operators just tip of the iceberg

The Q1 results of top MAX operators covered less than three weeks of the grounding. Ishka believes Q2 results will reveal greater costs. more

07/06/2019

in Airline Profiles , Modelling and Forecasting

Investor Guide: Digitalisation and the end of paper aircraft records

This investor guide looks at one of the main paper-heavy touchpoints on the road to digitalisation: aircraft records. more

05/06/2019

in Lessors and Lease Rates , Investor Education

US private equity acquires lessor aircraft portfolios

A US private equity firm and a separate US equity fund manager have won bids to acquire separate leased aircraft portfolios from AerCap and Aircastle. more

04/06/2019

in Aircraft Asset Profiles , Aircraft Finance Market

Aircastle Q1 results weighed down by Avianca and Jet failures

Aircastle took roughly a 10% delta y-o-y—on its rental yields and net cash margins in Q1 2019 following the bankruptcies of just two of its 86 lessees, Jet Airways (India) and Avianca Brazil (Brazil). more

03/06/2019

in Lessors and Lease Rates , Aircraft Finance Market

Update: €0.33/litre European jet fuel tax on the cards after EU elections

All of the political groups likely to form the European Parliament's next majority back a commercial jet fuel tax. Update: Tax would have meant 82.44% increase of 2018 - 19 fuel costs. more

31/05/2019

in Airline Profiles , Regulatory and Accounting

Aviation finance: Are you pricing for risk properly?

Three aircraft and engine leasing risk officers highlight their biggest concerns in the market today. more

30/05/2019

in Lessors and Lease Rates , Capital Markets

Lessor CEOs: MAX grounding a boon for lessors?

Has the Boeing 737 MAX grounding inadvertently helped lessors? Yes, according to several aircraft leasing chiefs. more

28/05/2019

in Aircraft Asset Profiles , Lessors and Lease Rates

Spare engine purchase prices soar by 20% in twelve months

With demand for spare engines getting stronger and stronger, Ishka surveys engine lessors for current spare engine purchase prices and lease rates. more

24/05/2019

in Aircraft Asset Profiles , Lessors and Lease Rates

Lessors succeed in remarketing most of bankrupt Germania’s A319s

Three months after the German leisure carrier filed for bankruptcy lessors have remarketed of half of Germania’s fleet. more

23/05/2019

in Aircraft Asset Profiles , Airline Profiles

Aviation financiers becoming wary of rising airline risk

As fuel costs rise and airline bankruptcies have piled up in 2019, aviation financiers debate whether banks have become more sensitive to airline credit risk in the past year. more

20/05/2019

in Airline Profiles , Capital Markets , Aircraft Finance Market

FLY drops A320neo options

FLY Leasing has chosen not to exercise the 2019 A320neo options it inherited as part of the AirAsia transaction. more

17/05/2019

in Lessors and Lease Rates , Aircraft Finance Market

Goshawk markets debut ABS

Ireland-headquartered Goshawk Aviation conduct a roadshow for its debut aircraft ABS - the youngest aircraft ABS with tradable E-note to date. more

15/05/2019

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

ISTAT Asia: MAX likely grounded until end of 2019

Attendees and appraisers at ISTAT Asia did not think the MAX would be flying again in time for the summer season and asked how the grounding could impact MAX values and lease rates. more

14/05/2019

in Aircraft Asset Profiles , Aircraft Finance Market , Regulatory and Accounting

MAX grounding: Lessor CEOs discuss Boeing’s “multi-headed monster”

The CEOs of CDB Aviation, BOC Aviation Avolon and SMBC Aviation Capital share their views on the MAX grounding and Boeing’s uphill public relations battle. more

13/05/2019

in Aircraft Asset Profiles , Lessors and Lease Rates

GECAS' second tradable E-note aircraft ABS

GECAS has closed its fifteenth asset-backed securitisation (ABS) backed by narrowbody leased aircraft - STARR 2019-1 and the second to involve a tradable equity note (E-note). more

12/05/2019

in Capital Markets , Aircraft Finance Market

AerCap’s gains on sales keep dropping

AerCap’s net income Q1 2019 took a hit after the lessor saw a dramatic decrease in gains from sales which the lessor attributed to both the type and number of the aircraft it sold in the quarter. more

