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The slide in unlevered sale/leaseback returns

Unlevered returns for new-technology aircraft sale/leasebacks have suffered a significant drop from Q1 2021 to Q1 2022, according to Ishka research, after briefly spiking during the pandemic. more

14/07/2022

in Aircraft values, Lease Rates & Returns , Lessors & Asset managers , Aviation Banks and Lenders

How Air France and Volaris are prioritising new sustainable aircraft financings

Air France will make sustainable finance a “strong preference” in future aircraft financing RFP processes following the closure of three sustainability-linked transactions earlier this year, Ishka can reveal. more

01/07/2022

in ESG & Regulation , Aviation Banks and Lenders

Datasheet: Scramble for slots despite mounting conversion costs

Ishka summarises recent developments in the cargo space, including P2F conversion news, waiting times and costs, freighter transactions, and cargo market updates. more

23/06/2022

in Aircraft Asset Profiles , Aircraft Finance Market

Asset managers update: Dr. Peters launches Backbone, Carlyle issues ABS

Asset managers have been active so far in Q2 2022 with several announced aircraft transactions, asset financing agreements, and staff hires. more

14/06/2022

in Aircraft Finance Market

Swap costs and missing ABS market slow aircraft trading

Rising interest rate swap costs and an ongoing freeze in the aircraft ABS market are slowing the trading of leased aircraft, say lessors. more

10/06/2022

in Lessors and Lease Rates , Aircraft Finance Market

Thai AirAsia X enters restructuring, Garuda secures third extension

Southeast Asian carriers are once again in the spotlight after Thai AirAsia X filed for bankruptcy protection on 17th May 2022 and Garuda Indonesia secured an extension to its restructuring proceedings for a third time. more

09/06/2022

in Airline Profiles , Aircraft Finance Market

Airlines confirm another $980m in pandemic-related state aid

This is the 56th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 7th June 2022 governments have introduced $210.87 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

07/06/2022

in Aircraft Finance Market

10-year-old aircraft values, wet leasing picks up, Norwegian recommits to MAXs

This is the 76th in a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

06/06/2022

in Lessors and Lease Rates , Aircraft Finance Market

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

Lessors grapple with shorter lease SLB requests

Ishka understands that three airlines have successfully agreed short sale/leasebacks (SLBs) with a lease length of eight years for new deliveries of new-tech narrowbodies and a turboprop compared to the typical lease term of ten-to-12 years. more

31/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

Investors face rising freighter conversion costs

Investors face increased costs and longer waiting times for passenger to freighter (P2F) conversions due to the global supply chain crisis with material prices soaring as much as 10% in some cases, sources tell Ishka. more

27/05/2022

in Aircraft Asset Profiles , Aircraft Finance Market

Lessors write-off over $5.6bn in Russian aircraft impairments

Lessors have recognised $5.62 billion in impairments related to leased aircraft, and some engines, that remain in Russia, according to Ishka research based on figures from eight lessors and one asset manager. more

25/05/2022

in 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

15-year-old aircraft values, lessor consolidation, IAG firms 737 MAX order

This is the 75th in a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

23/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

Aircraft lessors worry insurers won’t cover Chinese risk

Aircraft lessors are concerned that insurers and reinsurers may decline to offer contingency coverage for countries deemed politically risky, including China, following billions of dollars in lodged claims by lessors for aircraft trapped in Russia. more

20/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

AerCap recovery dampened by $2.7 billion Russia impairment costs

AerCap swung to a net loss of $2 billion in the first quarter after registering $2.7 billion in costs relating to the Ukraine Conflict, dampening an otherwise strong quarter propelled by a “positive demand environment.” more

19/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

Emirates receives third equity injection, China proposes airline support plan

This is the 55th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 18th May 2022 governments have introduced $209.89 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

18/05/2022

in Aircraft Finance Market

SMBC to buy Goshawk for $6.7bn but rejects Russian-leased aircraft

Aircraft lessor SMBC Aviation Capital announced it plans to acquire Dublin-based rival Goshawk Aviation which, if regulatory approval is obtained, will make it the second-largest aircraft lessor by number of aircraft. more

17/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

Introducing the Insights Data Library with one-stop data sheets and datasets

Ishka Insights subscribers can now download past data sheets and associated datasets from one convenient place: the Insights Data Library. more

