Ishka Insights: indispensable analysis and opinion
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Airline bonds Q3 2022: Slowdown continues with new record-low quarter

Unsecured bond issuances by airlines slowed for the second consecutive quarter in Q3 2022, as issuances both inside and outside of China dropped further from what were already record-low levels since 2019. more

06/10/2022

in Airline trends & analysis , Capital Markets

Pandemic restrictions cause FY 2022 losses for Australasian carriers

Ishka reviews the FY22 performance of select airlines from Australia and New Zealand, together a region which saw some of the longest and most severe pandemic restrictions. more

03/10/2022

in Airline trends & analysis

Finnair announces fleet reduction, SAS secures DIP financing approval

Finnair has announced its intention to reduce its fleet as part of a strategy to reduce costs. more

28/09/2022

in Airline trends & analysis

Inflationary pressures and currency movements dampen Latin American airlines’ recovery

Ishka reviews the H1 2022 performance of select Latin American airlines. more

19/09/2022

in Airline trends & analysis

SAS looks to slash its fleet, aha! enters Chapter 11

US regional airline aha! Has ceased operations, after its parent company ExpressJet filed for Chapter 11 bankruptcy on 23rd August. more

07/09/2022

in Airline trends & analysis

Airline state aid wanes with single confirmed package over last month

Ishka estimates that as of 6th September 2022 governments have introduced $212.12 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $222.65 billion. more

06/09/2022

in Airline trends & analysis

US LCCs boost revenue growth over 2019 levels

Ishka examines the recent quarter performance of the US ultra-low-cost carriers - Spirit, Frontier, Allegiant, and Sun Country. more

05/09/2022

in Airline trends & analysis

Alaska, Southwest, and JetBlue exceed pre-pandemic Q2 revenues

Ishka reviews Alaska Airlines and Hawaiian, along with LCCs Southwest and JetBlue. more

22/08/2022

in Airline trends & analysis

Air Transat secures final loan, Hainan Airlines seeks emergency support

Ishka estimates that as of 11th August 2022 governments have introduced $212.11 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $223.11 billion. more

11/08/2022

in Airline trends & analysis

Lessors move to deregister SpiceJet Aircraft, ALC confident on SAS narrowbodies

India’s Directorate General of Civil Aviation (DGCA) has been asked by two separate leasing firms to deregister four Boeing 737-800s operated by SpiceJet. more

09/08/2022

in Airline trends & analysis

Flight cancellations disrupt European LCCs’ recovery

Ishka reviews the effect of flight disruptions on the credit profiles of Ryanair, easyJet, Wizz Air, and Jet2. more

08/08/2022

in Airline trends & analysis

Major US carriers post Q2 profits

The three major full-service carriers in the US - Delta, United, and American - have all generated profits in the second quarter of 2022 despite ongoing operational challenges more

26/07/2022

in Airline trends & analysis

SAS strike ends, Thai Airways submits revised restructuring plan to court

SAS and SAS Scandinavia pilots’ unions have agreed on new 5.5-year collective bargaining agreements, which will see SAS resume flights “as soon as possible.” more

22/07/2022

in Airline trends & analysis

Airline bonds Q2 2022: Record-low issuances amid summer travel chaos

Airline unsecured bond issuances slowed down further during the second quarter of the year to $4.87 billion, of which only $751 million was issued outside of China. more

15/07/2022

in Airline trends & analysis , Capital Markets

Freight business softens Covid blow for Asia Pacific carriers

Ishka reviews some of the key combination carriers in Asia Pacific, where in parts passenger traffic has been virtually non-existent most of 2021. more

12/07/2022

in Airline trends & analysis

Pilot strike pushes SAS to file for Chapter 11 bankruptcy

Scandinavian Airlines (SAS) has filed for Chapter 11 bankruptcy in the United States, citing multiple factors including the impact of Covid-19. more

06/07/2022

in Airline trends & analysis

EC approves SATA’s restructuring aid, Chinese airlines allocated support

Ishka estimates that as of 5th July 2022 governments have introduced $211.89 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. Unconfirmed reports and allocations deemed likely suggest the tally could increase to $220.66 billion. more

