Special focus on China’s ‘Big Three’, AirAsia suffers revenue hit while Pegasus’ capacity eclipses 2019 figures
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. more
20/09/2021
Avianca's share price plummets, PAL receives court approval
Avianca Holdings has received Bankruptcy Court approval to send its proposed plan of reorganisation to creditors for a vote, according to a court filing on 14th September. more
17/09/2021
Asia-Pacific’s travel boom, special focus: Qantas and Air New Zealand falling revenues
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. more
07/09/2021
Philippine Airlines to reject 21 aircraft and set no-minimum PBH after Ch. 11 filing
Philippine Airlines aims to cut 21 aircraft from its fleet and put all remaining operating leases under no-minimum PBH terms after filing a pre-arranged Chapter 11 bankruptcy protection process. more
06/09/2021
airBaltic secures $106 million aid while Pegasus, TAP and El Al request more support
This is the 47th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 31st August 2021 governments have introduced $195.89 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
31/08/2021
15-year-old aircraft values, Delta orders 30 more A321neos, Embraer’s new turboprop
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
30/08/2021
Banks mull NAC aircraft repossessions, airlines continue fleet restructurings
Several banks with secured debt to Nordic Aviation Capital are rumoured to be considering whether to repossess aircraft from the troubled regional aircraft lessor. more
26/08/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
Airline state aid data sheets: State support vs pre-pandemic revenues
This is a new series of reports. Download data sheets with an overview of airline state aid since March 2020 including a ranking of the most generous packages based on pre-pandemic revenues. more
24/08/2021
Latin American and Asian carriers struggle as Europe leads world 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. more
23/08/2021
5-year-old aircraft values, CALC sells A320s to Puyin Leasing, GOL agrees MAX funding
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
18/08/2021
LATAM restructures orderbook, HNA Group’s plan deadline extended
LATAM Airlines announced on 10th August that it has reached agreements with Boeing and Airbus regarding its future fleet commitments. more
13/08/2021
SpiceJet and Go First get first Indian aid as Thai airlines urge support
This is the 46th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 12th August 2021 governments have introduced $195.32 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
12/08/2021
US LCCs see results bolstered by PSP as Chinese capacity continues to fall
US LCCs have posted a strong quarter of earnings, reaping the rewards of a strong vaccination campaign and US Treasury support. more
11/08/2021
A year after Ch. 11, Latin America’s big three see modest 10% fleet cut – for now
When accounting for recently announced aircraft sales, remarketed aircraft, or sale mandates, the current combined fleet stands around 540 aircraft (-10%) – a relatively humble change for Latin America’s 'big three'. more
04/08/2021
10-year-old aircraft values, Boeing’s first profit in two years and Sukhoi receives order boost
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
02/08/2021
Avianca secures $1.6bn financing, LATAM continues fleet restructuring
Avianca Holdings has secured a $1.6 billion financing package from both new and existing lenders. The airline filed a motion on 22nd July with the Bankruptcy Court seeking approval of an amendment to its existing debtor-in-possession (DIP) documents. more
30/07/2021
Condor, Air Nostrum get new aid as EU affirms approval for sued packages
This is the 45th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 29th July 2021 governments have introduced $195.30 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
29/07/2021
USA & Mexico's domestic resurgence, easyJet passenger numbers up, Jet2 revenues drop 89%
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. more
26/07/2021
Airline Credit Profile: What is at stake in Air Europa's pending IAG takeover?