13/05/2022

in Investor Education , Aircraft Finance Market

ALC Q1 2022: Air Lease writes off $802 million Russian fleet

Air Lease Corporation (ALC) reported a $469 million loss for the quarter after it wrote off $802 million in relation to its owned and managed fleet located in Russia. more

10/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

5-year-old aircraft values, Qantas ramps up orders, lessors make Russian aircraft claims

This is the 74th in a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

09/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

ESG Extra: UK makes strides in aviation decarbonisation plans

The second edition of the Ishka View Extra: ESG and Sustainable Aviation examines developments during March, April, and early May. more

05/05/2022

in Investor Education , Aircraft Finance Market

Lessor orders favour Airbus, Boeing boosted by legacy airlines

Net aircraft orders for the two largest OEMs have begun to recover for the first time since the onset of the pandemic as passenger demand improves and travel restrictions ease. more

04/05/2022

in Lessors and Lease Rates , Aircraft Finance Market

ESG data sheet: Lessors now committed to over 1,225 e-VTOLs

Lessors and asset managers have gone from zero to over 1,225 e-VTOL commitments in under 12 months, marking the incursion of aircraft leasing into a new domain - but their decarbonisation role may be limited. more

29/04/2022

in Lessors and Lease Rates , Aircraft Finance Market

Lessors prep for legal battle over Russian insurance claims

Lessors are bracing themselves for legal battle over insurance claims for aircraft trapped in Russia, with some having already submitted claims, explain several sources to Ishka. more

28/04/2022

in Aircraft Finance Market

10-year-old aircraft values, EASA ends ‘preighters’, Russia accelerates aircraft production

This is the 73rd in a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

25/04/2022

in Lessors and Lease Rates , Aircraft Finance Market

AerCap leads fall in 2021 aircraft impairments compared to 2020

Aircraft impairments recorded by 11 lessors analysed by Ishka totalled $738 million in the 2021 financial reporting period, around half of the $1.5 billion recorded by the same lessors in 2020. more

14/04/2022

in Aircraft Finance Market

Financing survey: Aviation banks confirm rising funding costs

Several European aviation bankers confirm to Ishka that their funding costs increased in the first quarter of 2022 in the wake of rising interest rates and general market volatility in the capital markets following the Russian invasion of Ukraine. more

12/04/2022

in Aircraft Finance Market

15-year-old aircraft values, AerCap’s $3.5bn insurance claim, OEMs face production rate decisions

This is a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

11/04/2022

in Lessors and Lease Rates , Aircraft Finance Market

Aeromexico emerges from Chapter 11, LATAM sets its sights on 2022 exit

Aeromexico emerged from Chapter 11 bankruptcy process on 17th March 2022, after 20 months of financial restructuring. Elsewhere, LATAM continues to be at odds with some of its unsecured creditors. more

08/04/2022

in Airline Profiles , Aircraft Finance Market

Airlines get $434m in pandemic-related state aid over past six weeks

This is the 54th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 7th April 2022 governments have introduced $208.95 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more

07/04/2022

in Aircraft Finance Market

Ishka ESG: Investors ring warning bells for aviation, SAF takes centre stage

Ishka summarises some of the key takeaways from its first ESG-dedicated conference held last week in London, as well as ESG concerns by investors and lenders during the prior investor-focused event. more

06/04/2022

in Investor Education , Aircraft Finance Market

Ukraine crisis prompts lessors to reassess ‘emerging market’ risk

Lessors and asset managers confide that the Russian-Ukrainian war has prompted internal credit committees to “reassess all emerging market risk”, contrary to efforts by some large leasing entities to downplay the effects of the Russian invasion. more

05/04/2022

in Aircraft Finance Market

AerCap sees ‘timing mismatch’ between $3.5bn Russia claim and looming impairment

AerCap is expecting a “timing mismatch” between an impairment on assets that remain in Russia (and possibly some removed from Russia) and recoveries from related insurance claims worth $3.5 billion. more

01/04/2022

in Lessors and Lease Rates , Aircraft Finance Market

Why the non-CO2 effects of aviation are now under the EU microscope

High-level EU aviation stakeholders at a conference in Brussels this week shared that growing attention is being paid to the non-CO2 effects of aviation, which until now have taken a backseat in environmental policies for the sector. more

30/03/2022

in Investor Education , Aircraft Finance Market

SAF update: Ukraine crisis causes price spike, maintaining jet fuel spread

From sustainable aviation fuel (SAF) prices to capacity developments, Ishka provides a summary of some of the points covered in its latest SAF webinar with Argus Media. more

