On Watch: AirAsia X and Norwegian to cut widebodies, SpiceJet faces $27m lessor claims
Long-haul low-cost carriers Norwegian and AirAsia X have in the past two weeks announced plans to trim their widebody fleets to cope with the Covid-19 crisis. more
22/10/2020
Wizz Air CEO: New opportunities as retreating competitors leave “vacuum”
Wizz Air CEO Jozsef Varadi has reaffirmed the airline’s expansion plans as many of its competitors are “contracting in a big way and creating a market vacuum behind them” due to the effects of Covid-19, creating an opportunity for the low-cost airline. more
21/10/2020
On Watch: Curtain call for AirAsia Japan as Malaysia Airlines issues bankruptcy warning
AirAsia Japan will close its doors on 5th December, the first Japanese carrier to crumble due to coronavirus and under strain from its parent company, AirAsia Group. more
16/10/2020
Covid-19 bailouts: Govt support for Malaysia Airlines dims as owner hints at liquidation
The confirmed state aid tally grew by nearly $5 billion since the last update, with the vast majority attributable to state investments in China Eastern Airlines. more
15/10/2020
On Watch: Lion Air demands PBH contracts, Garuda hit by lessor lawsuits
In this week’s On Watch report, Ishka provides updates on airlines from Ishka’s On Watch list, this time focusing on Indonesian carriers Lion Air Group and Garuda Indonesia. more
06/10/2020
Airline bonds Q3 2020: North American issuers move to secured bonds
The pursuit of liquidity by North American carriers drove many to the capital markets again in Q3 2020 with $13.5 billion issued – 63% out of the global $21.4 billion in issuances. more
05/10/2020
Viral Capital: Airlines tap banks for $33 billion over the summer
Banks may be increasingly selective as to which deals they agree to underwrite but airlines still managed to raise $33 billion of publicly disclosed commercial bank debt between June and September 2020. more
02/10/2020
Covid-19 bailouts: White House proposes $20bn PSP extension, Norwegian potential nationalisation
The ‘second wave’ of state aid for airlines is well underway, with US carriers about to receive an extension to the Payroll Support Programme (PSP). more
01/10/2020
On Watch: Aeromexico pushes 75% of fleet onto power-by-the-hour contracts
In this week’s On Watch report Ishka provides updates on several airlines undergoing bankruptcy proceedings, including Aeromexico, Avianca and LATAM. more
29/09/2020
Lessons in rejection: LATAM’s decision to drop its EETC aircraft
Ishka speaks to two lawyers involved in the issuance of LATAM's 2015-1 EETC to unpack the significance of its rejection. more
24/09/2020
in Airline Profiles , Capital Markets , Aircraft Finance Market
Airlines On Watch: Asiana deal collapses, Kenya mulls 14 aircraft cut
Airlines have been cutting back on fleets consistently since the start of the pandemic. Ishka estimates that airlines on Ishka’s On Watch List have so far removed 119 aircraft from their fleets. more
22/09/2020
Covid-19 bailouts: Alitalia gets $235m, KDB throws Asiana $2bn lifeline
The tally of confirmed bailouts grew by $2.06 billion since last update on 3rd September with the following additions. more
17/09/2020
On Watch: LATAM and Avianca hit DIP financing roadblocks
Ishka updates on airlines in bankruptcy and creditor protection. This week, LATAM and Avianca saw DIP financing proposals rejected and restrained by court orders. more
15/09/2020
Regional carriers receive less than 1% of state aid
Just 0.38% of confirmed and 0.31% of confirmed and unconfirmed state aid has gone to regional carriers as of 28th August, Ishka research shows, a fraction of the billions offered to airlines globally since the beginning of the Covid-19 crisis. more
08/09/2020
Airline Credit Profile: Why is Wizz Air among the best placed airlines to benefit from the COVID-19 crisis?