The European Commission has recently opened an in-depth investigation into the proposed IAG – Air Europa merger, adding uncertainty to IAG’s latest consolidation bid. more
22/07/2021
15-year-old aircraft values, more lessor activity and reduced 787 production rates
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
19/07/2021
TAP aid in EU sights as new Alitalia gets go-ahead
This is the 44th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 1st July 2021 governments have introduced $195.28 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
16/07/2021
Avianca moves JOLCO leases to PBH, Malaysia puts six A380s for sale
Avianca Holdings filed a court request on 6th July to reject leases for two JOLCO-financed A320s (MSN 7928 and 7887) and enter new leases for the aircraft on "better economic terms." more
15/07/2021
Indian airlines seek to raise additional debt as revenues plummet by nearly 60%
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. more
09/07/2021
Airline bonds Q2 2021: Wider group of airlines access unsecured market
A benign capital market has attracted a wider universe of unsecured airline issuers in the last three months, according to Ishka research. Airlines around the world issued $19.94 billion in unsecured debt. more
05/07/2021
Five-year-old aircraft values, A340 reactivation and United’s mass order
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
02/07/2021
Singapore Airlines gets $2.54 billion from sovereign fund, US carriers face public backlash
Ishka estimates that as of 1st July 2021 governments have introduced $196.90 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
01/07/2021
SMBC sues Garuda for $35.9 million, Thai Airways receives restructuring approval
SMBC Aviation Capital is claiming $35.9 million in unpaid aircraft rentals and unrestored deposits excluding interest as well as $9.4 million in guarantee payments in a lawsuit against Garuda Indonesia filed at the London Commercial Court. more
25/06/2021
in Airline Profiles , Aircraft Finance Market
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Ishka’s guide to US PSP and why a PSP4 remains unlikely
Ishka examines US Treasury data on Payroll Support Programme (PSP) and CARES Act Loans to US airlines. A complete dataset is available for download. more
24/06/2021
Garuda seeks to return 101 aircraft to lessors as it mulls debt restructuring options
Garuda’s CEO Irfan Setiaputra has told a parliamentary hearing the airline is contemplating a debt freeze and even the possibility of creating a new airline. more
23/06/2021
10-year-old aircraft values, Thrust 2021-1 ABS prices, OEMs explore new technologies
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
22/06/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
Emirates gets new $1.1 billion injection, Ryanair scores third court win
Ishka estimates that as of 17th June 2021 governments have introduced $193.77 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
17/06/2021
Asian airlines get restructuring go-ahead amidst fresh lockdowns
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. more
11/06/2021
Clock is ticking for NAC, Avianca agrees A320 LOIs with GECAS
Nordic Aviation Capital’s (NAC) moratorium on debt payment ends at the end of next month, as the lessor edges closer to potentially entering a restructuring. more
11/06/2021
15-year-old aircraft values, OEMs ramp up production and United's supersonic aircraft order
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
04/06/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
SAS gets government credit, Germany considers keeping 20% stake in Lufthansa
State support for airlines appears to have plateaued in recent weeks, with relatively few new packages announced since the end of March. more
03/06/2021
China’s ‘Big Three’ report large net losses despite rise in passenger traffic
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. more
31/05/2021
Restructured Norwegian boasts lean balance sheet, Hainan lawsuit discontinued
Norwegian Air Shuttle announced on 26th May it has exited the Irish examinership process that the airline entered on 18th November 2020. more
28/05/2021
Five-year-old aircraft values, cargo appetite and SLB pressures
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
24/05/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
European airlines: Cargo revenues increase but passenger level woes continue
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. more
21/05/2021
Ryanair gets first court wins against state aid, tally grows by $280 million
Ishka estimates that as of 20th May 2021 governments have introduced $192.27 billion in assistance measures for air carriers globally. more
20/05/2021
SAA and Sundair exit bankruptcy, Interjet and PAL slide closer
South African Airways is the latest airline to exit bankruptcy as it announces it has exited business rescue proceedings after 17 months. more
13/05/2021
in Airline Profiles , Aircraft Finance Market
Southwest says it may not need fourth PSP as it nears breakeven
Southwest Airlines CEO Gary Kelly said during an earnings call on 22nd April that new state aid under a hypothetical fourth extension to the Payroll Support Programme (PSP) would be “hard” to argue for. more
06/05/2021
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
Orix and Avolon agree PBH terms with Avianca, the clock is ticking for SA Express
Orix Aviation and Avolon are the latest lessors to agree to amended leases with power-by-the-hour terms, after “substantial arms-length negotiations” with Colombian carrier Avianca Holdings, according to court documents seen by Ishka. more
28/04/2021
Five airlines get $6bn in new aid including Air Canada, Air France
The tally of confirmed bailouts grew by $5.94 billion since the last update on 30th March, including measures for Air Montenegro, Air Malta, Air Canada, Air Austral and Air France. more
22/04/2021
LATAM Brasil to retire A350s, Norwegian aims for new capital raise
LATAM Brasil announced last week it will retire all of its 11 A350-900s with immediate effect as it transitions to an all-Boeing widebody fleet. Remarketers comment that at least one airline start-up has been offered an A350 in the secondary market. more
15/04/2021
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
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