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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

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

in Lessors and Lease Rates , Airline Profiles

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

in Lessors and Lease Rates , Capital Markets

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

in Aircraft Asset Profiles , Lessors and Lease Rates

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

in Lessors and Lease Rates , Airline Profiles

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates

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

in Lessors and Lease Rates

Lessor CEOs: Boeing ‘helps’ with MAX rentals

The climate crisis’s growing shadow over aviation dominated lessor earnings calls in Q3, as did the fallout from the MAX grounding. more

21/11/2019

in Lessors and Lease Rates

AerCap Q3 2019 results dampened by OEM delays

AerCap reported a strong quarterly profit in Q3 2019, but saw fleet and revenue growth dampened by delivery delays of new aircraft. more

20/11/2019

in Lessors and Lease Rates , Aircraft Finance Market

FLY accelerates deleveraging campaign in Q3 2019

Fly is beating its own deleveraging forecast for 2019 after taking on debt to fund its 2018 AirAsia portfolio acquisition. more

18/11/2019

in Lessors and Lease Rates

Used Embraer E190/E195 E1 lease rates to come under pressure

With major E-Jet E1 operators set to phase out the type, many lessors worry lease rates could come under pressure as early as next year. more

15/11/2019

in Aircraft Asset Profiles , Lessors and Lease Rates

TrueNoord’s Tieleman: Asset diversification, new types in ‘our wish list’

TrueNoord CEO Anne-Bart Tieleman speaks to Ishka on the regional aircraft lessor's reincarnation into a bigger entity and its strategy for fleet growth. more

13/11/2019

in Lessors and Lease Rates , Aircraft Finance Market

BBAM dispenses with anchor investor for HORIZON III ABS

US aircraft lessor BBAM has priced a $440-million ABS, Horizon III (HORZN 2019-2), which will be used to acquire a portfolio of 18 aircraft. more

07/11/2019

in Lessors and Lease Rates , Aircraft Finance Market

DAE prices Falcon 2019-1 and taps tradeable e-note market

DAE has priced a $514.3 million ABS, Falcon 2019-1, which will acquire a portfolio of 23 leased aircraft split between 20 narrowbodies and three A330s. more

28/10/2019

in Lessors and Lease Rates , Capital Markets

Repo update: Lessors look to remarket ex-Thomas Cook aircraft

A month after Thomas Cook’s bankruptcy Ishka examines how lessors have managed to remarket aircraft from four recent airline bankruptcies: Adria Airways, Aigle Azur, Thomas Cook and XL Airways. more

23/10/2019

in Lessors and Lease Rates , Airline Profiles

MROs expect aircraft retirement ‘jump’ in 2020

After several years of reduced part-out activity, lessors and the MRO industry are preparing for a hike in the number of aircraft retirements in 2020. more

21/10/2019

in Aircraft Asset Profiles , Lessors and Lease Rates , Modelling and Forecasting

NAC's Martin Moller: Regional leasing space ‘well covered’ for now

Ishka speaks with Nordic Aviation Capital's (NAC) chairman, Martin Moller, on competition in the regional aircraft leasing space. more

15/10/2019

in Lessors and Lease Rates , Aircraft Finance Market

Ishka Advisory – Airline Restructuring

We have provided high-level support in business restructuring as well as deep dive analysis on airlines since 1990.

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