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
Q1 2020: How the large US carriers are managing Covid-19 cash burn
The four largest North American carriers are collectively burning through approximately $250 million per day, Q1 results show. more
04/05/2020
Covid-19 bailouts: Big week for big European airlines (1st May)
Ishka's airline bailouts tally grew by $15.7 billion over the past week as European countries granted state aid to large flag carriers. more
01/05/2020
Viral Capital: Airlines access another $12 billion in April dash for cash
Airlines accessed a further $12 billion in publicly disclosed fresh debt and drawdowns this April as carriers worldwide fought keep afloat, with another $17 billion of debt under negotiation. more
29/04/2020
Airlines on watch: Coronavirus casualties rack up
A spate of airlines have slid into administration in the past week, leaving a total of 247 aircraft – 195 of which were leased – to potentially re-enter the market, according to Ishka calculations. more
24/04/2020
Covid-19 bailouts: State support for airlines approaches $100 billion
Ishka estimates that as of 23rd April governments around the world are preparing or have executed airline bailouts worth up to $99.4 billion. more
23/04/2020
Airline bonds Q1: Chinese carriers responsible for record issuances
Unsecured airline bond issuances in Q1 2020 outnumbered Q1 2019 nearly two-to-one. Short-term Yuan bonds issued by Chinese airlines represented the vast majority. more
21/04/2020
Covid-19 bailouts: Airline demands vs government support (17th April)
This is the fifth updated summary of airline demands for state support and bailout offers by governments around the world. more
17/04/2020
CARES Act: US to hold 0.5% to 3% in airline stock warrants
Ten major US airlines have agreed to the partial repayment of payroll grants under the CARES Act after some initial resistance, paving the way for the disbursement of the initial $25 billion allocated to passenger carriers. more
16/04/2020
Covid-19 bailouts: Airline demands vs government support (9th April)
Ishka estimates that governments are preparing or executing up to $92 billion in financial assistance for airlines around the world. more
09/04/2020
in Airline Profiles , Regulatory and Accounting , Aircraft Finance Market
Covid-19: Airline demands vs government support (2nd April)
Ishka estimates that governments are preparing or executing up to $77.9 billion in bailouts for airlines around the world. more
02/04/2020
Viral Capital: Airlines access $2 billion of additional debt a day
Airlines have raised or drawn down another $13.6 billion of debt in the past week – equal to nearly $2 billion of fresh debt a day, a figure that only includes publicly disclosed facilities. more
31/03/2020
US airlines bailout: What does the fine print say?
A $58 billion bailout for US airlines was signed into law by President Donald Trump on 27th March as part of the CARES Act. Ishka examines the provisions for state aid to US air carriers. more
30/03/2020
in Airline Profiles , Regulatory and Accounting , Aircraft Finance Market
Covid-19: Airline demands vs government support (26th March)
Ishka updates and expands last week’s summary of airline demands for state support and bailout offers by governments around the world. more
26/03/2020
in Airline Profiles , Modelling and Forecasting , Aircraft Finance Market
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
Covid-19: Airline demands vs government support
Ishka provides a summary of the demands by airlines for state assistance and the current levels of government support and bailouts on offer. more
19/03/2020
in Airline Profiles , Regulatory and Accounting , Aircraft Finance Market
Covid-19: Will African, Middle Eastern airlines survive on state-backing?
Many of the top airlines in both Africa and the Middle East have some form of state backing – a distinct advantage as commercial passenger aviation grinds to a halt across the globe. more
19/03/2020
Covid-19: Brazil extends airline aid as Latin America closes borders
Brazilian airlines are set to receive government aid as countries in Latin America rush to close their borders. more
18/03/2020
European airlines including Norwegian to be hit hard by US travel ban
A US-imposed 30-day travel ban on passenger flights from European Schengen countries is due to worsen the prospects for around 30 European and North American carriers. more
12/03/2020
Flybe finally folds
Regional airline Flybe went into administration on 5th March, with lessors already moving to repossess their aircraft and leaving questions around the airline’s valuable Heathrow slots. more
05/03/2020
White paper: Lessons from historical airline defaults
In a guest white paper, Ed Hansom and JJ O’Toole from Sirius Aviation Capital note the lack of data when examining airline defaults and provide a methodology to create an estimate for historical airline default rates. Their research validates many of the portfolio strategies adopted by lessors to mitigate airline risk. more
03/03/2020
Investing in Aviation Finance: Japan
Sep 3, 2020
Tokyo, Japan
Reconnect with the market when Ishka returns to Tokyo this September.More info
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