Ishka insights: indispensable aviation data, analysis and opinion
Show:

Indian tax tribunal ruling offers relief to lessors

The Delhi Bench of India’s Income Tax Appellate Tribunal has ruled in favour of Irish lessors, rejecting the Indian tax authority’s attempt to recharacterise operating leases as finance leases. more

08/08/2025

in Lessors & Asset managers

Lessor unsecured debt issuance bounces back to $2.7 billion in July

Leasing unsecured debt issuance rose to its highest level in four months in July after a muted second quarter. more

07/08/2025

in Lessors & Asset managers , Capital Markets

Air Lease Q2 2025: ‘We still do not view pricing of new aircraft orders to be attractive’

Air Lease indicated that the company has no immediate plans for new aircraft orders during its recent Q2 2025 earnings call with current pricing deemed unattractive. more

06/08/2025

in Lessors & Asset managers

Asset managers survey:  Average unlevered returns contract by around 1 percentage point for older aircraft

A survey of asset managers conducted by Ishka reveal that average unlevered returns for previous tech aircraft assets have contracted further, dropping by 84bps in the last nine months. more

05/08/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

AerCap Q2 2025: Sale-leaseback deals “are beginning to present themselves”

The improving aircraft supply environment is beginning to open the sale-leaseback channel for AerCap, CEO Aengus Kelly told the lessor’s Q2 2025 earnings call. more

31/07/2025

in Lessors & Asset managers

Tariff Tracker: Relief for Embraer as aircraft exempted from new 50% Brazil duties

A new executive order, signed by President Trump, exempts aircraft, aircraft parts and their components from the new 50% tariffs being introduced on most Brazilian goods. more

31/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Tariff Tracker: Embraer left exposed as US-EU strike aviation trade deal

Embraer risks being left isolated in the tariff fallout as the United States and European Union agree on a new trade deal framework that will preserve "zero-for-zero" tariffs for Airbus and Boeing. more

30/07/2025

in Lessors & Asset managers , OEMs, Cargo & Engines

Boeing orders form part of new US tariff deals

Recent tariff deals made by the US administration have seemingly been a boost for Boeing. more

28/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Have we reached peak pricing for previous-tech engines?

Engine lessor CEOs speaking at Ishka’s Dublin conference argued that values and lease rates for previous generation engines had reached a natural peak. more

23/07/2025

in Lessors & Asset managers , OEMs, Cargo & Engines

Q2 engine prices and lease rates: V2500 lease rates dip, but 5Bs strengthen

Lease rates for V2500-A5 Select engines have broadly dropped in the second quarter of 2025, according to Ishka research, but prices for previous-generation narrowbody aircraft engines (CFM56-5Bs, CFM56-7Bs, and V2500s) have remained stable compared to the previous quarter. more

22/07/2025

in Lessors & Asset managers , OEMs, Cargo & Engines

Will Indian carriers soon be able to access the JOLCO market?

JOLCO arrangers, aviation financiers and lawyers debate whether the implementation of the CTC in India could lead to a first Indian JOLCO. more

21/07/2025

in Lessors & Asset managers , Aviation Banks and Lenders

Pricing: Castlelake’s $614.8 million ABS CLAS 2025-2 

Castlelake’s latest aircraft lease ABS, CLAS 2025-1, has priced, achieving a yield of 5.528% on its class A notes and a yield of 6.387% on its class B notes. more

21/07/2025

in Lessors & Asset managers , Capital Markets

Quick Take: CTC protections at risk as India revises aircraft legislation

India’s Ministry of Civil Aviation has released new draft legislation, which threatens to undermine the protections introduced under the Cape Town Convention. more

17/07/2025

in Lessors & Asset managers

Castlelake markets $614.8 million aircraft lease ABS

US fund manager and leasing firm Castlelake is back in the market with its second aircraft lease ABS of the year, CLAS 2025-2. more

16/07/2025

in Lessors & Asset managers , Capital Markets

Average aviation alt lender spreads drop below 300bp for the first time

Aviation alternative lender margins tightened further in Q2 2025 according to Ishka research, with the average spread of regular deal flow now at 295bps over SOFR – marking the first time that margins have dropped below 300bps since Ishka began its quarterly survey in 2023. more

16/07/2025

in Lessors & Asset managers , Aviation Banks and Lenders

OEM backlogs: India and US make up a third of non-leasing orders

Ishka takes a look at the Airbus and Boeing backlog as of 30th June 2025. more

15/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Engine Buyers List July 25: Which engines are lessors targeting?

