ALC Q1 2021: Airline restructurings bring ALC profits to six-year low
Air Lease Corporation (ALC) reported a net income of $84 million in Q1 2021, 24% down from the previous quarter and a six-year low, as revenues were hit by the doubling of its cash-basis fleet. more
12/05/2021
A look at 10-year-old aircraft values, lessor optimism and more SLBs
This is a regular series from Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more
10/05/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
US majors see uptick in summer bookings after a tough Q1
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. Drawing on the unique set of ACP’s data points, this report examines which airlines remain stronger credits in the weeks ahead, which airlines are on watch and which are seriously exposed to the ongoing impact of COVID-19. more
06/05/2021
Ishka+: Aviation finance terms ‘tighten’ but airlines still face worryingly frail recovery
Even under “revenge spending” scenarios debt-laden airlines will still face lengthy return to 2019 ‘normal’. more
05/05/2021
AerCap Q1 2020: Profit recovers in an eventful quarter
AerCap recorded a net profit of $228 million in Q1 2021, lifting the lessor’s profit margin back to the double digits after a loss-making 2020 and amid an eventful quarter. more
04/05/2021
B737-800 prices and lease rates pushed down by the MAX
Lease rates for older single-aisle aircraft (eight-year and 16-year-old vintages) have continued to drop since January 2020 – according to Ishka Pricing Benchmark research. more
30/04/2021
Seraph, GECAS and SMBC named ‘most advantageous’ bidders in PIA tender
Pakistan International Airlines (PIA) has named Seraph, GECAS, and SMBC Aviation Capital ‘most advantageous’ bidders in a competitive tender for eight dry-leased narrowbodies. more
29/04/2021
Lessor bonds: $9.1bn in Q1, Chinese lessors issue $2.1bn in April
Aircraft lessors tracked by Ishka rounded off the first quarter of 2021 with $9.19 billion in bond issuances, a two-fold jump from the previous quarter. more
27/04/2021
Fund watch: Dunas signs TAP finance Lease, Oaktree funds Azorra expansion, Vanterra anchors Flight Lease Fund
Dunas Aviation Fund signs a finance lease for Portuguese airline TAP for a newly-delivered A321neoLR. more
26/04/2021
in Lessors and Lease Rates , Aircraft Finance Market
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A look at 15-year old aircraft, OEM deliveries pick up, lessors report 2020 losses, Aergo buys ATRs
This is a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter, under today’s market environment… more
23/04/2021
Chinese majors post significant losses, Indian airlines remove capacity
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. Drawing on the unique set of ACP’s data points, this report examines which airlines remain stronger credits in the weeks ahead, which airlines are on watch and which are seriously exposed to the ongoing impact of COVID-19. more
21/04/2021
Aircraft Values: Widebody values continue downward trend
Aircraft current market values (CMV) and market lease rates (MLR) for a mixture of several 10-year-old, five-year-old and new build widebody aircraft types have continued to fall due to overcapacity in the market, according to industry-leading valuations experts speaking at Ishka’s MENA briefing. more
19/04/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Neo and MAX prices rise since January but MAX lease rates dip
Ishka unveils the market’s pricing sentiment on new-generation single-aisle aircraft. more
16/04/2021
Remarketing Watch: Bank aircraft repossessions expected to drive 2021 remarketing surge
Aircraft remarketers expect to see a surge in demand for remarketing services later this year as banks and investors begin repossessing aircraft used as collateral from non-performing secured loans. more
14/04/2021
in Lessors and Lease Rates , Aircraft Finance Market
Irish lessor Genesis CEO on why his firm is helping build an airline
You have to think laterally you can’t just follow the herd off the cliff.” Dublin lessor Genesis speaks with Ishka as it partners with an ACMI provider to offer flexible green-time aircraft leases. more
06/04/2021
A look at 10-year-old aircraft values, Cathay discusses deferrals, and slowing OEM deliveries
A regular series from Ishka’s Transaction Economics service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more
31/03/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
AeroCentury files for Chapter 11 and auctions assets
Californian-based regional aircraft lessor AeroCentury has filed for voluntary Chapter 11 bankruptcy yesterday and plans to auction its aircraft assets to repay its sole secured lender. more
30/03/2021
Carlyle Aviation set to buy Fly
