Airline bonds Q1 2021: European airlines rush to the unsecured market
Airline unsecured Euro issuances topped €4.85 billion ($5.82 billion) in the first quarter, surpassing the entire volume of unsecured issuances during 2020 of €3.56 billion ($4.23 billion) by 53%. more
12/04/2021
Air Canada takeover deal scrapped by European regulators, Korean Air to complete Asiana Airlines acquisition by 2022
Transat A.T., the parent company of Canadian carrier Air Transat, announced on 2nd April 2021 that its planned merger with Air Canada has been terminated by mutual consent. more
09/04/2021
Hainan Airlines’ early creditor calls, Thai Airways faces stock’s delisting, Norwegian restructuring scheme endorsed
Work has begun on the Hainan Airline restructuring. HNA Group is the first private Chinese airline group to go bankrupt and the largest airline bankruptcy to have occurred within China to date. more
01/04/2021
Covid-19 bailouts: Smartwings, Tunisair and Alitalia secure $143m in new aid
Smartwings, Tunisair and Alitalia secured $143 million in new aid since Ishka’s last update on 18th March 2021. more
30/03/2021
Interjet to seek bankruptcy protection, GoAir prepares for IPO
Mexican LCC Interjet will seek bankruptcy protection in Mexico no later than 30th March with plans to file for Chapter 11 in the US soon after. more
26/03/2021
Sun Country and Frontier Airlines file IPOs, Lufthansa’s $1.8bn impairments, US carriers update travel estimates
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 more
24/03/2021
Air Mauritius, Doric’s fund and the threat of prolonged airline restructurings
German asset manager Doric has been granted more time by lenders on repayments for one of its funds to help close the sale of an A330 on lease to Air Mauritius, reducing the fund’s potential risk of bankruptcy. more
23/03/2021
Covid-19 bailouts: State support for airlines to exceed $200bn
A swathe of recent government measures has pushed Ishka’s combined tally of confirmed ($183.18 billion) and tentative ($19.94 billion) state support for airlines above the $200-billion mark for the first time. more
19/03/2021
Czech Airlines files for bankruptcy, LATAM and Norwegian EETC aircraft to be auctioned
Czech Airlines (ČSA) was declared bankrupt by the Prague City Court on 10th March, following a request by the carrier. more
18/03/2021
Buyer’s market: PIA gets 128 narrowbody bids for eight-aircraft RFP
Pakistan International Airlines has received 128 leased aircraft offers after putting out a tender for eight dry-leased narrowbodies, highlighting competition between lessors to remarket aircraft. more
17/03/2021
Garuda insists it has axed leased CRJ1000s, Air Transat looks for Plan B
Garuda Indonesia CEO Irfan Setiaputra reiterated in early March that leasing contracts for 18 Bombardier CRJ1000 aircraft have been terminated even as one lessor, Nordic Aviation Capital, tells Ishka that the agreements remain unchanged. more
12/03/2021
Norwegian ends 36 leases, Thai Airways to get govt support
Norwegian Air Shuttle has reached an agreement to end 36 aircraft leases as part of its goal to cut its fleet. Thai Airways has obtained support from Thailand's finance ministry to raise as much as $1.65 billion. more
05/03/2021
Covid-19 bailouts: US PSP extension nears approval, Angola recapitalises TAAG
US carriers appeared to be one step closer to receiving further state aid as the US Senate looks set to debate the third extension to the US Payroll Support Programme (PSP) shortly. more
04/03/2021
SpiceJet loses $43m Q400 PDP case to De Havilland
De Havilland on 23rd February secured summary judgment against SpiceJet at the London Commercial Court in a claim for $42.95 million after the airline defaulted on PDPs. more
26/02/2021
Chinese traffic picks up, Air Canada’s 70% drop in revenues, SpiceJet’s recovery
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, more
25/02/2021
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Malaysia Airlines proposes $90k PBH floor for 737s, Thai to shrink fleet
Malaysia Airlines has proposed power-by-the-hour floors from $90,000 to $132,500 for three aircraft types in its negotiations with lessors. more