05/07/2022

in Airline trends & analysis

15-year-old aircraft values, PIF launches AviLease, Chinese airlines commit to large A320 family orders

This is the 78th in a series of supplements to Ishka’s ‘Transaction Economics’ service which delivers ‘the Ishka View’ on events that have a bearing on aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

04/07/2022

in Aircraft values, Lease Rates & Returns , Airline trends & analysis

Emirates and Qatar Airways see improving fortunes

Ishka takes a look at airline recovery in the Middle East, where Emirates and Qatar have seen improvements in their financial positions. more

29/06/2022

in Airline trends & analysis

LATAM and Garuda have plans approved, Comair collapses

LATAM has its Chapter 11 plan approved, while Garuda obtains confirmation of its PKPU process. more

28/06/2022

in Airline trends & analysis

ESG data sheet: SAF offtakes vs airline 2030 commitments

Ishka examines airlines with both sustainable aviation fuel (SAF) offtake agreements and 2030 SAF use targets. more

17/06/2022

in Airline trends & analysis , Investor Briefings

Slow start to recovery in Southeast Asia

As Southeast Asian markets begin to recover, Ishka takes a closer look at two operators in the region – Thai Airways and AirAsia Group, both of which are in the process of substantially restructuring their businesses. more

13/06/2022

in Airline Profiles

Thai AirAsia X enters restructuring, Garuda secures third extension

Southeast Asian carriers are once again in the spotlight after Thai AirAsia X filed for bankruptcy protection on 17th May 2022 and Garuda Indonesia secured an extension to its restructuring proceedings for a third time. more

09/06/2022

in Airline Profiles , Aircraft Finance Market

Southeast Asian airlines show signs of recovery

This week Ishka reviews the performance of airlines in Southeast Asia, with a focus on Thai AirAsia, Cebu Pacific, and Philippine Airlines. more

30/05/2022

in Airline Profiles

Chinese airlines lag behind in covid recovery

Airline operations in Asia Pacific and China were particularly impacted in 2021, which resulted in sizable losses in the region. more

16/05/2022

in Airline Profiles

LATAM nears restructuring finish line, Aeromexico and Hainan Airlines post Q1 losses

LATAM has successfully negotiated with several of its dissenting creditors, bringing its closer to obtaining court approval of its restructuring. more

12/05/2022

in Airline Profiles

Latin American airlines’ north-south recovery divide

This week Ishka reviews the performance of the main airlines serving the southern part of the Latin American region, including the major aviation markets in Brazil and Chile. more

03/05/2022

in Airline Profiles

Airline bonds Q1 2022: Unsecured issuances slow outside of China to only $1.8bn

Airline unsecured bond issuances outside of China slowed down during the first quarter of the year in the wake of rising inflation, monetary tightening, and the fallout of Russia’s invasion of Ukraine. more

22/04/2022

in Airline Profiles , Capital Markets

Mexican LCCs boosted by strong US traffic

This report is the seventy-fifth in a series of supplements to 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

19/04/2022

in Airline Profiles

Aeromexico emerges from Chapter 11, LATAM sets its sights on 2022 exit

Aeromexico emerged from Chapter 11 bankruptcy process on 17th March 2022, after 20 months of financial restructuring. Elsewhere, LATAM continues to be at odds with some of its unsecured creditors. more

08/04/2022

in Airline Profiles , Aircraft Finance Market

Rising fuel costs put pressure on ticket prices

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

04/04/2022

in Airline Profiles

On Watch: The airlines at the centre of the Russia-Ukraine crisis

The Russia-Ukraine conflict is shaping up to be one of the biggest shocks to the airline industry since the start of the pandemic, and it puts question marks over the short and medium-term continuity of airlines in countries that are party to the conflict. Ishka identifies the airlines likely to be most severely impacted. more