Aircraft lessor and asset manager Carlyle Aviation Partners (Carlyle Aviation) has agreed to acquire listed rival leasing platform Fly Leasing Limited (Fly) in a deal with a total enterprise value of $2.36 billion. more
29/03/2021
ACG’s CEO on lessor M&A and the appeal of a ‘hybrid’ aircraft ABS
Aviation Capital Group’s (ACG) new CEO Tom Baker believes a wave of recent lessor M&A activity will “create opportunities” for other leasing firms and describes how the market might be ready for a hybrid aircraft ABS involving both aircraft leases and loans. more
25/03/2021
Lessor aircraft impairments up nearly five-fold in 2020
Aircraft impairments recorded by 16 lessors analysed by Ishka totalled $2.7 billion in 2020, a 485% increase from the $461 million recorded by the same lessors in 2019. more
22/03/2021
in Lessors and Lease Rates , Regulatory and Accounting
NAC founder explores takeover as lessor faces new restructuring options
Regional aircraft lessor Nordic Aviation Capital’s (NAC) founder and former chairman Martin Moller is looking at ways to potentially invest in the firm as the company faces a further potential restructuring. more
16/03/2021
New aircraft pricing pressure, lessor M&A activity, and lessors' efforts to remarket and sell ex-Norwegian Air aircraft
A regular series from Ishka’s Transaction Economics service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter under today’s market environment. more
15/03/2021
Q4 2020: Public lessors talk about new SLBs and aircraft impairments
Three listed lessors – AerCap, Air Lease Corporation (ALC), and Fly Leasing (Fly) – faced scrutiny by analysts around aircraft impairments during their Q4 2020 earnings calls. more
15/03/2021
in Lessors and Lease Rates , Aircraft Finance Market
SVPGlobal and EnTrust form JV to buy Deucalion
Asset manager EnTrust Global (EnTrust) and funds managed by Strategic Value Partners, LLC and its affiliates (SVPGlobal) have agreed to buy DZ Bank’s aircraft leasing and asset management arm via a joint venture. more
11/03/2021
AerCap buys a discounted GECAS to build a ‘super lessor’
Citi and Goldman Sachs offer AerCap a $24 billion committed debt facility to complete the GECAS acquisition which will see 400 employees transfer to the Irish lessor. more
10/03/2021
AerCap Q4 2020: "Worst is behind us" as collection rate jumps to 96%
AerCap announced a 2020 net loss of $299 million, down from a $1.1 billion net profit in the previous year. However, the lessor recorded a cash collection rate of 96% in Q4 2020, rising from 80% in Q3 2020. more
09/03/2021
Q4 2020: ALC recoups 40% of deferred rent and eyes SLB deals
Air Lease Corporation (ALC) has recouped 40% of the total rent deferred throughout the pandemic according to its latest results. The Californian lessor agreed a total of $240.4 million in deferred rent to its lessees last year more
02/03/2021
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Fly Leasing posts Q4 loss after $106mn impairment for two A330s
Fly Leasing finished 2020 with another quarterly loss driven by $115 million in aircraft impairments, including a “significant” $106 million write-down on A330s. more
01/03/2021
Avation bond extension buys lessor breathing room
Singapore-headquartered lessor Avation agreed a five-year bond extension with bondholders in February furthering a trend of lessors forced to reach distressed debt agreements with creditors in the wake of the Covid-19 pandemic. more
23/02/2021
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Voyager proposes debt-to-equity offer as it seeks out of court restructuring
Dublin-based lessor Voyager Aviation Holdings (Voyager) is offering to equitise its existing unsecured bondholders via an out of court debt restructuring proposal. more
22/02/2021
UPDATED: Lessors raise $7.83bn in three-week bond spree
Aircraft lessors tracked by Ishka raise $7.83 billion in USD issuances during a three-week period from mid-January to early February, taking advantage of a benign market for IG-rated issuers to attain some of the lowest coupons in recent history. more
18/02/2021
Lessors ready themselves for HNA Group bankruptcy
China’s HNA Group is facing bankruptcy after creditors on 29th January applied to a Hainan court to begin proceedings. The imminent bankruptcy process is sending waves through the aircraft leasing industry. more
02/02/2021
Ishka’s Aircraft Pricing Benchmark: Twin-aisles, a battered market, with few green shoots
Ishka unveils the market’s pricing sentiment on twin-aisle aircraft. more
28/01/2021
Dr Peters sues Air France over A380 return conditions
German asset manager Dr Peters is seeking over $34.8 million in compensation from Air France over a failure to redeliver an Airbus A380 in accordance with the terms of their agreement, Ishka has learned. more
26/01/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
