White Oak’s Thrust 2021-1 tests ABS market appetite for widebody engines
White Oak Commercial Aviation has been in the market for several weeks with a $485 million aircraft engine securitisation, Thrust 2021-1, with a unique collateral of 100% widebody engines. more
15/06/2021
SKY achieves record yield on aircraft ABS
Aircraft lessor SKY Leasing (SKY) has closed its $663 million ABS SLAM 2021-1 which achieved a record low yield for an aircraft ABS. more
07/06/2021
in Lessors and Lease Rates , Capital Markets
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Lessor bonds: $9.1bn in Q1, Chinese lessors issue $2.1bn in April
Aircraft lessors tracked by Ishka rounded off the first quarter of 2021 with $9.19 billion in bond issuances, a two-fold jump from the previous quarter. more
27/04/2021
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
ACG’s CEO on lessor M&A and the appeal of a ‘hybrid’ aircraft ABS
Aviation Capital Group’s (ACG) new CEO Tom Baker believes a wave of recent lessor M&A activity will “create opportunities” for other leasing firms and describes how the market might be ready for a hybrid aircraft ABS involving both aircraft leases and loans. more
25/03/2021
Q4 2020: ALC recoups 40% of deferred rent and eyes SLB deals
Air Lease Corporation (ALC) has recouped 40% of the total rent deferred throughout the pandemic according to its latest results. The Californian lessor agreed a total of $240.4 million in deferred rent to its lessees last year more
02/03/2021
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Avation bond extension buys lessor breathing room
Singapore-headquartered lessor Avation agreed a five-year bond extension with bondholders in February furthering a trend of lessors forced to reach distressed debt agreements with creditors in the wake of the Covid-19 pandemic. more
23/02/2021
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
UPDATED: Lessors raise $7.83bn in three-week bond spree
Aircraft lessors tracked by Ishka raise $7.83 billion in USD issuances during a three-week period from mid-January to early February, taking advantage of a benign market for IG-rated issuers to attain some of the lowest coupons in recent history. more
18/02/2021
Airline bonds Q4 2020: $10.6bn of unsecured issues round off 78% yearly surge
The Covid-19 crisis drove a 78% surge in unsecured capital markets debt by airlines around the world in 2020, with 212 issuances amounting to $55.3 billion, up from $31.1 billion in 2019. more
29/01/2021
in Airline Profiles , Capital Markets , Aircraft Finance Market
Castlelake beats pre-pandemic pricing as its returns to the aircraft ABS market
US fund manager and leasing firm Castlelake has priced the first commercial aircraft ABS in the 10 months since the global onset of the Covid-19 pandemic – achieving one of the lowest yields to date for an aircraft ABS and beating pricing on its last two transactions issued in 2018 and 2019. more
20/01/2021
How is Singapore Airlines, one of the largest international carriers, managing the COVID-19 crisis?
In today’s Airline Credit Profile, Ishka reviews how Singapore Airlines Group is managing the COVID 19 crisis. more
14/01/2021
Viral Capital: Airlines tap banks for $97.2bn since onset of pandemic
Airlines have raised $97.2 billion in publicly disclosed commercial debt during the Covid-19 crisis, including $10.2 billion signed since October, according to Ishka research. more
11/12/2020
in Airline Profiles , Capital Markets
Why new aircraft ABS deals will be 'very different' in 2021
There are rumours that at least one new aircraft ABS portfolio is being assembled for a potential Q1 2021 issuance, but aircraft ABS servicers and financiers warn new aircraft ABS deals will need to "evolve" to ensure investor support in 2021. more
07/12/2020
Are we seeing more 'realism' yet from leased aircraft sellers?