09/05/2019

in Lessors and Lease Rates

Aegean leverages Greece’s tourism boom

Ishka studies how Aegean has achieved continuous growth despite the fact that Greece’s GDP has shrunk by 25% since 2008. more

07/05/2019

in Airline Profiles

HNA woes prompt Hainan Airlines' loss

In the latest in the HNA saga, the firm's group of airlines have reported dismal 2018 results as the parent continues to look for assets to sell off. more

06/05/2019

in Airline Profiles , Aircraft Finance Market

Lessors face prospect of dismal MAX lease rates

Lessors are in limbo following the MAX grounding while 737 MAX lease rates are likely to remain low in the short-term. more

02/05/2019

in Lessors and Lease Rates , Aircraft Finance Market

Avolon bags funds, investment grade under the Orix halo

Financial markets and credit agencies have decisively shrugged off Avolon’s HNA woes as investors jumped feet first into the lessor’s gargantuan $2.5 billion issuance of senior unsecured debt in early April 2019. more

01/05/2019

in Lessors and Lease Rates , Aircraft Finance Market

Norwegian puts the brakes on leasing arm growth

Low-cost carrier Norwegian Air Shuttle has scaled back growth of its captive lessor, Arctic Aviation Assets (AAA), by delaying aircraft deliveries for the next two years. more

30/04/2019

in Main Categories , Aircraft Asset Profiles , Airline Profiles , Regions

Boeing’s shrinking MAX orderbook

Boeing has gotten no MAX orders since the fatal Ethiopian Airlines crash, along with 210 MAX orders wiped from its books as Jet Airways teeters on the brink. more

26/04/2019

in Aircraft Asset Profiles

Investor guide: Cannibal airlines and Christmas trees

In this investor guide Ishka highlights the risk of bankrupt airlines raiding leased aircraft for parts and leaving investors and lessors with a costly maintenance bill. more

25/04/2019

in Aircraft Asset Profiles , Investor Education

Climate change protesters turn to aviation

A small group of climate protesters targeted Heathrow Airport this meet. How seriously should aviation financiers take the threat of future demonstrations? more

23/04/2019

in Regulatory and Accounting , Investor Education

ICBC Leasing shortlists buyers for 40 aircraft portfolio

Chinese leasing firm ICBC Leasing conducts one of the largest aircraft portfolio sales of recent history. more

22/04/2019

in Lessors and Lease Rates

Aircraft ABS: Castlelake prices CLAS 2019-1

US fund manager and leasing firm Castlelake has priced its sixth structured ABS financing, Castlelake Aircraft Structured Trust 2019-1 (CLAS 2019-1). more

17/04/2019

in Capital Markets , Aircraft Finance Market

Jet Airways: Lessor repossessions gain speed as airline winds down operations

Ishka analyses the latest developments in Jet Airways’ fleet and the hurdles lessors could face. more

16/04/2019

in Lessors and Lease Rates , Airline Profiles

Ishka Investor Europe: MAX and neo equity returns continue to compress

Aircraft investors and lessors gathered at Ishka’s Aviation Finance Europe conference last week confirmed that returns on new technology leased aircraft, such as the Boeing 737 MAX and Airbus A320neo, have tightned forcing many investors seeking higher returns towards older aircraft. more

15/04/2019

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

Ishka Investor Europe: Aviation investors reveal environmental concerns

Ishka summarises some of the key takeaways from the Ishka’s Investing in Aviation Finance Europe conference held last week in London. more

12/04/2019

in Regulatory and Accounting , Capital Markets , Aircraft Finance Market

Fund watch: Huijbers launches Hong Kong equity fund, Aero Capital Solutions closes midlife aircraft fund

Ishka examines two new aviation equity funds one launched by Aero Capital Solutions, which has closed at $200 million, and another, by PH Aviation Asia, which is still seeking investors. more

11/04/2019

in Capital Markets , Aircraft Finance Market

Lessors still wait for repossessions as Azul and Avianca Brazil talks collapse

Lessors are still seeking to repossess aircraft from struggling Latin American carrier Avianca Brazil, as its creditors actively explore auctioning off the airline’s assets. more

10/04/2019

in Lessors and Lease Rates , Airline Profiles

Lessor CEOs: hitting the bottom of the sale/leaseback market

Ishka reviews some of the key market concerns raised by the public aircraft lessors including AerCap, Aircastle, ALC, and Fly including a potential slow-down in capital from China, Jet Airways’ and the tension of enforcing the Cape Town Convention in Brazil. more

08/04/2019

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

How are airlines coping with the MAX grounding?

