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
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
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
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
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
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
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
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
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
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
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
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
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
Ishka Investor Europe: Aviation investors reveal environmental concerns
Ishka summarises some of the key takeaways from the Ishka’s Investing in Aviation Finance Europe conference held last week in London. more
12/04/2019
in Regulatory and Accounting , Capital Markets , Aircraft Finance Market
Fund watch: Huijbers launches Hong Kong equity fund, Aero Capital Solutions closes midlife aircraft fund
Ishka examines two new aviation equity funds one launched by Aero Capital Solutions, which has closed at $200 million, and another, by PH Aviation Asia, which is still seeking investors. more
11/04/2019
Lessor CEOs: hitting the bottom of the sale/leaseback market
Ishka reviews some of the key market concerns raised by the public aircraft lessors including AerCap, Aircastle, ALC, and Fly including a potential slow-down in capital from China, Jet Airways’ and the tension of enforcing the Cape Town Convention in Brazil. more
08/04/2019
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Ishka Investival: Korean investors explore more ABS e-notes
South Korean equity investors are open to more aviation deals including aircraft ABS e-notes, according to aviation financiers and lessors speaking at Ishka’s Hong Kong Investival last week. more
01/04/2019
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
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Ishka Investival Asia: JOL/JOLCO appetite buoyant but tax reforms spook foreign banks
Japan remained a centrepiece of discussion at Ishka’s Investival Asia in Hong Kong, with participants confident about aviation's continued appeal for Japanese investors, but uncertain about where recent tax reforms leave non-Japanese banks. more
29/03/2019
in Capital Markets , Aircraft Finance Market , Investor Education
Merx refinances RISE ABS
Merx Aviation is in the market with a new $429.1 million aircraft securitisation, MAPS 2019-1 Limited which will refinance the 2014 RISE Ltd aircraft ABS transaction (RISE). more
18/02/2019
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Can aviation meet equity investors' return expectations?
Equity returns for leased aircraft continue to tighten. more
04/02/2019
in Capital Markets , Investor Education , Aircraft Finance Market
Capital structure: a driver of success for lessors?
Aircraft leasing is a capital intensive business but how much of a role does a lessor's capital structure play in determining its competitiveness in the marketplace? more
22/01/2019
Capital markets outlook for lessors: going like hot cakes
Capital markets have been very receptive of aircraft lessors in recent years. Ishka looks at the 2018 activity and considers the possible trajectory of lessors' capital markets issuance in the near future. more
10/01/2019
in Lessors and Lease Rates , Capital Markets
LIBOR is dead; long live LIBOR
A wake has been scheduled for LIBOR, but is aviation ready for a new reference rate? more
02/01/2019
Fund watch: Sirius delays IPO; Ostrum seeks investors
Sirius Aviation Capital Holdings Limited, the Guernsey-based lessor launched by Ryanair’s ex-deputy CEO, Howard Millar, has delayed its IPO for the second time this month, while Ostrum Asset management launches a new aviation debt fund. more
07/12/2018
Could aviation finance attract ESG investors?
Ishka examines whether aviation finance, a notoriously carbon-intensive industry, could meet ESG (environmental, social, governance) criteria and attract ethical investors. more
29/11/2018
in Regulatory and Accounting , Capital Markets , Investor Education
Vx Capital Partners prices freighter ABS
Vx Capital Partners, a leasing firm specialising in narrowbody freighter aircraft, has priced its debut securitisation, CARGO 2018-1, 100% backed by cargo aircraft. more
26/11/2018
Investing in Aviation Finance: Japan
Sep 3, 2020
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