Bid/ask spreads are “narrowing” on aircraft prices, say asset managers, but trading leased aircraft remains challenging. more
04/11/2020
in Lessors and Lease Rates , Capital Markets
Ishka World Tour: Institutional investor appetite ‘steadies’ for new aviation deals
Investors and fund managers speaking at the Ishka World Tour stated that investor appetite for new aviation debt is “steadying” despite the risks imposed on the sector from the Covid-19 crisis. Several investors argued that aviation retained its “relative value” appeal, offering institutional investors higher returns compared to other sectors. more
28/10/2020
Ishka World Tour: A frozen JOLCO market will take time to thaw
The aviation JOLCO market will take one to two years to return to 2019 levels, say Japanese financiers, as airlines worry that that as an avenue for aircraft financing it is effectively “closed” in 2020. more
22/10/2020
Spreads slow to renormalise on active IG lessor bonds
Spreads remain high on pre-crisis levels on all but A-rated aircraft leasing bond issuances, an Ishka analysis of 251 actively trading lessor issuances has found. more
13/10/2020
Lessor bonds Q3: Fresh issuances double on Q2
Aircraft lessors flooded back to the bond market in Q3 2020. After tepid issuances in Q2, Q3 total new issuances were the highest of the last seven quarters – and over double the previous quarter. more
09/10/2020
Viral Capital: Airlines tap banks for $33 billion over the summer
Banks may be increasingly selective as to which deals they agree to underwrite but airlines still managed to raise $33 billion of publicly disclosed commercial bank debt between June and September 2020. more
02/10/2020
Lessons in rejection: LATAM’s decision to drop its EETC aircraft
Ishka speaks to two lawyers involved in the issuance of LATAM's 2015-1 EETC to unpack the significance of its rejection. more
24/09/2020
in Airline Profiles , Capital Markets , Aircraft Finance Market
Kroll and S&P unveil aircraft ABS September downgrades
Rating agencies Kroll and S&P announced further aircraft ABS downgrades following disappointing August remittance updates by many transactions. more
23/09/2020
Rising airline debt margins attract hedge fund interest
Higher margins and better loan terms on new secured aircraft loans have attracted the attention of hedge funds seeking to offer debt to airlines directly through debt funds and private placements, state financiers. more
09/09/2020
How do Aircraft ABS structures perform if cash flows are reduced due to Covid-19?
In a guest insight Kevin MacLeod, Vedder Price’s Head of the New York Capital Markets Group, examines some of the structural protections prevalent in recent aircraft ABS transactions. more
13/08/2020
Analysis: DZ Bank mulls new sales process for DVB AIM/AM
DZ Bank is understood to be exploring a new sales process for DVB AIM/AM after a planned merger with Japanese Bank MUFG stalled in the face of US banking regulatory hurdles. more
11/08/2020
Will other lessors need to adopt an ‘NAC type’ debt standstill?
Nordic Aviation Capital (NAC) managed to win itself some breathing space after it successfully arranged a debt standstill with its creditors in early July. But sources warn that NAC could simply be the first of several potential aircraft lessor restructurings set to eventually hit the market. more
29/07/2020
Aircraft ABS: START III winds down portfolio, further ABS downgrades
In its monthly aircraft ABS round up, Ishka summarises some recent trends and transaction highlights. more
21/07/2020
Lessor bond issuances plummet in Q2 2020
An analysis of a sample of bonds issued by aircraft leasing companies in 2019 Q2 versus 2020 Q2 shows that lessors issued, overall, fewer bonds (by 40.8%) and of smaller amounts (by 31.7%). more
17/07/2020
Lessor bonds: Spreads stay wide as ratings agencies mull downgrade
An analysis of 236 currently trading lessor bonds show that spreads remain wide versus pre-Covid levels across maturities and ratings. more
09/07/2020
Airlines decelerate debt issuances to $7 billion in June
Carriers disclosed only $6.9 billion of fresh commercial debt in June 2020, nearly half the amount airlines accessed in the first two weeks of March alone, but roughly equal to the volume of new bonds issued in the same period last year. more
03/07/2020
Rating agencies respond to Covid-19 stress on aircraft ABS deals
Rating agencies have downgraded or placed several aircraft ABS notes on watch downgrade in the last few weeks in response to the continued pressure on securitised leased aircraft portfolios in the wake of the Covid-19 crisis. more
