ALC Q2: Deferral repayments “significantly” outstrip fresh forbearance requests
Repayment of deferred aircraft rents now “significantly exceeds” requests by airlines for new support, while greater caution on the part of lessors has led to a fresh insistence upon security deposits and a hike in lease rate factors (LRFs) on sale-leaseback transactions. more
10/08/2020
AerCap Q2 2020: Deferrals slash 12-month cash flow outlook by 26%
The wave of aircraft lease deferrals has cut AerCap’s 12-month cash flow expectation by 26% over the past two quarters from $3.1 billion to $2.3 billion at the end of Q2 2020. more
04/08/2020
Boeing cuts output as lessors trim quarter of 737 MAX orders
MAX cancellations have been creeping up at nearly double the monthly 31-aircraft production target. Among those, lessors feature heavily. more
03/08/2020
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Lessor bond issuances plummet in Q2 2020
An analysis of a sample of bonds issued by aircraft leasing companies in 2019 Q2 versus 2020 Q2 shows that lessors issued, overall, fewer bonds (by 40.8%) and of smaller amounts (by 31.7%). more
17/07/2020
Lessor bonds: Spreads stay wide as ratings agencies mull downgrade
An analysis of 236 currently trading lessor bonds show that spreads remain wide versus pre-Covid levels across maturities and ratings. more
09/07/2020
Altavair CEO: ‘The aircraft leasing model has to evolve’
Altavair CEO Steve Rimmer believes “outsized returns” for aircraft lessors are a thing of the past, arguing that the Covid-19 crisis is accelerating a process of change that was already underway within aircraft lessors and their relationships with aircraft manufacturers. more
02/07/2020
Risk of an oversupply of 737-800 freighters, warn cargo sources
The 737-800 freighter market is at risk of potential oversupply, say cargo sources, as more aircraft lessors and operators are looking at cargo conversion over the next few years. more
25/06/2020
ABS update: S&P announces aircraft and engine ABS downgrades
Ratings agency S&P downgraded 23 securities from 30 separate aircraft and aircraft engine ABS transactions last week. Twenty of the lowered ratings remain “On Watch” for potential further downgrade. more
24/06/2020
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
NAC wins court approval to seek debt standstill from lenders
Regional aircraft lessor Nordic Aviation Capital (NAC) has received permission from the Irish High Court to negotiate a debt standstill and deferrals with its largest lenders. more
10/06/2020
Lessors get ready for a second wave of aircraft rent deferrals
Lessors warn they are preparing for a second wave of aircraft rent deferral requests from struggling airline customers after granting some initial form of temporary rental relief earlier in the year. more
03/06/2020
Asset Managers Survey: A limited hike in equity returns
An Ishka survey of aircraft asset managers reveals many are concerned about possible aircraft repossessions while several lessors are still trying to trade aircraft portfolios despite difficult market conditions. more
20/05/2020
Aircraft lessors end up with a majority stake in Norwegian
Lessors have become the largest group of shareholders in Norwegian Air Shuttle (Norwegian) after creditors and shareholders agreed to a NOK10 billion ($958 million) debt-for-equity scheme to help the troubled airline unlock crucial state aid. more
13/05/2020
Public lessors Q1: Covid onset results in mild hit to lease revenues
Fly, ALC, and AerCap finished Q1 2020 with mild declines to their operating lease revenue, as the bulk of lease deferrals agreed with airline customers have yet to hit lessors’ balance sheets. more
12/05/2020
Public lessors Q1: Rent deferrals top $500 million
Ishka summarises the talking points of lessors' Q1 earnings calls, including airline support, sale-leaseback and forward placement activity and how best to fund yourself through a crisis. more
11/05/2020
Lessors bid on Wizz and EasyJet sale/leasebacks
