Ishka Insights: indispensable analysis and opinion
Show:

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Aircraft Asset Profiles , Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles , Modelling and Forecasting

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

in Airline Profiles , Modelling and Forecasting

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Modelling and Forecasting

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles , Modelling and Forecasting

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

in Airline Profiles , Capital Markets

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Capital Markets

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

in Airline Profiles

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

in Airline Profiles , Regulatory and Accounting

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Regulatory and Accounting

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

in Airline Profiles , Regulatory and Accounting

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Capital Markets

Transaction Economics

Transaction Economics – Aircraft Values and Trading Data

Get real pricing and deals data and dynamic, independent aircraft values from Ishka’s trusted team

Ishka Advisory – Airline Restructuring

We have provided high-level support in business restructuring as well as deep dive analysis on airlines since 1990.

Ishka Insights

Get beyond the headlines with data-driven analysis and the respected Ishka View with Ishka’s daily Insights service

socialise