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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

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

in Airline Profiles

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

in Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles

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

in Airline Profiles

Kenya Airways: Minimal rebound from restructuring

In this Airline Credit Profile, Ishka reviews Kenya Airways, the country’s flag carrier which continues to struggle despite its 2017 financial restructuring. more

02/03/2020

in Airline Profiles

Coronavirus: South Korean airlines take further financial hit

Airlines in South Korea with already debilitated financials are seeing their situation deteriorate due to the coronavirus outbreak. Ishka examines developments at Eastar Jet and Asiana. more

27/02/2020

in Airline Profiles , Aircraft Finance Market

Bailout rumours as coronavirus halves North East Asia capacity

Ishka examines the changing landscape for air travel in North East Asia amid the Covid-19 health emergency. more

19/02/2020

in Airline Profiles , Modelling and Forecasting

Coronavirus to put pressure on HNA Group airlines' rents

HNA Group airlines have cut delays on lease payments. Financiers are, however, concerned that the coronavirus – which has severely reduced traffic in and out of China – will put pressure on the group’s airlines’ cash flows. more

18/02/2020

in Lessors and Lease Rates , Airline Profiles

Coronavirus prompts Chinese airlines to seek rental holidays

Chinese airlines are asking lessors for rental holidays to overcome crippled cashflows due to the coronavirus outbreak. more

11/02/2020

in Lessors and Lease Rates , Airline Profiles

Lessors trade South African Airways exposure

Lessors with exposure to South African Airways breathed a small sigh of relief after the struggling flag carrier received 3.5 billion rand ($244 million) in emergency funding this week. more

29/01/2020

in Aircraft Asset Profiles , Airline Profiles

Outbreak: The airlines most at risk of coronavirus

Airlines are readying themselves for the potential impacts of a new SARS-like virus spreading from China. Ishka reviews those with highest Chinese exposure. more

28/01/2020

in Airline Profiles

Lufthansa makes a 2020 return to the JOLCO market

After closing JOLCOs for 19 aircraft last year, Lufthansa, a favoured airline credit among Japanese aircraft equity investors, is currently out in the market with its first JOLCO RFP in 2020. more

23/01/2020

in Airline Profiles , Aircraft Finance Market

What does the future hold for Philippine Airlines?

In this Airline Credit Profile, Ishka reviews Philippine Airlines, the country’s flag carrier which has come under increasing pressure from Cebu Pacific, a local fast-growing low-cost carrier. more

21/01/2020

in Airline Profiles

On watch: Sriwijaya Air reeling from fleet groundings and state debts

Indonesian private carrier Sriwijaya Air is on a mission to bring around half of its fleet back into service after a dispute with former commercial partner Garuda Indonesia in the last quarter crippled its operations. more

20/01/2020

in Airline Profiles , Aircraft Finance Market

Is Flybe on the brink?

UK media reports that regional airline Flybe is working to acquire emergency funding. more

13/01/2020

in Airline Profiles

Airline bonds Q4 2019: $8.7bn raised to end $31.1bn year

Airlines around the world took advantage of low-interest rates to raise $8.7 billion through 48 unsecured bond issuances in Q4 2019. more

07/01/2020

in Airline Profiles , Aircraft Finance Market

Thomas Cook bankruptcy: 65% of leased aircraft redeployed

Two-thirds of Thomas Cook’s UK and Balearics fleets have been re-marketed to new lessees or transferred to the surviving sister German and Scandinavian units. more

03/01/2020

in Aircraft Asset Profiles , Airline Profiles

Airlines on watch: HKA aircraft impounded, Sriwijaya limps on

Ishka reviews recent updates on a range of airlines currently “On Watch” according to Ishka’s Airline Credit Profiles (ACP). more

19/12/2019

in Airline Profiles , Aircraft Finance Market

ALAFCO sues Hong Kong Airlines as carrier saves licence

Hong Kong Airlines lives to fly another day after securing emergency funding, but is facing a $34.26 million lawsuit from lessor ALAFCO, along with a parent group with mounting debt. more

12/12/2019

in Airline Profiles

Future deliveries update: Europe, Africa and Middle East

Ishka provides a guide to aircraft scheduled for delivery to airlines in Europe, Africa and the Middle East over the next 24 months.  more

06/12/2019

in Aircraft Asset Profiles , Airline Profiles

Hong Kong Airlines given days to save licence

Hong Kong Airlines has days to secure financing or face losing its operating licence, while a quarter of the troubled carrier’s fleet remains parked or stored, including nine leased aircraft. more

03/12/2019

in Airline Profiles

Airlines snapping up aircraft bargains left by HNA

New aircraft not taken up by HNA Group subsidiaries are being leased and purchased at discount prices. more

29/11/2019

in Aircraft Asset Profiles , Lessors and Lease Rates , Airline Profiles

JetSMART well-positioned to leverage low-cost travel growth in Latin America

Ishka reviews JetSMART, a relatively new and upcoming ULCC vying for the immense potential in Latin America’s aviation market. more

26/11/2019

in Airline Profiles

Shared patterns: An analysis of 737s grounded over pickle forks

Ishka identifies 37 Boeing 737 NGs affected by ‘pickle fork’ cracks as over 1,000 aircraft reach the FAA’s inspection threshold. more

12/11/2019

in Aircraft Asset Profiles , Airline Profiles , Technical Expertise

Q3 update: European MAX airlines bearish on aircraft’s return

Ishka examines the Q3 announcements of several airlines affected by the MAX grounding and their increasingly pessimistic re-entry outlooks. more

08/11/2019

in Aircraft Asset Profiles , Airline Profiles

Ishka Advisory – Airline Restructuring

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

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