18/06/2020
AFIC honours Norwegian claim, ECAs “busy” with airline restructuring requests
AFIC has honoured a non-payment claim, state sources while ECAs are busy with restructuring requests from airlines on legacy aircraft loans. more
31/05/2020
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
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
Aviation banks say new deals on pause until ‘market bottoms out’
Aviation lenders say rising costs and the pricing uncertainty caused by the Covid-19 crisis means most new secured aircraft deals for both lessors and airlines are effectively on pause. more
15/04/2020
Lessor bonds: Ratings agencies bearish on lessors, while new issuances drop
Rating agencies have become more bearish on the aircraft leasing sector with Fitch, and Moody’s changing their outlook on the sector from stable to negative. Sub-A rated investment-grade instruments, which would include most aircraft lessor bonds, have also seen record levels of capital outflows in the last few weeks. more
07/04/2020
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
Covid-19: Spreads widen on non-Chinese lessor bonds
An analysis of around 270 actively trading lessor bonds shows that spreads are widening for many of the notes issued by the US publicly listed lessors. more
27/03/2020
Coronavirus likely to “test” ABS servicers
Multiple airline requests for rent deferrals and the stress placed on the airline industry globally as air traffic volumes drops could place a strain on aircraft ABS servicers. more
17/03/2020
EU to add aviation investments to green taxonomy
EU bodies are looking to add aviation to its upcoming green taxonomy, which regulates what debt and public equity investments can be marketed as sustainable to European investors. more
25/02/2020
in Regulatory and Accounting , Capital Markets , Aircraft Finance Market
M&A: How Japan fell in love with aircraft leasing
Japanese firms have been courting aircraft leasing platforms with increasing fervour in recent years, investing at least $14.4 billion since 2018, according to Ishka calculations. more
13/02/2020
Carlyle prices first ABS of 2020:AASET 2020-1
Carlyle Aviation (Carlyle) has priced the first aircraft ABS of the year, AASET 2020-1. more
02/02/2020
Fund watch: Aura Group launches series of aircraft leasing funds
Aura Group has closed the first two rounds of fundraising for its debut fund, while Castellan Asset Management seeks investors and Sirius Aviation Capital bags a $100 million investment. more
16/01/2020
Ishka invites Deals of the Year Award submissions
Ishka is now accepting submissions for its Deal of the Year Awards. The Ishka Deal of the Year Awards celebrate the best closed aircraft financings of 2019. The awards will be handed out at Ishka’s Dublin conference on the 17th and 18th June 2020. more
14/01/2020
The future of aircraft ABS anchor e-note investors
Ishka examines how tradeable e notes and anchor investors have helped leasing platforms achieve a record year for commercial aircraft ABS deals. more
08/01/2020
Aircraft leasing funds raise billions of fresh equity in 2019
Investors have placed at least $5.6 billion of equity into new aircraft leasing funds in 2019, according to Ishka research. more
06/01/2020
Leased aircraft returns shrink another 50bps in 2019
Unlevered equity returns on leased aircraft have fallen by around another 50 basis points across asset types over the past year, according to a survey of asset managers conducted by Ishka. more
16/12/2019
Airborne Capital prices debut ABS Tailwind 2019-1
Airborne Capital has priced a $637 million ABS, Tailwind 2019-1 (Tailwind) which will be used to acquire a portfolio of 17 aircraft. Airborne is the servicer for the deal. more
10/12/2019
Aircraft ABS: GECAS prices STARR 2019-2
GECAS has priced a $446.337 million ABS, STARR 2019-2 (START III) which will be used to acquire a portfolio of 20 narrowbody aircraft. The portfolio has an average age of 8.4 years and a weighted average remaining lease term of approximately 5.5 years. more
05/12/2019
ALC drops GAPS/CAPS for TBOLT III
Californian aircraft lessor Air Lease Corporation (ALC) has priced a $437-million ABS, TBOLT 2019-1, which will be used to acquire 19 aircraft. more
05/11/2019
Stellwagen prices Raptor 2019-1
Seraph, an asset manager and part of the Stellwagen Group, has priced a $726 million ABS, Raptor 2019-1, which will acquire 19 aircraft split between three widebodies and 16 narrowbodies. more
30/10/2019
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