Ishka examines the level of optimism hinted by other airline schedules, the impact of the immediate MAX order backlog on operators, and how large and small airlines exposed to the type are reacting. more

05/04/2019

in Airline Profiles , Modelling and Forecasting , Aircraft Finance Market

AWG addresses GATS questions with draft documentation

AWG has published GATS draft documentation ahead of its planned Q1 2020 release. In it, the organisation takes pains to address some of the common question that the market has had over its project. more

03/04/2019

in Regulatory and Accounting , Technical Expertise , Aircraft Finance Market

Boeing struggles to push through MAX software fix

Boeing's MAX software fix has been delayed from days to weeks by the FAA, who are themselves losing the confidence of aviation authorities worldwide. more

02/04/2019

in Regulatory and Accounting , Aircraft Finance Market , Aircraft Asset Profiles

Ishka Investival: Korean investors explore more ABS e-notes

South Korean equity investors are open to more aviation deals including aircraft ABS e-notes, according to aviation financiers and lessors speaking at Ishka’s Hong Kong Investival last week. more

01/04/2019

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

Ishka Investival Asia: JOL/JOLCO appetite buoyant but tax reforms spook foreign banks

Japan remained a centrepiece of discussion at Ishka’s Investival Asia in Hong Kong, with participants confident about aviation's continued appeal for Japanese investors, but uncertain about where recent tax reforms leave non-Japanese banks. more

29/03/2019

in Capital Markets , Aircraft Finance Market , Investor Education

WOW Air collapse: How are lessors impacted?

Icelandic carrier WOW Air ceased operating on 28th March after talks failed on a lifeline investment from Indigo Partners. Ishka assesses the impact on lessors. more

28/03/2019

in Lessors and Lease Rates , Airline Profiles

Fly Leasing reaps rewards with AirAsia bet

It must have been quite a New Year’s party at Fly Leasing considering the impressive 2018 full-year results. Ishka assesses the impact of Fly’s decision to acquire the AirAsia portfolio on the platform and its possible future… more

26/03/2019

in Aircraft Asset Profiles , Lessors and Lease Rates

CDB Aviation boss: “Don’t expect to see new Chinese aircraft lessors”

CDB Aviation’s CEO Peter Chang and President Pat Hannigan believe that higher funding costs and declining yields will deter Chinese investors from creating more leasing platforms. more

25/03/2019

in Lessors and Lease Rates , Aircraft Finance Market

Azul boss wants “fast” Avianca Brazil deal as lessors seek to reclaim aircraft

Azul’s acquisition of Avianca Brazil’s aircraft leases and airport slots needs to be closed “fast” in the next 60 days if the struggling Avianca spin-off wants “business". more

22/03/2019

in Lessors and Lease Rates , Airline Profiles

Jet Airways faces repossession crisis

Jet Airways has reached a critical juncture in the negotiations for its survival with potential rescuers Etihad and the State Bank of India (SBI) locking horns as more aircraft are grounded. more

20/03/2019

in Lessors and Lease Rates , Airline Profiles

Boeing likely to offer airlines compensation for MAX groundings

Norwegian says it is "obvious" Boeing will pick up the bill for the cost of the MAX groundings, but how likely is it that airlines will receive compensation from the OEM? more

19/03/2019

in Airline Profiles , Aircraft Finance Market , Aircraft Asset Profiles

ISTAT: CDB Aviation chief argues this is the “beginning of the downturn”

A panel of leasing CEOs from GECAS, SMBC Aviation Capital, CDB Aviation and Air Lease Corporation debate whether the aviation finance industry is entering a downturn. more

18/03/2019

in Lessors and Lease Rates , Aircraft Finance Market

ALC’s declining China exposure

Optimism-driven growth was the main theme of Air Lease Corporation’s performance in 2018. But with gains from trading showing some softness across several top lessors, Ishka wonders if weakness in the secondary markets may be emerging. more

15/03/2019

in Lessors and Lease Rates , Aircraft Finance Market

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