29/03/2022

in Investor Education , Aircraft Finance Market

Remarketing Watch: Trapped Russian aircraft costs ‘could take years’ to resolve

Aircraft remarketers talking to Ishka state that the costs associated with leased aircraft trapped in Russia due to Western sanctions following the Russian invasion of Ukraine could take years to resolve. more

29/03/2022

in Lessors and Lease Rates , Aircraft Finance Market

5-year-old aircraft values, Russian re-registrations, lessors look to recover aircraft

This is the 71st in a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values, lease rates, and the market dynamics that matter, under today’s market environment. more

28/03/2022

in Aircraft Asset Profiles , Aircraft Finance Market

Bank-led aviation carbon initiative Impact names board and president

Impact, a new aviation finance association dedicated to achieving Net Zero CO2 emissions by 2050, has announced its founding board and president as it formally launches this week. more

24/03/2022

in Regulatory and Accounting , Aircraft Finance Market

Ukraine crisis freezes aircraft ABS market

The continuing Russian invasion of Ukraine has caused the aircraft ABS market to freeze as investors and ABS sponsors digest how the crisis will impact the aircraft leasing sector. more

23/03/2022

in Aircraft Finance Market

Aviation insurance and the fallout from sanctions on Russia

Ishka examines aviation insurance policies and reflects on the potential outcomes for aircraft lessors exposed to Russian airlines following the Ukraine invasion. more

18/03/2022

in Aircraft Finance Market

ESG Extra: Hydrogen goes full steam in February

This is the first in a series of special supplements delivering ‘The Ishka View’ on aviation ‘Environmental, Social, Governance’ (ESG) and other sustainability developments. more

17/03/2022

in Investor Education , Aircraft Finance Market

ESG data sheet: Green and sustainable finance for airlines and aircraft

In this second edition of Ishka’s ESG data sheet, we expand our coverage to include all publicly-announced airline or aircraft-related green and sustainability-linked financings to date. more

15/03/2022

in Investor Education , Aircraft Finance Market

ISTAT Americas 2022: Russia-Ukraine conflict, SLBs, interest rates and ESG

Ishka looks at some of the key discussion topics from the ISTAT Americas 2022 conference last week, including the Russia-Ukraine conflict, a competitive sale/leaseback market, rising interest rates and ESG. more

14/03/2022

in Lessors and Lease Rates , Aircraft Finance Market

10-year-old aircraft values, Russian airlines have Bermudan CoAs suspended

This is a series of supplements to Ishka’s ‘Transaction Economics’ service. It delivers ‘the Ishka View’ on events that have a bearing on the near-term performance of aircraft values and lease rates. more

14/03/2022

in Airline Profiles , Aircraft Finance Market

Thai back in the black after asset disposal, LATAM provides fleet update

Ishka provides updates on airlines from Ishka’s Restructuring list including Thai Airways' return to profitability in 2021, and fleet updates for Thai and LATAM. more

10/03/2022

in Airline Profiles , Aircraft Finance Market

ISTAT CEO panel: Russia-Ukraine will not diminish potential narrowbody shortage

A panel of CEOs representing some of the world’s largest aircraft lessors tackled some of the industry’s most pressing topics at the ISTAT Americas conference in San Diego. more

09/03/2022

in Lessors and Lease Rates , Aircraft Finance Market

Lessor CEOs: Russia repercussions, interest rate anticipation, freighter curiosity

Ishka reviews some of the key market concerns raised by Aircastle, Air Lease Corporation (ALC), ALAFCO, and Avation in their recent earnings calls. more

08/03/2022

in Lessors and Lease Rates , Aircraft Finance Market

Lease rate ‘lag’ caused by rising rates likely to squeeze lessor returns

Lessor returns could be squeezed in the short-term, confide sources if, as is widely expected, the US Federal Reserve increases interest rates later this month. more

03/03/2022

in Lessors and Lease Rates , Investor Education , Aircraft Finance Market

Chorus to acquire Falko to create second-largest regional aircraft lessor

Publicly-listed Canadian regional aircraft lessor Chorus Aviation Inc. (Chorus) is set to acquire British-based lessor Falko Regional Aircraft Limited (Falko) in an $855 million transaction agreed on 27th February 2022, creating the second-largest regional aircraft lessor by fleet count. more

02/03/2022

in Lessors and Lease Rates , Aircraft Finance Market