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CALC CEO Mike Poon: Chinese lessees fulfill deferral agreements

In an interview with Ishka, CALC CEO Mike Poon credits China’s upturn, a narrowbody focus, and a disciplined approach to leasing as keys to its enviable H1 2020 performance. more

19/10/2020

in Lessors and Lease Rates , Aircraft Finance Market

Spreads slow to renormalise on active IG lessor bonds

Spreads remain high on pre-crisis levels on all but A-rated aircraft leasing bond issuances, an Ishka analysis of 251 actively trading lessor issuances has found.  more

13/10/2020

in Lessors and Lease Rates , Capital Markets

Lessors worry airlines will impose ‘abusive’ PBH contracts

Several carriers have asked lessors in the last few weeks to take power-by-the-hour leasing agreements (PBH) as a means to reduce costs in preparation for a tough winter for passenger traffic. more

12/10/2020

in Lessors and Lease Rates , Aircraft Finance Market

Lessor bonds Q3: Fresh issuances double on Q2

Aircraft lessors flooded back to the bond market in Q3 2020. After tepid issuances in Q2, Q3 total new issuances were the highest of the last seven quarters – and over double the previous quarter. more

09/10/2020

in Lessors and Lease Rates , Capital Markets

Malta leverages regulatory changes to attract aircraft lessors

The Government of Malta has tabled in parliament an update to the country’s 2010 Aircraft Registration Act to make itself more appealing to lessors. more

08/10/2020

in Lessors and Lease Rates , Regulatory and Accounting , Investor Education

Lessors wait for A220 sale/leaseback opportunities

Sources state that increased market risk and capital deployment limitations are likely to result in higher lease rates when new A220 RFPs do eventually come to market. more

28/09/2020

in Aircraft Asset Profiles , Lessors and Lease Rates

NAC CCO on regional aircraft resilience and its debt standstill

NAC's CCO, Jim Murphy, speaks with Ishka on the strength of the regional market, NAC's recent debt standstill and the Dash 8 market. more

25/09/2020

in Lessors and Lease Rates

High debt costs eat into aircraft lessor returns

Some lessors may be making lower returns on new sale/leaseback deals than they were pre-Covid because of increased financing costs, according to Ishka research. more

16/09/2020

in Lessors and Lease Rates , Aircraft Finance Market

Covid-19 ushers in a nascent 787 and A350 secondary market

Ishka estimates there are up to 22 787s and A350s in the market looking for new operators. more

01/09/2020

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

Fund watch: Icelease signals buying intent with naked aircraft purchase

Reykjavík-based lessor Icelease together with Corrum Capital Management, a private investment firm, have bought a naked 12-year old Boeing 737-800 through their joint venture CCM ICL Leasing LLC. more

26/08/2020

in Lessors and Lease Rates , Aircraft Finance Market

JSA and CDB Aviation test the market with leased aircraft portfolios

Aircraft trading, the normal sale of leased and naked aircraft between lessors, nearly ceased entirely after the immediate onset of the Covid-19 pandemic. However, Ishka is aware of new activity in the market as lessors begin to test investor appetite for leased aircraft. more

19/08/2020

in Lessors and Lease Rates

Public lessors Q2: Delayed rents top $700m but requests have ‘peaked’

Air Lease Corporation, Fly Leasing and AerCap have accumulated $702 million in deferred lease payments, but the three firms are optimistic that the worst has now passed. more

17/08/2020

in Lessors and Lease Rates , Aircraft Finance Market

Q2 ends Fly’s selling spree as lessor offers longer rent deferrals

Q2 2020 marked the end of Fly Leasing’s (Fly) aircraft selling spree: the lessor recorded no gains on aircraft sale for the first time in nine quarters as the pandemic depressed transaction volumes across the industry. more

14/08/2020

in Lessors and Lease Rates

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Aircraft Asset Profiles , Lessors and Lease Rates

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates

​​​​​​​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

in Lessors and Lease Rates

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Aircraft Asset Profiles , Lessors and Lease Rates

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

Trading gains: Public lessor aircraft sales since 2016

Ishka reviews the trading gains of the public lessors since 2016. more

10/03/2020

in Lessors and Lease Rates

ISTAT Austin: Are lessors too relaxed about coronavirus?

Ishka offers key takeaways from the ISTAT Americas 2020 conference in Austin. more

09/03/2020

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates , Modelling and Forecasting

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates

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

in Aircraft Asset Profiles , Lessors and Lease Rates

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates , Aircraft Finance Market

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Transaction Economics – Aircraft Values and Trading Data

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Ishka Advisory – Airline Restructuring

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