Wizz and EasyJet join several carriers that are also rumoured to be in the market. Sources estimate that there may be as many as two hundred aircraft currently in the sale-leaseback market as airlines explore any means they can to raise cash. more
06/05/2020
Engine SLB bids up to 40% below pre-Covid levels
Engine lessors say they are bidding on engine RFPs at a 30% - 40% discount from pre-coronavirus prices as airlines continue their frantic search for liquidity. more
05/05/2020
The rise of ECAs and supported financing for aircraft deliveries
Two recent aircraft deliveries to Pegasus, financed with the support of ACG and Balthazar respectively, offer positive signals that non-payment insurance providers are still “on” for aircraft deliveries. more
27/04/2020
Ishka and Oriel cut aircraft values as airlines look to reduce fleets
Appraisers at Oriel and Ishka cut asset values and lease rates in early April across various aircraft types due to the coronavirus crisis and warn that further cuts are likely. more
14/04/2020
LATAM seeks rent deferrals in 48 aircraft sale/leaseback RFP
LATAM placed a sale/leaseback RFP at the end of March for 48 older aircraft, joining a number of airlines seeking to raise cash from their unencumbered assets. more
08/04/2020
Lessor bonds: Ratings agencies bearish on lessors, while new issuances drop
Rating agencies have become more bearish on the aircraft leasing sector with Fitch, and Moody’s changing their outlook on the sector from stable to negative. Sub-A rated investment-grade instruments, which would include most aircraft lessor bonds, have also seen record levels of capital outflows in the last few weeks. more
07/04/2020
Loss-making AeroCentury in vital search for debt or equity
Independent mid-life regional aircraft lessor AeroCentury is looking for debt or equity to repay an MUFG credit facility on which it has defaulted after a second loss-making year. more
07/04/2020
European lessors warn up to 80% of lessees demanding rent holidays
Many European lessors are seeing up to 80% of their airline clients ask for rental holidays, according to leasing sources, as scores of carriers seek to preserve cash. more
03/04/2020
in Lessors and Lease Rates , Aviation financings , Aircraft Finance Market
Buyers cite EOD clauses to walk away from aircraft deals
Buyers are walking away from nearly completed sales of leased aircraft, explain lessors, as the fall-out of the Covid-19 crisis is causing several deals involving millions of dollars of leased aircraft and engines to fall apart. more
01/04/2020
Covid-19: Spreads widen on non-Chinese lessor bonds
An analysis of around 270 actively trading lessor bonds shows that spreads are widening for many of the notes issued by the US publicly listed lessors. more
27/03/2020
Viral Capital: Airlines, lessors draw down billions of debt in days
Airlines and lessors have rushed to the debt markets seeking liquidity as the coronavirus pandemic continues to wreak havoc on their revenue streams. more
24/03/2020
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
Lessor portfolio trades in limbo as Covid-19 crisis hits
Lessors indicate that the vast bulk of new aircraft lease placements with airlines have been stopped as carriers ground their fleets to minimise capacity as the Covid-19 pandemic unravels. more
20/03/2020
GECAS CEO: Coronavirus could cause more lessor acquisitions
Greg Conlon sits down with Ishka to talk about his transition into the CEO role, Alec Burger’s new role as chairman, coronavirus and ABS. more
16/03/2020
Q4 review: Aircastle sees improvement ahead of acquisition
Aircastle finished 2019 with a solid recovery from the impactful demise of two of its biggest lessees in preparation for its merger with affiliates of Marubeni and Mizuho Leasing. more
11/03/2020
Trading gains: Public lessor aircraft sales since 2016
Ishka reviews the trading gains of the public lessors since 2016. more
10/03/2020
ISTAT Austin: Are lessors too relaxed about coronavirus?
