Ishka insights: indispensable aviation data, analysis and opinion
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Ishka 2024 Deals of the Year Award submissions now open!

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 2024. more

06/12/2024

in Capital Markets , Other , Aviation Banks and Lenders

Aviation ABS trading levels: November 2024

105 aviation ABS tranches tracked by Ishka traded in the last 90 days, accounting for 444 individual trades. more

28/11/2024

in Lessors & Asset managers , Capital Markets

volofin to return to ABS market in 2025/ WNG shortlists bids

Aviation alt lender volofin anticipates tapping the aircraft loan ABS again in 2025 while aircraft and engine lessor WNG is in the process of evaluating second-round bids for a portfolio of mid-life aircraft and engines. more

25/11/2024

in Aircraft values, Lease Rates & Returns , Capital Markets

Update: volofin prices debut aircraft loan ABS - vFin 2024-1

Alternative aircraft lender volofin Capital Management Ltd (volofin) prices debut $507.2 million aircraft loan ABS: vFin 2024-1. more

20/11/2024

in Capital Markets

Capital Markets Update: Muted month for lessors, airlines issue over $3 billion in secured debt

October was a muted month for lessor capital markets activity, with just $560 million raised in unsecured debt across three issuances. more

04/11/2024

in Capital Markets

ABS C-notes and retirement bow-wave debate - takeaways from Ishka New York

Two key panel session takeaways from Ishka Aviation Investival: North America, which took place in New York on Tuesday 15th October 2024. more

22/10/2024

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

Activist hedge funds target aircraft ABS C notes

Hedge funds and specialist funds that targeted distressed C notes and subordinated notes in aircraft ABS are mounting campaigns to push securitisation boards to sell aircraft assets, Ishka understands. more

10/10/2024

in Capital Markets

Capital Markets Update: lessors raise $4.2 billion in September

Lessors tracked by Ishka raised $4.2 billion in unsecured capital markets debt in September. more

02/10/2024

in Lessors & Asset managers , Airline trends & analysis , Capital Markets

ISTAT EMEA: 2024 – a bumper year for aircraft ABS?

There may be more aircraft ABS this year say sources, but rates need to drop for C and E notes to work. more

26/09/2024

in Capital Markets

New loans for Castlelake and Abelo, Airlines upgauge orders

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

25/09/2024

in Lessors & Asset managers , Capital Markets , Aviation Banks and Lenders

New aircraft ABS notes achieve yields below 5.5%

Senior notes for new aircraft ABS deals are scoring yields below 5.5%, as investors warm to the asset class. September saw a flurry of activity as three aircraft lease securitisations and one aircraft loan ABS came to market, all of which have priced in the last 10 days. more

20/09/2024

in Aircraft values, Lease Rates & Returns , Capital Markets

On Watch: Canada Jetlines suspends operations, Delhi High Court upholds order for SpiceJet to return engines

Leisure carrier Canada Jetlines has called it quits less than two years into launching services amid mounting financial challenges, while in India, SpiceJet faces another legal challenge after defaulting on lease payments for three engines. more

13/09/2024

in Lessors & Asset managers , Capital Markets

DAE and SKY join Autumn rush of aircraft ABS

Two aircraft lessors, Dubai Aerospace Enterprise (DAE) and Sky Leasing (Sky) are currently in the market with separate aircraft ABS as the public aircraft ABS market shows signs that it might finally be returning in earnest. more

12/09/2024

in Lessors & Asset managers , Capital Markets

Capital markets update: AerCap leads early September issuances after quiet August

Lessors tracked by Ishka raised $650 million in unsecured capital markets debt in August. more

11/09/2024

in Capital Markets

Aviation ABS trading: recent issues trade above par, Carlyle issues more notes in August

97 aviation ABS tranches tracked by Ishka traded in the last 90 days, accounting for 356 individual trades. more

05/09/2024

in Capital Markets

BBAM launches Horizon 2024-1 ABS

Aircraft asset manager BBAM is in the market with a $556 million aircraft, ABS Horizon 2024-1. The new single note deal will be used to acquire a portfolio of 17 new-tech narrowbody aircraft assets. more

04/09/2024

in Lessors & Asset managers , Capital Markets

Market snapshot: Trading levels, interest rates, and unsecured debt issuances

Ishka's market snapshot data sheet brings together key trends and figures in the aviation finance space. more

22/08/2024

in Lessors & Asset managers , Capital Markets

Aviation ABS Trading: A benign environment for new issuers?