In this week’s airline credit profile, Ishka highlights how Wizz Air’s financial position has allowed it to take a different approach to the COVID-19 crisis than some of its peers. more
04/09/2020
On Watch: Smartwings in creditor protection, Norwegian at “significant risk” of collapse
Ishka updates on airlines in bankruptcy proceedings and on Ishka's watch list. Norwegian is at “significant risk” of collapse without further creditor agreements, the airline stated in its H1 2020 results. more
02/09/2020
Covid-19 bailouts: Trump considers further support for airlines, Thai LCCs to get $769m in loans
The tally of confirmed bailouts grew by a mere $15.5 million since last week’s update, the second smallest weekly increase since this series began in March. more
28/08/2020
State aid vs revenues: Which airlines have secured generous state aid?
Ishka compares state aid packages for 62 airlines and airline groups against their most recently reported pre-Covid annual revenues. more
25/08/2020
On Watch: EasyFly, Nok Air, Virgin Atlantic make 25 carriers down
EasyFly, Nok Air and Virgin Atlantic joined 22 other airlines or airline groups in forms of bankruptcy protection, insolvency and restructuring this August. more
24/08/2020
Covid-19 bailouts: Seven carriers get $2.8bn in new and additional aid
The tally of confirmed bailouts grew by nearly $2.8 billion over the past two weeks as seven airlines received new or additional state aid. more
20/08/2020
Covid-19 bailouts: Trump backs further $25bn for US airlines
The political momentum behind a proposed extension to the US CARES Act payroll support program makes its continuation likely, but the terms and size are yet to be negotiated. more
07/08/2020
Covid-19 bailouts: Brussels Airlines aid takes Lufthansa's total to $12bn
The Belgian government and Lufthansa agreed on a stabilisation package to rescue Brussels Airlines. The latest $335 million in state aid takes Lufthansa Group’s tally to $12 billion. more
30/07/2020
On Watch: Aeromexico and SAA cut aircraft as Jeju ditches Eastar
South Korean LCC Eastar Jet has joined Ishka’s On Watch list after peer airline, Jeju Air, announced it had scrapped plans to purchase of 51% of the carrier. more
27/07/2020
Covid-19 bailouts: US majors support ‘clean’ CARES Act aid extension
Major US airlines will only support a “clean” extension of the payroll support beyond September without “extraneous conditions,” a major trade association has said. more
24/07/2020
Airline bonds Q2 2020: North American carriers dominate issuances
A rush for liquidity among large North American carriers during Q2 2020 saw Delta, Southwest, Air Canada, Copa and Spirit issue $8.65 billion of traded unsecured airline debt. more
20/07/2020
Covid-19 bailouts: Garuda, Aeroflot aid among $2.9bn tally uptick
Newly-announced state aid for Garuda Indonesia and Aeroflot made up a big share of the bailout tally weekly increase. more
16/07/2020
On Watch: Aeromexico among five fresh airline casualties
Only two weeks in, July has seen five more carriers enter bankruptcy proceedings or cease operations, bringing the total to 21 airlines or airline groups in forms of insolvency since April 2020. more
14/07/2020
Moderate A330 phase-outs show airlines holding onto the type
Ishka’s review of phase-out, retirement or unscheduled lease return announcements during the Covid-19 crisis shows 50 A330s due for an early exit. more
13/07/2020
Covid-19 bailouts: Governments to take stakes in El Al and TAP
A bailout deal agreed by El Al Israel Airlines could see the Israeli state take a 61% stake in the airline while Portugal is set to acquire 72.5% of TAP Air Portugal. more
10/07/2020
Top 100 airlines: LCCs and large domestic carriers fare better in crisis
No airline is immune to the Covid-19 crisis, but some are more resilient than others. Low-cost carriers (LCCs) and operators in large domestic markets appear to be doing better. more
06/07/2020
in Airline Profiles , Modelling and Forecasting
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On Watch: Three short-haul carriers down, SAA to halve fleet
Three more short-haul airlines – Caribbean carrier LIAT, Austrian LEVEL Europe and SunExpress Germany – have joined the growing list of Covid-19 casualties, bringing the total to 14 airlines or airline groups since March. more
30/06/2020
Airline Credit Profile: China Southern’s opportunities and threats in the post Covid-19 world
In this week’s airline credit profile, Ishka highlights some of the key aspects of China Southern’s management of the coronavirus crisis. more