Ishka offers key takeaways from the ISTAT Americas 2020 conference in Austin. more
09/03/2020
ISTAT Lessor CEOs: Covid rent deferrals “does not mean blank cheques”
The CEOs of five of the world’s largest aircraft lessors say they are ready to help airline customers weather the Covid-19 travel slump, but not unreservedly. more
06/03/2020
Fly caps off 2019 selling spree with record results
Fly Leasing posted record financial results in Q4 2019, primarily driven by gains on aircraft sales as the lessor works to reduce its fleet size. more
04/03/2020
Lessor CEOs: Navigating the coronavirus crisis
Ishka reviews some of the key market concerns raised by the public aircraft lessors – AerCap, Aircastle, Air Lease Corporation and Fly Leasing – in their latest earning calls, including the rising impact of the coronavirus on their lessees. more
28/02/2020
A320neo lease rates: Airlines reach new ‘high highs and low lows’
Airlines are benefitting from extremely attractive low lease rate factors for new A320neos as both lessors with direct orders from the manufacturers and lessors participating in the sale-leaseback market compete to win deals. more
26/02/2020
AerCap ends 2019 with surge in sales
AerCap finished Q4 2019 with a surge in aircraft sales, helping it improve key portfolio metrics and boost dividends. more
24/02/2020
ALC books bumper Q4 trading gains
ALC is celebrating its tenth anniversary with a strong close to 2019. The lessor made good on promises to concentrate trading gains in H2 2019 and is offering sale-leasebacks with Chinese carriers wrestling with the impacts of Covid-19. more
21/02/2020
CDB Aviation transitions its CEO
In an in-depth interview, newly-promoted CDB Aviation CEO Pat Hannigan tells Ishka how the aircraft lessor is on the hunt for both more talent and investment opportunities in 2020. more
20/02/2020
Coronavirus to put pressure on HNA Group airlines' rents
HNA Group airlines have cut delays on lease payments. Financiers are, however, concerned that the coronavirus – which has severely reduced traffic in and out of China – will put pressure on the group’s airlines’ cash flows. more
18/02/2020
M&A: How Japan fell in love with aircraft leasing
Japanese firms have been courting aircraft leasing platforms with increasing fervour in recent years, investing at least $14.4 billion since 2018, according to Ishka calculations. more
13/02/2020
Will Qatar Airways help Air Italy’s lessors with their aircraft?
Italian carrier Air Italy ceased operations this week, leaving 12 leased aircraft without an operator. more
12/02/2020
Coronavirus prompts Chinese airlines to seek rental holidays
Chinese airlines are asking lessors for rental holidays to overcome crippled cashflows due to the coronavirus outbreak. more
11/02/2020
Carlyle prices first ABS of 2020:AASET 2020-1
Carlyle Aviation (Carlyle) has priced the first aircraft ABS of the year, AASET 2020-1. more
02/02/2020
Impatient capital: Frustrated funds search for leased aircraft
In a follow up report on the state of the current aircraft leasing market, Ishka examines how aircraft funds are looking at opportunities in the aircraft leasing space. more
31/01/2020
Avation up for sale
Avation announced last week it could potentially sell the company after it was approached by an “interested party”. more
15/01/2020
Recent arrivals: New lessors since 2018
Magnetic MRO is the latest firm to have announced a new leasing platform, Magnetic Leasing. Ishka reviews all of the new lessors established since 2018. more
09/01/2020
Aviation investors' concerns for 2020
Ishka presents some of the hot topics we think will be debated by aviation institutional investors during 2020. more
02/01/2020
Lessor bonds 2019: Chinese lessors issue more USD notes
Aircraft leasing companies issued 23.1% new bonds by volume in the first eleven months of 2019 compared with the year before. more
18/12/2019
Airlines snapping up aircraft bargains left by HNA
New aircraft not taken up by HNA Group subsidiaries are being leased and purchased at discount prices. more
29/11/2019
in Aircraft Asset Profiles , Lessors and Lease Rates , Airline Profiles
ALC on track to double fleet by 2023
ALC’s 2018 plan to double its fleet by 2023 is progressing full steam ahead as the lessor maintains 2018's pattern for aircraft sales. more
25/11/2019
Lessor CEOs: Chinese leasing slowdown
Lessor CEOs discuss slowdown from Chinese leasing platforms; 2019’s spate of airline bankruptcies; and weakening demand for the largest widebodies in their Q3 earnings calls. more
22/11/2019
Investing in Aviation Finance: Japan
Sep 3, 2020
Tokyo, Japan
Reconnect with the market when Ishka returns to Tokyo this September.More info
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