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Unsecured debt data sheet: Q4 QTD airline bond issuances

Unsecured bond issuances by airlines rose dramatically in the first half of Q4 2022, already exceeding the combined total of Q2 and Q3 2023. more

25/11/2022

in Airline trends & analysis , Capital Markets

Ishka NY 2022: Private placements pick up for airlines and lessors

Aviation credits have been quiet in the public debt markets but airlines and lessors have been actively issuing bespoke private aircraft securitisations using 4(a)(2) structures, US investors tell Ishka. more

01/11/2022

in Capital Markets , Aviation Banks and Lenders

volofin eyes turbulent ABS market

Alternative lender explores a potential aircraft loan securitisation next year, in the meantime, capital markets remain volatile. more

12/10/2022

in Lessors & Asset managers , Capital Markets

Lessor Bonds Q3 2022: Chinese firms sole issuers in another slow quarter

Aircraft lessors tracked by Ishka only issued $602 million in unsecured capital markets debt during the third quarter of the year, less than half of the $1.45 billion issued during Q2 2022. more

11/10/2022

in Lessors & Asset managers , Capital Markets

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

Lessor CEOs: Aircraft ABS market could take three to four years to fully recover

A panel of aircraft lessor CEOs at the ISTAT EMEA conference last week predicted that it may take three to four years for the aircraft ABS market to fully return to the record issuance volumes seen in the last five years. more

29/09/2022

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Capital Markets

Unsecured debt data sheets: Q3 QTD lessor and airline bond issuances

Airline and lessor unsecured bond issuances continued to drop in the first six weeks of Q3 2022, with only $592 million raised by airlines and $174 million by aircraft leasing entities. more

25/08/2022

in Capital Markets

Aircraft ABS notes trade at a discount as ‘issuance drought’ continues

Dozens of aircraft ABS notes are trading at a discount, raising questions over the current value of some of the junior notes associated with aircraft ABS. more

18/08/2022

in Capital Markets

Lessor Bonds Q2 2022: Chinese issuers alone in another subdued quarter

Aircraft lessors tracked by Ishka issued a mere $1.45 billion in unsecured capital markets debt during the second quarter of the year, less than half of the $3.2 billion issued during Q1 2022. more

19/07/2022

in Lessors & Asset managers , Capital Markets

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

Carlyle tests frozen aircraft ABS market as it prices AASET 2022-1

Aircraft lessor Carlyle Aviation Management Limited (Carlyle) has priced a $522.5 million aircraft ABS – the first aircraft ABS to price this year more

15/06/2022

in Lessors and Lease Rates , Capital Markets

Rate hikes place pressure on new aircraft ABS junior notes

Rising interest rates and a series of successive shocks to the aviation sector including the pandemic and the Ukraine conflict has reduced potential buyer appetite for new subordinate aircraft ABS notes, warn capital market sources. more

01/06/2022

in Capital Markets , Aircraft Finance Market

Unsecured debt data sheets: Q2 QTD lessor and airline bond issuances

Issuer retreat, with the slowest start to a quarter for lessor bond issuances and airline unsecured volumes half of those in the first six weeks of Q1 2022. more

24/05/2022

in Capital Markets , Aircraft Finance Market

Lessor Bonds Q1 2022: Issuers retreat with USD bonds lowest since 2019

Aircraft lessors tracked by Ishka issued a modest $3.2 billion in unsecured capital markets debt during Q1 2022, a steep decline from Q4 2021. more

27/04/2022

in Lessors and Lease Rates , Capital Markets

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

Inflationary pressures: A short or long-haul passenger?

Ishka reviews what impact inflationary pressures may have on aircraft investors and its relationship with four Ps: Planes, Pilots, Petrol, and basis Points. more

08/02/2022

in Capital Markets , Modelling and Forecasting

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

Lessor Bonds Q4 2021: AerCap’s behemoth debt raise seals record-breaking year

Aircraft lessors tracked by Ishka issued $25.17 billion in unsecured capital markets debt during the fourth quarter of the year rounding off $52.53 billion raised across 2021 more

06/01/2022

in Lessors and Lease Rates , Capital Markets

The outlook for aircraft ABS in 2022

After a remarkable resurgence in the aircraft ABS market this year Ishka offers several predictions for new aircraft ABS issuances in 2022. more

08/12/2021

in Lessors and Lease Rates , Capital Markets

Aircraft ABS issuers price $3.4bn flurry of deals ahead of Thanksgiving

Five separate aircraft ABS transactions totalling approximately $3.4 billion have priced in the last seven days – signalling a notable revival of the aircraft ABS market and marking the busiest week to date for the asset class. more

10/11/2021

in Capital Markets

Avenue prices older aircraft ABS Stellar 2021-1

PE firm Avenue Capital Group (Avenue) has sponsored a $255 million ABS transaction, Stellar 2021-1, which will be used to acquire 21 aircraft. Deucalion Aviation Limited is the servicer for the ABS. more

02/11/2021

in Capital Markets , Aircraft Finance Market

Ishka+ NY: Could a tough SLB market drive lessor consolidation? Will ‘fickle’ PE investors stick with leasing?

Ishka reviews some of the key talking points from the virtual Ishka+ North America conference held last week. more

26/10/2021

in Capital Markets , Aircraft Finance Market

AerCap issues record $21 billion in bonds to fund GECAS acquisition

Dublin-based lessor AerCap on 21st October announced the issuance of a record-breaking $21 billion in unsecured debt, the largest in the history of aircraft leasing. more

22/10/2021

in Lessors and Lease Rates , Capital Markets

Lessor Bonds Q3 2021: USD issuances rebound as IG spreads tighten

Aircraft lessors tracked by Ishka issued $8.35 billion in capital markets debt during the third quarter including $7.5 billion in USD issuances, a 21% rebound over second quarter USD issuances helped by tightening spreads. more

13/10/2021

in Lessors and Lease Rates , Capital Markets

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

Castlelake’s new rated lessor set to chase SLBs

New rated lessor brings US asset manager Castlelake closer to being able to raise unsecured debt from the capital markets. more

04/10/2021

in Lessors and Lease Rates , Capital Markets

PE funds and new lessors help drive recent aircraft trading

Lessors state that a wave of capital from new and existing investors is driving down margins, particularly for sale/leasebacks, but has also helped resuscitate the trading of leased aircraft. more

16/09/2021

in Capital Markets , Aircraft Finance Market

Castlelake explores possible CLO as it expands financing book

US lessor Castlelake is exploring a potential collaterised loan obligation (CLO) based on aircraft loans which could make it the first entity to create a publicly-traded CLO for the asset class, as it expands its aircraft financing division. more

02/09/2021

in Capital Markets , Aircraft Finance Market

Unsecured debt data sheets: Quarter-to-date lessor and airline bond issuances

This is a new series of reports. Download data sheets with summaries of Q3 2021 issuances to date by aircraft lessors and airlines. more

19/08/2021

in Capital Markets , Aircraft Finance Market

Castlelake prices mid-life aircraft ABS refi

US fund manager and leasing firm Castlelake priced a $450 million aircraft ABS refinancing last week: Castlelake Aircraft Structured Trust 2017-1R (CLAS 2017-1R). more

27/07/2021

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

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

in Lessors and Lease Rates , Capital Markets

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

in Airline Profiles , Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Airline Profiles , Capital Markets

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Airline Profiles , Capital Markets

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