29/06/2020
Covid-19 bailouts: Lufthansa AGM approves aid, KLM rescue unveiled
The approval of the Lufthansa bailout package by shareholders this week dissipated fears that the airline could be forced into insolvency. more
26/06/2020
EU ‘reopening’ leads tepid international travel reactivation
Beyond a few regional pockets of travel activity, international air travel remains stymied by health regulations and travel restrictions. more
23/06/2020
Covid-19 bailouts: Lufthansa bailout in question, countries mull new aid
Lufthansa warns it could file for bankruptcy protection if its largest shareholder votes against a German bailout package while other countries mull further aid for their airlines. more
19/06/2020
Airlines On Watch: LATAM seeks to alter over 150 aircraft contracts
LATAM has proposed stipulations on more than 150 aircraft on lease or with loans attached, including the right to terminate aircraft agreements with 15 days’ notice. Meanwhile, other troubled carriers are making moves to return lease aircraft or sell owned ones. more
16/06/2020
Airline fleet phase-outs affect up to half of 767s and A340s
A growing number of airlines are trimming their fleets as they reconsider their capacity needs in the wake of the Covid-19 crisis. more
15/06/2020
in Aircraft Asset Profiles , Airline Profiles , Modelling and Forecasting
Covid-19 bailouts: Cathay, Austrian, TAP receive state support (11th June)
The tally of confirmed bailouts grew by nearly $7 billion since the last update following announcements by Cathay Pacific, Austrian Airlines, TAP Air Portugal and others. more
11/06/2020
Covid-19 bailouts: Austrian inches towards aid after Lufthansa deal
The finalisation of the Lufthansa bailout appears to have cleared the way for Austrian Airlines to receive state aid. more
05/06/2020
Airlines On Watch: El Al grounded as SAA returns 19 leased aircraft
Several airlines struggling in the wake of Covid-19 are looking to either return leased aircraft or sell aircraft to repay creditors. more
04/06/2020
Strings attached: How does Covid-19 state aid constrain airlines?
Ishka reviews some of the most common conditions attached to airline state aid packages. more
01/06/2020
Covid-19 bailouts: Lufthansa gets aid, Latin America rethinks support
A €9 billion Lufthansa bailout makes Germany the second-largest provider of state aid to airlines as Chile and Colombia consider supporting bankrupt LATAM and Avianca. more
28/05/2020
On Watch: Will AirAsia X survive Covid-19?
In this week’s airline credit profile, Ishka looks at one of the ‘On Watch’ airlines, AirAsia X. more
27/05/2020
Airlines On Watch: LATAM and TAME join the list of Covid-19 casualties
Latin America’s largest carrier, LATAM Airlines (LATAM), is the latest coronavirus casualty after filing for Chapter 11 bankruptcy in a New York court yesterday. more
26/05/2020
Covid-19 bailouts: Lufthansa in ‘advanced talks’ for bailout (21st May)
The tally of confirmed bailouts grew by $1.34 billion from the previous week, but Germany edged closer to an agreement for a $9.7bn 'stabilisation package' for Lufthansa. more
21/05/2020
Viral Capital: Airlines slow down debt raising
Airlines appear to have slowed down the volume of additional debt facilities in the last few weeks after raising billions of dollars a day during March and April to help cope with the coronavirus crisis. more
19/05/2020
Domestic resilience: Which airlines and aircraft stand to benefit?
Commercial air traffic has begun a slow recovery, raising the question of which airlines and aircraft will be best positioned in the new environment. more
18/05/2020
in Aircraft Asset Profiles , Airline Profiles , Modelling and Forecasting
Airlines on Watch: Avianca joins list of 11 collapsed carriers
11 carriers are in bankruptcy proceedings following the outbreak of the coronavirus crisis, placing as many as 500 aircraft – 80% of which are leased – at risk of re-entering the market. more
15/05/2020
Covid-19 bailouts: Brazil downsizes bailout offer, others retrench (14 May)
Could governmental support to aviation be beginning to waiver? The total tally, including reported support packages in the works, saw a slight weekly decrease for the first time. more
14/05/2020
Covid-19 bailouts: Italian minister pledges $3.2 bn for Alitalia (7th May)
The tally of confirmed bailouts grew by a $1.16 billion over the past week as Garuda and IAG announced receiving state loans. Separately, Italy pledged $3.2 billion for Alitalia. more
07/05/2020
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