Merx uses debut ABS to help switch to full servicer
Merx Aviation markets inaugural aircraft securitisation backed by 25 narrowbodies. more
24/04/2018
BOC Aviation moves away from floating rate leases
Ishka examines Singapore-based aircraft lessor BOC Aviation's latest results as it undergoes substantial expansion and shifts away from a floating rate business model. more
23/04/2018
Would lease transparency create more liquidity in aviation?
Attendees Ishka’s Investing in Aviation Finance event in London debate transparency. more
20/04/2018
Aviation Schuldschein: NAC repeats issue, no new entrants
Nordic Aviation Capital returns to the Schuldschein market with a $105 million issuance. more
19/04/2018
Aviation Schuldschein: NAC repeats issue, no new entrants
Nordic Aviation Capital returns to the Schuldschein market with a $105 million issuance. more
19/04/2018
Lack of transparency holds back aircraft ABS secondary market
A lack of hard information is keeping secondary investors away from a booming market. more
09/04/2018
UAE banks react to fewer Emirates and Etihad deliveries
Ishka reviews UAE aviation finance banks. more
04/04/2018
AFIC moves closer to the capital markets
Ishka researches how Marsh's private insurance product is evolving to support Jolco financings and bond issuances. more
29/03/2018
Update: Avolon prices Sapphire Aviation Finance I
Aircraft lessor Avolon has priced it second ABS. more
22/03/2018
Avolon returns to the ABS market with Sapphire 1
Aircraft lessor Avolon is in the market with a $768.4 million asset-backed securitisation backed by a portfolio of 41 mid-life aircraft. more
13/03/2018
Air Canada issues rare non USD EETC
Ishka examines the first Canadian dollar denominated EETC privately issued by Air Canada. more
06/03/2018
ABS Case Study: How was Emerald affected by last year’s airline bankruptcies?
Ishka looks at how Avolon’s Emerald Aviation Finance weathered two airline bankruptcies last year. more
27/02/2018
in Lessors and Lease Rates , Ishka insights , Capital Markets , Aircraft Finance Market
Wings Capital Partners boosts equity base
Ishka speaks with Steve Hannahs, Wings Capital’s CEO and founder, on the lessor’s equity rise and possible return to the ABS market. more
22/02/2018
in Lessors and Lease Rates , Ishka insights , Capital Markets
Update: Issuers contemplate more aircraft ABS refinancings
Ishka investigates how issuers are exploring potential aircraft ABS refinancings, and not always for better coupons. more
19/02/2018
Aircraft ABS E-note sales look to pick up in 2018
Ishka reviews how equity investors are becoming increasingly engaged with aircraft securitisations. more
13/02/2018
What could burst the aviation finance bubble?
Financiers and lessors expect capital flows to continue to be drawn to aviation finance for 2018. more
26/01/2018
in Ishka insights , Capital Markets , Investor Education , Aircraft Finance Market
HNA and Bohai troubles cast a shadow over Avolon
Investors are closely watching what might happen to the various subsidiaries and holdings under HNA Group’s complicated and highly opaque ownership structure, including aircraft lessor Avolon, as the firm faces continued fund-raising challenges. more
05/01/2018
in Lessors and Lease Rates , Ishka insights , Capital Markets
Aviation Schuldschein gathers momentum
Aviation Schuldschein issuances begin to pick up in 2017, but still only account for a tiny fraction of the wider Schuldschein market. more
20/11/2017
in News , Ishka insights , Capital Markets , Premium , Investor Education , Aircraft Finance Market
A growing pipeline of ABS - Ishka New York Conference
More lessors are seeking to issue aircraft asset backed securitisations (ABS), according to delegates at Ishka’s Investing in Aviation Finance Conference held last week in New York. more
24/10/2017
ABS optimism undented by spate of airline bankruptcies
Following the bankruptcies of Alitalia, Air Berlin, and Monarch Airlines, Ishka examines which ABS transactions are the most exposed. more
10/10/2017
in Ishka insights , Capital Markets , Aircraft Finance Market
Are ABS deals inflating asset prices?
Ishka reports on the Investor panel at this week’s ISTAT EMEA event held in Edinburgh. more
28/09/2017
Engine-backed securitisations: a new old frontier?
Ishka examines the recent history of engine-backed securitisations. more
14/07/2017
Spreading its Wings: Wings Capital Partners expands to Dublin
Ishka speaks with Wings Capital Partners founder, Stephen Hannahs, as the US lessor welcomes a new equity partner and boost its asset portfolio. more
02/07/2017
in Lessors and Lease Rates , Ishka insights , Capital Markets
Alitalia – a test case for the modern ABS
Ishka studies the key features of the top three ABS exposed to Alitalia to understand their structural protections for investor protection. more
16/06/2017
Steady as she goes: Capital markets update 2017 year-to-date
Ishka reviews recent trends within the capital markets for both lessors and airlines. more
19/05/2017
in Home , Ishka insights , Capital Markets
Lessors go unsecured
The major public lessors have reorganised their debt structure with unsecured notes now making up the bulk of their financing. more
10/05/2017
in Lessors and Lease Rates , Lessor finances , Ishka insights , Capital Markets
Will Schuldschein take off for aviation?
