A look at 5-year-old aircraft values, lessor consolidation, AeroCentury files for Chap 11 and more SLBs
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
13/04/2021
Air Canada takeover deal scrapped by European regulators, Korean Air to complete Asiana Airlines acquisition by 2022
Transat A.T., the parent company of Canadian carrier Air Transat, announced on 2nd April 2021 that its planned merger with Air Canada has been terminated by mutual consent. more
09/04/2021
Hainan Airlines’ early creditor calls, Thai Airways faces stock’s delisting, Norwegian restructuring scheme endorsed
Work has begun on the Hainan Airline restructuring. HNA Group is the first private Chinese airline group to go bankrupt and the largest airline bankruptcy to have occurred within China to date. more
01/04/2021
A look at 10-year-old aircraft values, Cathay discusses deferrals, and slowing OEM deliveries
A regular series from 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
31/03/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Covid-19 bailouts: Smartwings, Tunisair and Alitalia secure $143m in new aid
Smartwings, Tunisair and Alitalia secured $143 million in new aid since Ishka’s last update on 18th March 2021. more
30/03/2021
AeroCentury files for Chapter 11 and auctions assets
Californian-based regional aircraft lessor AeroCentury has filed for voluntary Chapter 11 bankruptcy yesterday and plans to auction its aircraft assets to repay its sole secured lender. more
30/03/2021
Interjet to seek bankruptcy protection, GoAir prepares for IPO
Mexican LCC Interjet will seek bankruptcy protection in Mexico no later than 30th March with plans to file for Chapter 11 in the US soon after. more
26/03/2021
Covid-19 bailouts: State support for airlines to exceed $200bn
A swathe of recent government measures has pushed Ishka’s combined tally of confirmed ($183.18 billion) and tentative ($19.94 billion) state support for airlines above the $200-billion mark for the first time. more
19/03/2021
Czech Airlines files for bankruptcy, LATAM and Norwegian EETC aircraft to be auctioned
Czech Airlines (ČSA) was declared bankrupt by the Prague City Court on 10th March, following a request by the carrier. more
18/03/2021
Q4 2020: Public lessors talk about new SLBs and aircraft impairments
Three listed lessors – AerCap, Air Lease Corporation (ALC), and Fly Leasing (Fly) – faced scrutiny by analysts around aircraft impairments during their Q4 2020 earnings calls. more
15/03/2021
in Lessors and Lease Rates , Aircraft Finance Market
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Garuda insists it has axed leased CRJ1000s, Air Transat looks for Plan B
Garuda Indonesia CEO Irfan Setiaputra reiterated in early March that leasing contracts for 18 Bombardier CRJ1000 aircraft have been terminated even as one lessor, Nordic Aviation Capital, tells Ishka that the agreements remain unchanged. more
12/03/2021
SVPGlobal and EnTrust form JV to buy Deucalion
Asset manager EnTrust Global (EnTrust) and funds managed by Strategic Value Partners, LLC and its affiliates (SVPGlobal) have agreed to buy DZ Bank’s aircraft leasing and asset management arm via a joint venture. more
11/03/2021
AerCap buys a discounted GECAS to build a ‘super lessor’
Citi and Goldman Sachs offer AerCap a $24 billion committed debt facility to complete the GECAS acquisition which will see 400 employees transfer to the Irish lessor. more
10/03/2021
AerCap Q4 2020: "Worst is behind us" as collection rate jumps to 96%
AerCap announced a 2020 net loss of $299 million, down from a $1.1 billion net profit in the previous year. However, the lessor recorded a cash collection rate of 96% in Q4 2020, rising from 80% in Q3 2020. more
09/03/2021
Update: AerCap in $30bn talks to acquire GECAS
Irish aircraft lessor AerCap is reportedly in talks with GE to acquire the US conglomerate’s aircraft leasing business, GECAS, in a deal rumoured to be worth more than $30 billion. more
08/03/2021
Norwegian ends 36 leases, Thai Airways to get govt support
Norwegian Air Shuttle has reached an agreement to end 36 aircraft leases as part of its goal to cut its fleet. Thai Airways has obtained support from Thailand's finance ministry to raise as much as $1.65 billion. more
05/03/2021
Covid-19 bailouts: US PSP extension nears approval, Angola recapitalises TAAG
US carriers appeared to be one step closer to receiving further state aid as the US Senate looks set to debate the third extension to the US Payroll Support Programme (PSP) shortly. more
04/03/2021
A look at 5-year old aircraft values, Airbus’ loss, Chorus’ results and the Mexican 737 auction
A regular series from 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
03/03/2021
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
Fly Leasing posts Q4 loss after $106mn impairment for two A330s
Fly Leasing finished 2020 with another quarterly loss driven by $115 million in aircraft impairments, including a “significant” $106 million write-down on A330s. more
01/03/2021
SpiceJet loses $43m Q400 PDP case to De Havilland
De Havilland on 23rd February secured summary judgment against SpiceJet at the London Commercial Court in a claim for $42.95 million after the airline defaulted on PDPs. more
26/02/2021
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
Voyager proposes debt-to-equity offer as it seeks out of court restructuring
Dublin-based lessor Voyager Aviation Holdings (Voyager) is offering to equitise its existing unsecured bondholders via an out of court debt restructuring proposal. more
22/02/2021
Malaysia Airlines proposes $90k PBH floor for 737s, Thai to shrink fleet
Malaysia Airlines has proposed power-by-the-hour floors from $90,000 to $132,500 for three aircraft types in its negotiations with lessors. more
19/02/2021
Aviation commercial bank lending down for some lenders by 80% last year
A ‘disappearing’ bank-to-bank syndication market will curb new warehouse financings and aviation bank debt. more
17/02/2021
Covid-19 bailouts: Biden likely to add PSP extension to Covid-19 relief bill