117 aviation ABS tranches tracked by Ishka traded in the last 90 days, accounting for 464 individual trades. more

19/07/2024

in Lessors & Asset managers , Capital Markets

AIP Capital raises debt as it eyes 737 MAX expansion

AIP Capital is in the process of raising fresh debt, after changing shareholders, as it looks to finance its managed order of incoming 737 MAXs and purchase aircraft on the secondary market. Ishka speaks with AIP Capital's management team. more

17/07/2024

in Lessors & Asset managers , Capital Markets

Aviation ABS trading: over a billion in securities traded in last three months

107 aviation ABS tranches tracked by Ishka traded in the last 90 days, accounting for 417 individual trades. more

17/06/2024

in Capital Markets

PK AirFinance launches aircraft loan ABS PKAIR 2024-1

Alternative aircraft lender PK AirFinance is in the market with a $622.3-million aircraft loan ABS: PKAIR 2024-1. Proceeds from the notes will be used to acquire a portfolio of 27 airline aircraft loan facilities, financing 122 aircraft and engines. more

13/06/2024

in Capital Markets

Capital Markets Update: $1.677 billion issued by lessors in May

Lessors tracked by Ishka issued $1.677 billion in unsecured debt in May. more

10/06/2024

in Lessors & Asset managers , Capital Markets

Carlyle returns to public ABS market with AASET 2024-1

Aircraft asset manager Carlyle Aviation Management Limited (Carlyle) is in the market with a $428.1 million aircraft ABS, making it the first public commercial aircraft securitisation to test the ABS market in two years. more

04/06/2024

in Capital Markets

Capital Markets Update: $3 billion raised by lessors in April

Just over $3 billion was issued in April by lessors tracked by Ishka, bringing the total issued so far in 2024 to $9.12 billion. more

03/05/2024

in Lessors & Asset managers , Capital Markets

Stan Chart inks GIFT City aircraft loan, Global Jets prices BJETS 2024-1

Ishka examines a GIFT City financing for Indian carrier Vistara, and looks at the pricing for Global Jet Capital's seventh ABS, BJETS 2024-1. more

26/04/2024

in Capital Markets , Aviation Banks and Lenders

Capital Markets Update: SMBC Aviation Capital issues $1.5 billion, ALC completes first euro issuance

Lessors issued $1.43 billion in March, a marked increase from February’s $349 million. more

04/04/2024

in Capital Markets

Capital Markets Update: Lessors issue $4.7 billion in January and February

Lessors raised $4.7 billion in unsecured issuances in January and February in a strong start to the year for leasing firm activity in the capital markets. more

01/03/2024

in Capital Markets

Sust Finance 2023 round-up: Deals grow with Air France-KLM well ahead of others

Sustainable finance deals in aviation involving airlines and lessors or with aircraft as a collateral grew once again in 2023, matching the approximate 60% annual growth rate of the preceding year. more

06/02/2024

in ESG & Regulation , Capital Markets , Aviation Banks and Lenders

Dublin Takeaways: Traders share their optimism, Boeing’s woes, and could the aircraft ABS market return this year?

Ishka looks at some of the key talking points from aircraft investors on the aviation finance market last week in Dublin. more

02/02/2024

in Lessors & Asset managers , Capital Markets , OEMs, Cargo & Engines

Ashland seeks to be a serial issuer as it prices debut ABS

Aviation alternative lender Ashland Place Finance (Ashland) has priced a debut $324.3 million aircraft loan ABS, Ashland 2023-1 which was oversubscribed. more

12/12/2023

in Capital Markets , Aviation Banks and Lenders

Ishka 2023 Deals of the Year Award submissions now open!