This is the 6th edition of Ishka’s Engine Buyers List, where Ishka summarises a list of some of the most active commercial engine buyers in the secondary market. more

14/07/2025

in Lessors & Asset managers

Azorra and Avolon kick off H2 unsecured debt issuance 

Two lessors have come to market with unsecured issuances in the first few weeks of July, issuing a total of $1.2 billion. more

10/07/2025

in Lessors & Asset managers , Capital Markets

Lessors Q2 trading update, Rolls seeks UK support for UltraFan, Scandinavian Airlines's Embraer order

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

10/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Briefing: US tariffs what we know so far

The United States has extended its tariff deadline until August as Ishka examines what has unfolded across the 90-day pause. more

08/07/2025

in Lessors & Asset managers , Airline trends & analysis , OEMs, Cargo & Engines

Lessor order books: Boeing pips Airbus in June on leasing deliveries

Lessors received 17 order book aircraft from Airbus and Boeing in June, accounting for around 14% of total deliveries from the two OEMs. more

06/07/2025

in Lessors & Asset managers , OEMs, Cargo & Engines

Lessors secure billions in bilateral equity mandates for midlife assets

Independent aircraft asset managers have successfully raised billions of dollars of equity since the start of 2024, according to Ishka research. more

30/06/2025

in Lessors & Asset managers , Investor Briefings , Other

Aircraft Buyers List June 25: Which aircraft are lessors targeting?

This is the 20th edition of Ishka’s aircraft buyers list, where Ishka summarises a list of potential and active buyers of leased aircraft on the secondary market. more

27/06/2025

in Lessors & Asset managers

Briefing: Lessors announce $4.7bn of fresh equity raises via funds so far in 2025

Aircraft lessors have announced equity raises for a total of $4.7 billion of fresh equity into aviation funds so far in 2025, according to Ishka research, a significant improvement compared to the last two years. more

24/06/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Investor Briefings

Paris: A no show from Boeing, AviLease the only lessor order

A muted Paris Air Show - partly down to the absence of any new order announcements for Boeing aircraft. more

18/06/2025

in Lessors & Asset managers , OEMs, Cargo & Engines

Carlyle prices new ABS notes

Carlyle Aviation Partners (Carlyle) has priced $525.667 million of new 2025-2 aviation ABS notes. more

16/06/2025

in Lessors & Asset managers , Capital Markets

Carlyle markets $525.667 series 2025-2 ABS notes under master trust

Carlyle Aviation Partners is marketing $525.667 million in new 2025-2 ABS notes, to be issued within the master trust established with the issuance of AASET 2025-1 issued earlier this year. more

13/06/2025

in Lessors & Asset managers

London High Court rules in favour of lessors in $4.5bn aviation insurance dispute

A London High Court judge has ruled in favour of lessors, finding that losses from Russia’s invasion fall under war risk, not all risks, policies. more

12/06/2025

in Lessors & Asset managers , Airline trends & analysis , Other

North American carriers launch new RFPs, airlines look for ANPI 

Airlines have been actively exploring various financing structures to help fund new deliveries with Ishka understanding several North American carriers have issued RFPs in recent weeks. more

11/06/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

Ryanair signs $500m engine deal as Alaska Airlines delays Embraer order citing "uncertain economic environment"

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

10/06/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , OEMs, Cargo & Engines

Could AerCap be poised to benefit from potential Spirit Airlines Airbus cancellations?

Spirit Airlines has said it may seek to “postpone or cancel delivery” of certain aircraft currently scheduled for delivery as a result of the impact of tariffs on aircraft and parts costs. more

10/06/2025

in Lessors & Asset managers , Airline trends & analysis

WLFC markets $596 million ABS WEST VIII

Willis Lease Finance Corporation (WLFC) is in the market with a $596 million ABS, Willis Engine Structured Trust VIII / WEST VIII. more

04/06/2025

in Lessors & Asset managers , Capital Markets , OEMs, Cargo & Engines

Engine Buyers List June 25: Which engines are lessors targeting?

