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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

Global capacity holds firm amid Omicron uncertainty

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

13/12/2021

in Airline Profiles

Avianca emerges from Chapter 11, LATAM submits restructuring plan

Colombian airline group Avianca Holdings announced on 1st December it has successfully emerged from its Chapter 11 bankruptcy process, a month after a US court approved its reorganisation plan. more

07/12/2021

in Airline Profiles

EU state aid framework extended to mid-2022, KLM and BA get support

This is the 50th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 25th November 2021 governments have introduced $204 billion in assistance measures for air carriers globally. more

25/11/2021

in Airline Profiles , Aircraft Finance Market

Unsecured debt data sheets: Q4 QTD lessor and airline bond issuances

Lessors have issued nearly $3.5 billion in unsecured debt in the first six weeks of the fourth quarter in addition to AerCap’s record $21 billion issuances. Airline issuances QTD are $5.36 billion. more

24/11/2021

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

Garuda edges closer to restructuring, AirAsia X reaches creditor agreement

Garuda Indonesia has submitted a restructuring proposal scheme to lessors and creditors, according to a company filing at the Indonesian Stock Exchange. more

19/11/2021

in Airline Profiles

European airlines post improved Q3 results ahead of Covid spikes

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

17/11/2021

in Airline Profiles , Aircraft Finance Market

Azul eyes LATAM takeover, Nok Air reaches creditor agreement

Brazilian airline Azul is interested in acquiring the LATAM Airlines Group and is ready to make an offer if LATAM’s creditors fail to agree on a restructuring plan. more

10/11/2021

in Airline Profiles

US airlines’ Q3 revenue closes in on pre-pandemic levels

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

01/11/2021

in Airline Profiles

NAC preps second restructuring, Avianca’s Kriete closes in on Sky Airline merger

In this week’s Restructuring Watch report, Ishka provides updates on airlines from Ishka’s Restructuring list and one lessor – Nordic Aviation Capital (NAC). As of this update, Ishka notes 11 airlines have ceased operations and 20 are undergoing formal court-led restructuring processes initiated since the onset of the Covid-19 pandemic. more

29/10/2021

in Lessors and Lease Rates , Airline Profiles

Confirmed state aid surpasses $200 billion with eight additions

The tally of confirmed bailouts grew by $2.24 billion since the last tally update on 30th September 2021, taking Ishka's confirmed total to $201.02 billion. more

28/10/2021

in Airline Profiles , Aircraft Finance Market

Delta Air Lines records Q3 profit but warns of rising fuel 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

20/10/2021

in Airline Profiles

Airline Bonds Q3 2021: Chinese airlines dominate slow summer of issuances

The volume of unsecured bond issuances by airlines declined by a third consecutive quarter in Q3 2021 to $12.04 billion with Chinese airlines responsible for three in every four issuances. more

12/10/2021

in Airline Profiles , Capital Markets

15-year-old aircraft values, industry commits to net-zero carbon emissions by 2050 and airlines opt for larger narrowbodies

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

11/10/2021

in Airline Profiles , Aircraft Finance Market

White paper: Lessons from airline defaults after 2020

Ed Hansom and JJ O’Toole from Sirius Aviation Capital provide an update to their Airline Default Study white paper to include defaults during 2019 and 2020. more

05/10/2021

in Airline Profiles , Investor Education

Airline bookings rise as US border reopens, EU and US capacity falls

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

04/10/2021

in Airline Profiles , Aircraft Finance Market

PAL details 17 aircraft rejections, Air Mauritius lessors back 65% debt cut

In this week’s Restructuring Watch report, Ishka provides updates on airlines from Ishka’s Restructuring list. As of this update, Ishka notes 11 airlines have ceased operations and 20 are undergoing formal court-led restructuring processes initiated since the onset of the Covid-19 pandemic. more

01/10/2021

in Airline Profiles , Aircraft Finance Market

EU confirms $1.59 billion for relaunched Alitalia (ITA), PIA gets bailout

This is the 48th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 30th September 2021 governments have introduced $198.78 billion in assistance measures for air carriers. more

30/09/2021

in Airline Profiles , Aircraft Finance Market

5-year-old aircraft values, US borders reopening and Boeing’s market outlook

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

27/09/2021

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Lessors and Lease Rates , Airline Profiles

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market