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 2023. more

08/12/2023

in Aircraft values, Lease Rates & Returns , Capital Markets , Aviation Banks and Lenders

Ares and Wilmington ‘rigged’ aircraft auction lawsuits could go to court

Two landmark lawsuits filed by junior bondholders on separate transactions against Ares, Vmo Aircraft Leasing Holdings (Vmo), and Wilmington Trust over “sham” aircraft auctions conducted during the pandemic are progressing through the US courts and could, potentially, be heading to trial next year. more

09/11/2023

in ESG & Regulation , Capital Markets

Airline Bonds Q2 2022: Lack of EUR and USD issuances contribute to muted quarter

Unsecured bond issuance by airlines in Q2 2023 totalled $4.47 billion – the lowest second-quarter levels since Ishka’s analysis began in 2019. more

07/08/2023

in Airline trends & analysis , Capital Markets

Data Sheet: Aviation capital markets wrap-up

Ishka's capital market wrap-up is a summary of recent activity in aviation debt issuance. more

07/07/2023

in Lessors & Asset managers , Airline trends & analysis , Capital Markets

Why India needs more widebodies, United breaks EETC dry spell

Ishka examines United’s recent EETC and compares how Chinese and Indian airlines differ in their use of widebodies for domestic routes. more

21/06/2023

in Airline trends & analysis , Capital Markets

Griffin issues $1bn unsecured, Avolon's 20-year fleet forecast, strikes threaten European summer travel

Griffin Global Asset Management Holdings, Ltd. successfully issued $1 billion worth of unsecured notes to partially refinance its secured warehouse facility this week, while lessor Avolon released its 2023-2042 fleet forecast on 13th June. more

13/06/2023

in Lessors & Asset managers , Capital Markets , OEMs, Cargo & Engines

Airline bonds Q1 2023: Slow start with Air France leading the way

Unsecured bond issuances by airlines returned to ‘normal’ post-Ukraine invasion volumes in Q1 2023, as issuances dropped back to mid-2022 after an exceptionally busy Q4 2022. more

25/04/2023

in Airline trends & analysis , Capital Markets

Lessor Bonds Q1 2023: Volume picks up with 21 issuances

Aircraft lessors tracked by Ishka issued $3.373 billion in unsecured capital markets debt in the first quarter of the year, exceeding the amount of any quarter in 2022, but remaining relatively low at around half of the previous five year’s first quarter average. more

05/04/2023

in Lessors & Asset managers , Capital Markets

Ishka London: Aviation financiers say banking crisis could raise margins but risk of contagion is limited

Aviation lenders state that margins could still rise due to the recent banking crisis but share that the rapid response by regulators appears to have averted a wider crisis limiting the risk of contagion to aviation lending. more

31/03/2023

in Lessors & Asset managers , Capital Markets

Unsecured debt data sheet: Q1 2023 QTD lessor bond issuances

Air Lease Corporation was the lone lessor debt issuer in the first six weeks of Q1 2023 with a $700 million bond. more

02/03/2023

in Lessors & Asset managers , Capital Markets

Unsecured debt data sheet: Q1 QTD airline bond issuances

Only four unsecured issuances took place in the first six weeks of 2023, totalling $2.26 billion. Around half of the issuances came from Air France-KLM, with EUR 1 billion ($1.081 billion) issued in two tranches of sustainability linked notes. more

21/02/2023

in Airline trends & analysis , Capital Markets

Airline bonds Q4 2022: End of year rise after muted year

Unsecured debt issuances by airlines jumped to $16.155 billion in Q4 2022, exceeding every other quarter in the year and gaining nearly 36% on Q4 2021. more

06/01/2023

in Airline trends & analysis , Capital Markets