Following a series of aviation-related Schuldschein issuances in the past two years, Ishka’s two-part series examines how the German Schuldschein has emerged as the darling of the European private placement market. more
01/05/2017
Investor’s guide: What is Schuldschein?
Following a series of aviation-related Schuldschein issuances in the past two years, Ishka’s two-part series examines how the German Schuldschein has emerged as the darling of the European private placement market. more
26/04/2017
in Ishka insights , Capital Markets , Aircraft Finance Market
European investors warm to aviation
Key takeaways from Ishka’s London April Aviation Investor Conference. more
09/04/2017
2016 capital markets review: Investors embrace lessor deals
Ishka examines the various aviation finance capital market trends of 2016. more
14/02/2017
Reminder: Ishka Deals of the Year Awards submissions deadline
A reminder that the deadline for submissions for Ishka's Deals of the Years Awards is only a few weeks away. The Ishka Deal of the Year Awards celebrate the best closed aircraft financings of 2016. more
15/01/2017
in Ishka insights , Capital Markets , Aircraft Finance Market
Vietnam Airlines completes privatisation
The value of Vietnam Airlines increased 40% to $2.1 billion, paving the way for government divestment of 86% of the airline group. Shares rose 40% with its second public offering in as many months. ANA Holdings holds 8.8%, which Vietnam Airlines holds 70% in Jestar together with Qantas and 49% of Cambodia Angkor Air. more
09/01/2017
Southern Airlines Group Finance gets capital infusion
A $72 million cash infusion will go into Southern Airlines Group Finance Company as part of an agreement between China Southern Airlines and China Southern Air Holding Company (CSAHC) increasing the capital of the finance company to $144 million (CNY1 billion). The deal awaits government approval. China Southern will increase its stake in the financial unit from 21% to 25%, while the group holding 66%. more
09/01/2017
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Qatar takes 10% stake in LATAM Airlines
Qatar Airways subsidiary Qatar Airways Investments (UK) completed the acquisition of 10% of LATAM Airlines as 2016 ended at $10 per share. more
09/01/2017
GoAir nixes IPO plans for now
India’s GoAir postponed its initial public offering saying it has to reach critical mass before making the move. It had planned a $150 million (INR10.22 billion) IPO as part of a plan for its parent company to reduce its stake in the company by 23%. more
09/01/2017
Alitalia gains new financial infusion
A new short-term financing, part of restructuring the loss-making Italian airline, was approved by creditors including UniCredit and Intesa Sanpaolo. The next step is to cut a deal with key stakeholders to develop a financing package that will determine whether or not the carrier survives. more
23/12/2016
China Southern interested in Air Kyrgyzstan stake
China Southern sent a letter of interest in acquiring a 49% stake in Air Kurgyzstan, according to Kyrgyzstan civil aviation authorities, which earlier called for such proposals for the ailing national carrier. more
23/12/2016
United Continental fleet reconsideration could hurt Boeing
The shift in United’s capital expenditures including the indefinite deferral of 61 Boeing 737s as well as other possible changes to the airline’s order book may end up hurting Boeing depending on the size of the ultimate cutback. United has about 200 Boeing aircraft on order the vast majority for the 737 MAX but it is also one of the largest customers for the Dreamliner. The airline has been converting some of its 787 orders to 777-300ERs providing a boost to that program. More concerning is statements that everything is on the table in the fleet reconsideration plans which could signal a shift to Airbus or an increase in the acquisition of used equipment. more
23/12/2016
in Aircraft Asset Profiles , Capital Markets , Aircraft Finance Market
$170mn IPO scheduled for VietJetAir
VietJetAir expects to raise $170 million through an initial public offering, now 95% owned by Nguyen Thi Phuong Thao. The company’s shares will be listed on the Ho Chi Minh City Stock Exchange in February when its valuation is expected to rise to $1.2 billion. The IPO is said to be over subscribed by 200%. more
22/12/2016
Bombardier completes note redemption
Bombardier Inc. redeemed all of its 5.50% Senior Notes due 2018. more
22/12/2016
Lufthansa acquires Brussels Airlines
Lufthansa will take over Brussels Airlines, crippled by the terrorist attacks earlier this year, further boosting Lufthansa’s budget division which has almost single-handedly consolidated the European low-fare market. The German carrier acquired 45% of Brussels Airlines in 2009, with an option to acquire the rest as part of an effort to expand Eurowings and better compete against Ryanair and easyJet. more
20/12/2016
SB Leasing Ireland leases 10 aircraft to Aeroflot