Castlelake beats pre-pandemic pricing as its returns to the aircraft ABS market
US fund manager and leasing firm Castlelake has priced the first commercial aircraft ABS in the 10 months since the global onset of the Covid-19 pandemic – achieving one of the lowest yields to date for an aircraft ABS and beating pricing on its last two transactions issued in 2018 and 2019. more
20/01/2021
Investor watch: Fund managers team with lessors to catch aircraft pricing dip
Several money managers have committed capital to aircraft asset managers this month for new debt and equity opportunities within aircraft leasing – despite the sector continuing to be buffeted by the Covid-19 pandemic. more
18/01/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Lessor bonds: Lessors kick off 2021 with a flurry of issuances
Aircraft lessors took advantage of a benign debt capital market in January to issue several unsecured bonds. more
15/01/2021
Ishka invites 2020 Deals of the Year Award submissions
Ishka is now accepting submissions for its Deal of the Year Awards. The Ishka Deal of the Year Awards celebrate the best closed aircraft financings of 2020. The awards will be announced at Ishka’s Dublin conference in June 2021. more
11/01/2021
The (surprisingly short) list of airline failures in 2020
The (surprisingly short) list of airline failures in 2020 Commercial aviation endured its worst crisis to date thanks to the Covid-19 pandemic but Ishka research indicates there were relatively few airlines failures in 2020. more
07/01/2021
Ishka’s Aircraft Pricing Benchmark: A320neo and MAX prices stay firm
Ishka launches its new price discovery service, the Aircraft Pricing Benchmark, the markets’ own guide to current leases and aircraft prices. more
04/01/2021
in Lessors and Lease Rates , Home , Aircraft Finance Market
Seasons greetings from Ishka!
Ishka is taking a break over the Christmas holiday period. We want to offer a sincere thank you to all of our readers for your continued support. Normal Insight service will resume in January. more
23/12/2020
Lessors push back against 12-month PBH requests
Lessors are resisting long-term power by the hour requests from airline customers as they hope for a summer 2021 vaccine-induced aviation recovery. more
14/12/2020
in Lessors and Lease Rates , Aircraft Finance Market
Engine lessor Q3: Rental revenues slump as Fortress snags discounted CFM 56s
Engine lessors and investors have bought current generation engines at “extremely distressed” pricing, say leasing sources. more
30/11/2020
in Lessors and Lease Rates , Aircraft Finance Market
Update: Castlelake to fund lessors and airlines as banks ‘step back’ from the sector
Aviation asset manager and investment firm Castlelake, L.P has launched a new aviation private placement lending programme this month, hiring Armin Rothauser, previously at Starwood Capital and Deutsche Bank, to lead the new programme. more
25/11/2020
Public lessors Q3: Airline rent deferral demands dip but could return as winter approaches
Three publicly traded lessors, Air Lease Corporation (ALC), AerCap and Fly Leasing (Fly) granted $45 million in rent deferrals in total to their lessees in Q3, just 10% of the amount booked in Q1 2020, as the pace of airline rental forbearance requests slowed down since the start of the year. more
23/11/2020
Fly posts $8.3m loss with rent collections at just 53%
Fly Leasing (Fly) slid into the red this quarter, booking a net loss of $8.1 million as aircraft sales stalled and carriers struggled to meet their lease payments. more
19/11/2020
Ishka World Tour: Pricing on aircraft ABS A notes ‘snap back’
Pricing on the senior A notes for many aircraft ABS “snapped back” to 90 cents on the dollar in the secondary market in September and October, according to speakers at Ishka’s World Tour. more
18/11/2020
AerCap Q3: Record loss as lessor takes $915m widebody impairment
AerCap posted an $850 million net loss in the third quarter largely due to a $915 million fleet impairment concentrated on current technology A330 and 777 widebodies. more
17/11/2020
in Lessors and Lease Rates , Aircraft Finance Market
Cheap leases help Rex take on Bain’s Virgin Australia
Australian regional carrier Regional Express Holdings Ltd (Rex) aims to increase its fleet to around 30-40 single-aisle aircraft by the end of 2022 as it takes advantage of a soft leasing market to bolster its fleet. more
13/11/2020
ALC Q3: No PBH ‘pandemic’ as lessor hits record-high liquidity
ALC maintained its focus on liquidity this quarter as deferral requests slowed ahead of what executives expect to be a bleak winter for carriers. Despite seeing its revenues down for the third quarter running, the lessor’s liquidity is at an all-time high. more
11/11/2020
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