19/02/2021
Covid-19 bailouts: Biden likely to add PSP extension to Covid-19 relief bill
A $14 billion extension to the Payroll Support Programme (PSP) for US airlines is likely to be included in the $1.9 trillion COVID-19 relief bill proposed by President Joe Biden. more
16/02/2021
NAC refutes Garuda lease terminations, Interjet troubles continue
Nordic Aviation Capital has refuted media reports stating that Garuda Indonesia will return 12 leased Bombardier CRJ-1000s over a bribery probe into the Canadian OEM. more
12/02/2021
Lessor lawsuits continue after HNA Group bankruptcy
Nine lawsuits by leasing entities against airlines of the HNA Group remain open at the London Commercial Court, including one filed by AerCap this month, Ishka understands. more
11/02/2021
MAS opts for ‘cheaper’ UK restructuring scheme, Eastar Jet enters receivership
Malaysia Airlines’ choice to use a UK scheme of arrangement could be replicated by other airlines looking for a “targeted” and therefore “cheaper” alternative to the Chapter 11 process, the airline’s counsel tells Ishka. more
05/02/2021
Covid-19 bailouts: Canada’s Sunwing taps $292 million, US PSP top-up plea
The Canadian federal government has granted a C$375 million ($292 million) loan to Sunwing Airlines, underscoring the impact that new Covid-19 waves of infections are having on airlines. more
04/02/2021
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 reviews the 32 new airline start-ups of 2020
The Covid-19 crisis has been the biggest crisis to have ever faced commercial aviation, but 2020 welcomed a total of 32 new aircraft start-ups. more
01/02/2021
Airline bonds Q4 2020: $10.6bn of unsecured issues round off 78% yearly surge
The Covid-19 crisis drove a 78% surge in unsecured capital markets debt by airlines around the world in 2020, with 212 issuances amounting to $55.3 billion, up from $31.1 billion in 2019. more
29/01/2021
in Airline Profiles , Capital Markets , Aircraft Finance Market
On Watch: Malaysia Airlines to use UK debt restructuring scheme
Malaysia Airlines has obtained approval from a UK court to proceed with a major component of the group's debt restructuring. more
27/01/2021
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
Covid-19 bailouts: Norwegian to get new support, five carriers net $2.1bn
Norway's government says it will contribute to Norwegian Air Shuttle’s funding request pending certain conditions, just two months after its initial refusal pushed the carrier to file for Irish Examinership. more
22/01/2021
Norwegian to shrink to 50 aircraft, four other airlines delay restructuring plans
Norwegian Air on 14th January outlined a simplified business structure with around 50 narrowbody aircraft. more
19/01/2021
How is Singapore Airlines, one of the largest international carriers, managing the COVID-19 crisis?
In today’s Airline Credit Profile, Ishka reviews how Singapore Airlines Group is managing the COVID 19 crisis. more
14/01/2021
On Watch: Mexican govt questions investment in Interjet, lessors file new lawsuits
Mexican LCC Interjet is nearing a month without flights amid an indefinite strike, and the government is questioning an over $100 million infusion by a new investor. more
12/01/2021
Covid-19 bailouts: US airlines get $15bn aid extension as global tally tops $161.2bn
The tally of confirmed bailouts grew by $17.07 billion since the last update on 15th December 2020, largely as a result of the $15 billion extension to the Payroll Support Programme (PSP) for US airlines. more
08/01/2021
On Watch: Lessors demand clarity from Norwegian, AirAsia X contests lessors’ claims
In this week’s On Watch report, Ishka provides updates on several airlines undergoing either some form of bankruptcy proceedings or restructuring. more
05/01/2021
A look back at a year of state aid for airlines
Ishka looks back on a year that saw many of the world’s airlines fall into financial distress and governments stepping up to help them. more
22/12/2020
On Watch: IAG agrees to €500m Air Europa discount deal