Aircastle and easyJet completed a purchase and leaseback program for 10 Airbus A319-100 aircraft, manufactured in 2005 and 2006, featuring easyJet's distinctive dual over-wing door exit configuration, which enables higher density seating. more
20/12/2016
AirAsia bails out Indonesia AirAsia
In response to a crackdown by civil aviation authorities in Indonesia on airlines without sufficient equity to run operations, The AirAsia Group moved to recapitalize Indonesia AirAsia by purchasing $225.6 million in perpetual capital securities in PT Indonesia AirAsia (IAA), in which it owns a 49% stake. more
20/12/2016
AVA Airways funded by Capital Partners
In its fourth attempt to launch operations, AVA Airways, which proposed to provide service throughout the Caribbean with four Airbus A319-100s, signed a partnership agreement with Capital Partners, a US equity firm, in a deal valued at $65 million. It is going for Dominican Republic certification. more
20/12/2016
Ishka launches Deals of the Year Awards
Ishka is now accepting submissions for its Deals of the Year Awards. The Ishka Awards celebrate the best closed aircraft financings of 2016. Submit your deals today. more
19/12/2016
in Ishka insights , Capital Markets , Aircraft Finance Market
The Ishka View: Will 2017 be a hard or soft landing?
The aviation industry faces the prospect of a weaker 2017. Edward Pieniazek, head of advisory & analytics at Ishka, investigates and asks whether investors should brace themselves for a hard or soft landing next year. more
18/12/2016
in Ishka insights , Capital Markets , Investor Education , Modelling and Forecasting , Aircraft Finance Market
IAMSA acquires VivaAerobús, Irelandia acquires Viva Colombia position
Irelandia Aviation’s stake in VivaAerobús was acquired by IAMSA Group, which now becomes the sole owner of the Mexican LCC. The Mexican bus company launched the airline with Ryanair founders in 2006. For its part, Irelandia is acquiring IAMSA’s 25% state in VivaColombia. more
11/12/2016
Fitch affirms BBB- for Alaska
Saying its outlook was stable, Fitch Ratings affirmed its BBB- rating for Alaska Airlines upgrading it from the negative watch it earlier set as deliberations on its merger with Virgin America made its way through the Department of Justice. Now that DOJ has approved the deal, the ratings agency expects the deal to close this week. more
11/12/2016
Jet Airways plans $300mn offering
India’s Jet Airways is working on a $300 million equity offering and wants to sell the shares at a premium to current prices as part of an effort to expand. The airline is currently 51% owned by chair and founder Naresh Boyal with 25% owned by Etihad Airways. Etihad is said to be in talks to acquire a further 25%. more
11/12/2016
A380 gets long term backing from Emirates, Rolls-Royce
While many in the industry have been making noises about the end of the Airbus A380, the obituary was written too soon, according to Emirates and Rolls-Royce which recently recommitted to the giant jet citing its ability to serve hot and high-load markets. The move puts to rest threats the order would be cancelled. The airline plans to take delivery of its first RR-powered aircraft on December 16 and continued to the scheduled end of deliveries in 2026. more
11/12/2016
in Aircraft Asset Profiles , Airline Profiles , Capital Markets , Investor Education
CALC issues first tranche of medium term notes in PRC
China Asset Leasing Company completed the issuance of the 2016 1st tranche of the 5-year Medium Term Notes in the PRC in an amount of $47.82 million (RMB330) million with the coupon rate of 4.19%. The proceeds will provide supplemental funding for deposit payments and pre-payments for the acquisition of aircraft. CALC (TJ) and the Medium Term Notes are rated AA+ by China Cheng Xin International Credit Rating Co. Ltd, a credit rating agency. more
09/12/2016
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Airline profits fall short of IATA forecast
In June the International Air Transport Association (IATA) predicted global airlines would earn $39.4 billion but now suggests the industry will report $35.6 billion in profits for 2016. Still, that is a record for such a volatile and disparate industry. The organization forecast global airline profits will decline in 2017 to $29.8 billion. more
09/12/2016
Investor’s guide to aviation debt structures
Ishka continues its educational series of Insights and provides an overview of the most common debt structures available in aviation finance. more
07/12/2016
The Aviation Finance Festival
Jun 26 - Jun 27, 2018
The InterContinental Hotel, Ireland
Ishka’s epic mid-year gathering in Dublin delivers two, action-packed days of independent, expert analysis on the latest indicators of the airline, finance and value cycles, and their impact on H2 2018 and beyond. More info
Successfully navigating the aviation cycle
Trusted information for calculated decisions
Bespoke Ishka consultancy services
more