This is the 5th edition of Ishka’s Engine Buyers List, where Ishka summarises a list of some of the most active commercial engine buyers in the secondary market. more

02/06/2025

in Lessors & Asset managers

‘Tepid’ capital markets in the wake of 'liberation day' tariffs

The post ‘liberation day’ capital market environment was described as ‘tepid’ last week in Dublin as industry professionals gathered for Ishka’s Aviation Finance Festival and Trading Summit: Midlife, Engines & Parts conferences. more

28/05/2025

in Lessors & Asset managers , Capital Markets

Cerberus buys Abelo, Azorra acquires Embraer portfolio

Private equity firm Cerberus Capital Management (Cerberus) has acquired turboprop lessor Abelo from funds managed by Oaktree Capital Management. more

27/05/2025

in Lessors & Asset managers

Tariff fears temper, but don’t deter, a frothy aircraft trading market

Aircraft sellers say trading in the first five months of 2025 has been largely unaffected by tariff threats and announcements from the Trump administration. more

27/05/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

SKY Leasing’s $503 million ABS SLAM 2025-1 prices

SKY Leasing (SKY)’s $503 million aircraft lease ABS SLAM 2025-1 has priced, achieving a spread of 180 on its single A tranche. more

20/05/2025

in Lessors & Asset managers , Capital Markets

FPG launches F.bit - a Japanese publicly traded retail investor aircraft product

Aircraft leasing firm and JOLCO arranger FPG has introduced "F.bit," Japan's first publicly offered, fractionalised aircraft investment product tailored for individual Japanese investors. more

19/05/2025

in Lessors & Asset managers

Lessor Russian insurance cases continue but Irish settlements still leave questions

Ishka explores the implications for future insurance policies following the settlement of all claims in Ireland's landmark aviation insurance dispute. more

15/05/2025

in Lessors & Asset managers , Other

SKY Leasing markets $503 million aircraft lease ABS

SKY Leasing is in the market with a $503 million aircraft lease ABS, SLAM 2025-1. more

14/05/2025

in Lessors & Asset managers , Capital Markets

Cap Markets: Lessor bond issuance drought, PKAIR 2025-1 prices, new SKY Leasing ABS in the works

Lessor capital market activity has generally been quite muted, with no new bond issuances in the last six weeks more

13/05/2025

in Lessors & Asset managers , Capital Markets

SKY Leasing steps into new technology investments with JetBlue Ventures acquisition

San Francisco-based aviation investment manager SKY Leasing announced earlier this week it has acquired JetBlue’s venture capital arm JetBlue Ventures, an early investor in innovative companies in enterprise and frontier technology solutions. more

12/05/2025

in Lessors & Asset managers

Rolls-Royce engines for Boeing to be 'tariff' free, airlines look to take over Chinese Boeing deliveries

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

08/05/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , OEMs, Cargo & Engines

AerCap Q1 2025: Global tariff war would increase used aircraft values

An escalation and continuation of global tariffs could push up the values of used aircraft as operators turn to less costly forms of lift, AerCap CEO Aengus Kelly noted during the lessor’s Q1 2025 earnings call. more

07/05/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers

Asset managers Q1 2025 update

Ishka's asset managers datasheet provides a summary of recent news, activity, and metrics of aircraft asset managers in Q1 2025. more

06/05/2025

in Lessors & Asset managers

PK AirFinance markets $728.9 million aviation loan ABS 

Alt lender PK AirFinance is back in the ABS market with the first aviation loan securitisation of the year, PKAIR 2025-1. more

02/05/2025

in Lessors & Asset managers , Capital Markets

AviLease and Avolon close new facilities

Saudi lessor AviLease has closed a $1.5 billion three-year unsecured revolving credit facility, while Avolon has announced the completion of a five-year $1.1 billion senior unsecured facility. more

30/04/2025

in Lessors & Asset managers , Capital Markets , Aviation Banks and Lenders

Quick Take: Two new May RFPs, Airbus signs definitive agreement with supplier Spirit

Ishka reveals two new narrowbody RFPs with submission deadlines set for May. Elsewhere, Spirit AeroSystems Holdings has entered into a definitive agreement with Airbus. more

29/04/2025

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , OEMs, Cargo & Engines