22/03/2022

in Airline Profiles

US LCCs continue to recover, Russia moves to register foreign aircraft

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

21/03/2022

in Airline Profiles

10-year-old aircraft values, Russian airlines have Bermudan CoAs suspended

This is a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values and lease rates. more

14/03/2022

in Airline Profiles , Aircraft Finance Market

Thai back in the black after asset disposal, LATAM provides fleet update

Ishka provides updates on airlines from Ishka’s Restructuring list including Thai Airways' return to profitability in 2021, and fleet updates for Thai and LATAM. more

10/03/2022

in Airline Profiles , Aircraft Finance Market

US major airlines recover as aviation faces Russia unknowns

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

07/03/2022

in Airline Profiles

Unsecured debt data sheets: Q1 QTD lessor and airline bond issuances

Two lessors issued $2.7 billion in unsecured bonds in the first six weeks of the year, the slowest start to a year in issuances since 2018. Airline issuances QTD are $6 billion. more

25/02/2022

in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market

Layover green shoots: Icelandair and Copa see a transit 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

21/02/2022

in Airline Profiles

Indonesian parliament signals support for Garuda, Aeromexico gets takeover offer

Political support has formed in Indonesia around flag carrier Garuda Indonesia, with most parties agreeing to the formation of a working committee to support the airline's rescue. more

18/02/2022

in Airline Profiles , Aircraft Finance Market

Omicron disrupts European LCCs, Spirit and Frontier plan merger

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

07/02/2022

in Airline Profiles

The list of 2021’s new airlines and start-ups

The pandemic represented the biggest single crisis for the aviation sector, however, last year saw the creation of several airline start-ups despite, or perhaps because of, the disruption caused by Covid-19. Ishka reviews the list of 2021’s new airlines. more

04/02/2022

in Airline Profiles

Garuda reaches lessor agreement, Aeromexico set to exit Chapter 11

The Indonesian government, on behalf of Garuda Indonesia, has reached an agreement with four of the airline’s largest lessors in a bid to retire a significant portion of the carrier’s debts. more

02/02/2022

in Airline Profiles

Cargo business drives Taiwanese and Korean carriers’ rise in 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

25/01/2022

in Airline Profiles

Georgian Airways enters restructuring, Garuda receives $13.8bn in creditor claims

Georgian flag carrier Georgian Airways has entered a formal debt-restructuring after the Tbilisi City Court decided to initiate rehabilitation proceedings on 11th January, due to the carriers debts of more than 176 million lari ($56.8 million). more

21/01/2022

in Airline Profiles

Airline bonds Q4 2021: $11.9bn unsecured rounds off record $63.5bn year

Airline unsecured debt rose to a new high in 2021 with $63.53 billion in issued bonds, a near-15% increase from last year’s $55.3 billion and more than doubling the $31.31 billion issued in 2019. more

14/01/2022

in Airline Profiles , Capital Markets

Remarketing Watch: Unplaced new-tech widebodies find homes in restructured fleets

New-technology widebodies that were built but not delivered over the past three years have recently been placed with newly-established airlines and carriers forced into fleet rejigs by the pandemic. more

13/01/2022

in Aircraft Asset Profiles , Airline Profiles

Omicron forces global flight cancellations

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

12/01/2022

in Airline Profiles

Support from lessors and states curb airline failures in 2021

Continued state support combined with reduced and deferred leases has helped limit the number of airline failures for a second year running, despite the severe impact of the pandemic on airline revenues. more

11/01/2022

in Airline Profiles , Aircraft Finance Market

Philippine Airlines emerges from Chapter 11, Garuda enters formal restructuring

In this week’s Restructuring Watch report, Ishka provides updates on airlines from Ishka’s Restructuring list and one lessor – Nordic Aviation Capital (NAC). more

05/01/2022

in Lessors and Lease Rates , Airline Profiles

2021 state aid tally at $57.6 bn, down one-third from 2020

This is the 51st updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 17th December 2021 governments have introduced $204.57 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

17/12/2021

in Airline Profiles , Aircraft Finance Market