Ishka Insights: indispensable analysis and opinion
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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

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Investor Education , Market Move

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

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

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

in Capital Markets , Aircraft Finance Market

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

in Lessors and Lease Rates , Capital Markets

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

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

in Lessors and Lease Rates , Capital Markets

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

in Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Lessors and Lease Rates , Capital Markets

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

in Capital Markets

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets

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

in Capital Markets

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

in Capital Markets

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

DAE prices Falcon 2019-1 and taps tradeable e-note market

DAE has priced a $514.3 million ABS, Falcon 2019-1, which will acquire a portfolio of 23 leased aircraft split between 20 narrowbodies and three A330s. more

28/10/2019

in Lessors and Lease Rates , Capital Markets

NY Investival takeaways: Will OEMs limit their love for lessors?

Ishka summarises some of the key topics raised at its New York Investival last week. more

25/10/2019

in Capital Markets , Aircraft Finance Market

NY Investival: Investors prep for Autumn ABS rush

Despite airline bankruptcies, there appears to be plenty of investor confidence in the aircraft ABS market. more

18/10/2019

in Capital Markets , Aircraft Finance Market

ACG sources Korean equity for second ABS

Aviation Capital Group (ACG) has priced a second ABS, the $477 million MACH 1 USA. more

16/10/2019

in Capital Markets , Modelling and Forecasting

Carlyle scores tight pricing for AASET 2019-2

Carlyle Aviation Holdings Limited (Carlyle) has priced a $540.4 million aircraft securitisation, AASET 2019-2 Trust (AASET 2019‑2) split between three classes of notes. more

09/10/2019

in Capital Markets , Aircraft Finance Market

Airline bonds Q3 2019: $7.1bn raised amid shrinking maturities

Airlines around the world raised $7.1 billion through 47 unsecured bond issuances in Q3 2019. more

04/10/2019

in Airline Profiles , Capital Markets

Wings prices second ABS, WAVE 2019-1

California aircraft lessor Wings Capital Partners (Wings) has kicked off a flurry of lessor aircraft ABS deals this autumn pricing its second ABS last week: the $678.08 million WAVE 2019-1. more

02/10/2019

in Capital Markets , Aircraft Finance Market

Fed cut helps United price record EETC

United Airlines (United) has broken its own record to price the tightest coupon to date for its recent enhanced equipment trust certificate (EETC) transaction. more

10/09/2019

in Capital Markets , Aircraft Finance Market

Tradeable e-note structure draws BOC Aviation back to ABS market

Aircraft lessor BOC Aviation has returned to the ABS market after a four-year absence for its second ABS - Silver Aircraft Leasing Limited. more

10/07/2019

in Lessors and Lease Rates , Aircraft Finance Market , Capital Markets

BBAM returns to the ABS market with Horizon II

Aircraft lessor BBAM Aviation Services Limited (BBAM) is in the market with its third aircraft ABS, Horizon Aircraft Finance II. more

20/06/2019

in Capital Markets , Aircraft Finance Market

Aviation finance: Are you pricing for risk properly?

Three aircraft and engine leasing risk officers highlight their biggest concerns in the market today. more

30/05/2019

in Lessors and Lease Rates , Capital Markets

Aviation financiers becoming wary of rising airline risk

As fuel costs rise and airline bankruptcies have piled up in 2019, aviation financiers debate whether banks have become more sensitive to airline credit risk in the past year. more

20/05/2019

in Airline Profiles , Capital Markets , Aircraft Finance Market

Goshawk markets debut ABS

Ireland-headquartered Goshawk Aviation conduct a roadshow for its debut aircraft ABS - the youngest aircraft ABS with tradable E-note to date. more

15/05/2019

in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market

GECAS' second tradable E-note aircraft ABS

GECAS has closed its fifteenth asset-backed securitisation (ABS) backed by narrowbody leased aircraft - STARR 2019-1 and the second to involve a tradable equity note (E-note). more

12/05/2019

in Capital Markets , Aircraft Finance Market

Aircraft ABS: Castlelake prices CLAS 2019-1

US fund manager and leasing firm Castlelake has priced its sixth structured ABS financing, Castlelake Aircraft Structured Trust 2019-1 (CLAS 2019-1). more

17/04/2019

in Capital Markets , Aircraft Finance Market

Transaction Economics

Transaction Economics – Aircraft Values and Trading Data

Get real pricing and deals data and dynamic, independent aircraft values from Ishka’s trusted team

Ishka Advisory – Airline Restructuring

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

Ishka Insights

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