A $14 billion extension to the Payroll Support Programme (PSP) for US airlines is likely to be included in the $1.9 trillion COVID-19 relief bill proposed by President Joe Biden. more
16/02/2021
NAC refutes Garuda lease terminations, Interjet troubles continue
Nordic Aviation Capital has refuted media reports stating that Garuda Indonesia will return 12 leased Bombardier CRJ-1000s over a bribery probe into the Canadian OEM. more
12/02/2021
Lessor lawsuits continue after HNA Group bankruptcy
Nine lawsuits by leasing entities against airlines of the HNA Group remain open at the London Commercial Court, including one filed by AerCap this month, Ishka understands. more
11/02/2021
Forecast: Lessors could be stung by another ‘lost’ summer peak season
Ishka summarises four key takeaways about what lies ahead for investors and lessors in 2021, from Ishka+ Original, Forecasting with a Murky Crystal Ball. more
10/02/2021
Briefing: Investing in maritime assets and the impact of Covid
In a guest Insight WFW’s Lindsey Keeble, London Partner and Global Maritime Sector Co-Head; and Jim Bell, London Partner and global aviation sector co-head review how the shipping sector has fared during 2020 and the parallels between shipping and aviation as an asset class. more
09/02/2021
MAS opts for ‘cheaper’ UK restructuring scheme, Eastar Jet enters receivership
Malaysia Airlines’ choice to use a UK scheme of arrangement could be replicated by other airlines looking for a “targeted” and therefore “cheaper” alternative to the Chapter 11 process, the airline’s counsel tells Ishka. more
05/02/2021
Covid-19 bailouts: Canada’s Sunwing taps $292 million, US PSP top-up plea
The Canadian federal government has granted a C$375 million ($292 million) loan to Sunwing Airlines, underscoring the impact that new Covid-19 waves of infections are having on airlines. more
04/02/2021
Ishka reviews the 32 new airline start-ups of 2020
The Covid-19 crisis has been the biggest crisis to have ever faced commercial aviation, but 2020 welcomed a total of 32 new aircraft start-ups. more
01/02/2021
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
Ishka’s Aircraft Pricing Benchmark: Twin-aisles, a battered market, with few green shoots
Ishka unveils the market’s pricing sentiment on twin-aisle aircraft. more
28/01/2021
On Watch: Malaysia Airlines to use UK debt restructuring scheme
Malaysia Airlines has obtained approval from a UK court to proceed with a major component of the group's debt restructuring. more
27/01/2021
Dr Peters sues Air France over A380 return conditions
German asset manager Dr Peters is seeking over $34.8 million in compensation from Air France over a failure to redeliver an Airbus A380 in accordance with the terms of their agreement, Ishka has learned. more
26/01/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
Covid-19 bailouts: Norwegian to get new support, five carriers net $2.1bn
Norway's government says it will contribute to Norwegian Air Shuttle’s funding request pending certain conditions, just two months after its initial refusal pushed the carrier to file for Irish Examinership. more
22/01/2021
Norwegian to shrink to 50 aircraft, four other airlines delay restructuring plans
Norwegian Air on 14th January outlined a simplified business structure with around 50 narrowbody aircraft. more
19/01/2021
Investor watch: Fund managers team with lessors to catch aircraft pricing dip
Several money managers have committed capital to aircraft asset managers this month for new debt and equity opportunities within aircraft leasing – despite the sector continuing to be buffeted by the Covid-19 pandemic. more
18/01/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Lessor bonds: Lessors kick off 2021 with a flurry of issuances
Aircraft lessors took advantage of a benign debt capital market in January to issue several unsecured bonds. more
15/01/2021
On Watch: Mexican govt questions investment in Interjet, lessors file new lawsuits
Mexican LCC Interjet is nearing a month without flights amid an indefinite strike, and the government is questioning an over $100 million infusion by a new investor. more
12/01/2021
Ishka invites 2020 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 2020. The awards will be announced at Ishka’s Dublin conference in June 2021. more
11/01/2021
Covid-19 bailouts: US airlines get $15bn aid extension as global tally tops $161.2bn
The tally of confirmed bailouts grew by $17.07 billion since the last update on 15th December 2020, largely as a result of the $15 billion extension to the Payroll Support Programme (PSP) for US airlines. more
08/01/2021
The (surprisingly short) list of airline failures in 2020
The (surprisingly short) list of airline failures in 2020 Commercial aviation endured its worst crisis to date thanks to the Covid-19 pandemic but Ishka research indicates there were relatively few airlines failures in 2020. more
07/01/2021
On Watch: Lessors demand clarity from Norwegian, AirAsia X contests lessors’ claims
In this week’s On Watch report, Ishka provides updates on several airlines undergoing either some form of bankruptcy proceedings or restructuring. more
05/01/2021
Ishka’s Aircraft Pricing Benchmark: A320neo and MAX prices stay firm
Ishka launches its new price discovery service, the Aircraft Pricing Benchmark, the markets’ own guide to current leases and aircraft prices. more
04/01/2021
in Lessors and Lease Rates , Home , Aircraft Finance Market
Seasons greetings from Ishka!
Ishka is taking a break over the Christmas holiday period. We want to offer a sincere thank you to all of our readers for your continued support. Normal Insight service will resume in January. more
23/12/2020
A look back at a year of state aid for airlines
Ishka looks back on a year that saw many of the world’s airlines fall into financial distress and governments stepping up to help them. more
22/12/2020
Covid-19 bailouts: US PSP extension nears, TUI Group and Corsair get aid
A US House proposal to extend the US CARES Act Payroll Support Programme (PSP) nears approval while Germany and France provide new aid to airlines. more
15/12/2020
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