IAG agreed to a €500 million ($613.2 million) purchase of Air Europa on 17th December, according to Spanish newspaper El Confidencial, citing unnamed sources. This is a 50% discount from November 2019’s original €1 billion ($1.23 billion) agreement, with all payment deferred until 2026. more
18/12/2020
Exclusive: Gol 737 MAX reactivation figures show promising start
Brazilian low-cost airline Gol Linhas Aereas (Gol) has this month chalked up 105 revenue flights operated by Boeing 737 MAX, the world’s first since their March 2019 grounding. more
17/12/2020
Covid-19 bailouts: US PSP extension nears, TUI Group and Corsair get aid
A US House proposal to extend the US CARES Act Payroll Support Programme (PSP) nears approval while Germany and France provide new aid to airlines. more
15/12/2020
Viral Capital: Airlines tap banks for $97.2bn since onset of pandemic
Airlines have raised $97.2 billion in publicly disclosed commercial debt during the Covid-19 crisis, including $10.2 billion signed since October, according to Ishka research. more
11/12/2020
in Airline Profiles , Capital Markets
On Watch: Norwegian proposes two-year PBH plan for lessors
Norwegian Air Shuttle (Norwegian) is proposing two-year power-by-the hour (PBH) arrangements on its leased fleet as it seeks bankruptcy protection in Norway alongside its Irish examinership process. more
08/12/2020
On Watch: Interjet gets new owner, Asiana to reduce leased aircraft
Mexican LCC Interjet announced on 2nd December that businessman Alejandro del Valle has invested 90% of a $150 million funding package, making him a majority owner. more
03/12/2020
Covid-19 bailouts: France ready to further support Air France-KLM, Corsair
Ishka’s confirmed state support tally rebounded from one of the lowest average weekly increases in the previous update to a $3 billion uptick over the past two weeks. more
27/11/2020
Airline Credit Profile: Why is Philippine Airlines planning on seeking court protection?
In this Airline Credit Profile, Ishka reviews the factors that led to Philippine Airlines' current predicament. more
26/11/2020
On Watch: Norwegian creditors could lose $7.1bn, AirAsia X ordered to pay lessors
Liquidating Norwegian would wipe out the airline’s assets and leave a $7.1 billion deficit, according to a report by auditor Deloitte. more
24/11/2020
On Watch: Norwegian enters examinership, Korean to buy Asiana stake
Ishka provides updates on airlines from Ishka’s On Watch list, including Norwegian's initiation of an examinership process and Korean Air's acquisition of an Asiana stake. more
20/11/2020
Covid-19 bailouts: Cathay and Lufthansa ready for winter, new support slows down
The recent $0.68 billion increase to Ishka’s confirmed state support tally is, on an average weekly basis, one of the lowest since March. more
12/11/2020
On Watch: Thai to sell 34 aircraft, court accepts Nok Air rehabilitation
In this week’s On Watch report, Ishka provides updates on 30 airlines undergoing forms of bankruptcy proceedings and restructuring. more
09/11/2020
Ishka World Tour: Airlines question if second wave of state support will occur
Speakers throughout the conference expressed doubts around whether a second wave of government aid for airlines will materialise. more
05/11/2020
On Watch: Fuel bills leave Interjet grounded
Budget Mexican carrier Interjet cancelled all flights on 1st and 2nd November after failing to pay its jet fuel bills. more
03/11/2020
Covid-19 bailouts: Aeroflot aid swells to $1.9bn, Air Europa to surpass $700m
The tally of confirmed bailouts grew by $1.37 billion since the last update on 15th October, due in large part to Moscow spending around $900 million in an Aeroflot share issuance. more
30/10/2020
On Watch: Avianca turns to lenders for PBH deals, AirAsia X Indonesia refutes liquidation claims
Avianca has placed 39 aircraft on power-by-the-hour (PBH) contracts, subject to US bankruptcy court approval, according to court documents dated 8th October 2020. more
27/10/2020
Airline bonds trading update: High spreads become the new normal
Spreads for actively traded USD airline bonds remain wide compared to both the overall US corporate index (LUACOAS) and lessor bonds. more
26/10/2020
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