Remarketing Watch: Airlines negotiating six months minimum of PBH
New leases and lease amendments for passenger aircraft are featuring a minimum of six to nine months of power-by-the-hour (PBH) pricing, third-party aircraft remarketers tell Ishka. more
23/07/2021
A320neo prices stable while 737 MAX 8 values climb slightly
The Ishka Aircraft Pricing Benchmark aims at collecting (anonymously) the market’s view every two months. more
21/07/2021
Airlines react to EU’s new ambitious green deal measures
Fit for 55 is the world’s most ambitious legislation proposal to reduce aviation emissions and could permeate aircraft fleet choices for years to come. Ishka examines its main proposals and industry reaction. more
20/07/2021
15-year-old aircraft values, more lessor activity and reduced 787 production rates
This is 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
19/07/2021
TAP aid in EU sights as new Alitalia gets go-ahead
This is the 44th updated summary of airline state aid during the Covid-19 crisis. Ishka estimates that as of 1st July 2021 governments have introduced $195.28 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
16/07/2021
Avianca moves JOLCO leases to PBH, Malaysia puts six A380s for sale
Avianca Holdings filed a court request on 6th July to reject leases for two JOLCO-financed A320s (MSN 7928 and 7887) and enter new leases for the aircraft on "better economic terms." more
15/07/2021
Trading update: Bocomm reviews off-shore portfolio bids, Castlelake sells Delta 737s
Lessors and aircraft investors are waiting to hear if they have been successfully mandated, or shortlisted, on several portfolios of leased aircraft for sale. more
14/07/2021
Ishka’s guide to popular freighter conversion programmes
The freighter conversion market has seen a huge uptick in demand due to the Covid pandemic. Passenger airlines have been forced to downsize fleets, increasing passenger aircraft availability, and affordability, for freighter conversion. more
12/07/2021
Trading update: Avolon signs LOIs for 12 aircraft, GECAS returns with revised portfolio
Lessors state that there has been a resurgence in the secondary aircraft trading market in the last three months as more leasing platforms and asset managers bid to buy leased aircraft. more
09/07/2021
Indian airlines seek to raise additional debt as revenues plummet by nearly 60%
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more
09/07/2021
Sale/leaseback market heats up as more Asian lessors chase deals
Ishka reviews the last 18-months of pandemic sale/leasebacks. more
08/07/2021
Lessor bonds: $7bn in Q2 as Chinese issuances increase
Aircraft lessors tracked by Ishka issued nearly $7 billion in capital markets debt during the second quarter, a 24% decline from an exceptionally busy first quarter. more
07/07/2021
Airline bonds Q2 2021: Wider group of airlines access unsecured market
A benign capital market has attracted a wider universe of unsecured airline issuers in the last three months, according to Ishka research. Airlines around the world issued $19.94 billion in unsecured debt. more
05/07/2021
Five-year-old aircraft values, A340 reactivation and United’s mass order
This is 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
02/07/2021
Singapore Airlines gets $2.54 billion from sovereign fund, US carriers face public backlash
Ishka estimates that as of 1st July 2021 governments have introduced $196.90 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
01/07/2021
New-build A320 and MAX values show first signs of recovery
Young, new technology narrowbody aircraft have seen slight improvements in market value sentiment since the first quarter of the year. more
30/06/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
New aircraft ABS deals achieve record pricing as market ‘bounces back’
Four aircraft ABS deals, including one engine deal, have priced in the last four weeks, with deals achieving either record-low or comparable yields to pre-pandemic issuances, despite the stress facing the airline sector due to the Covid-19 crisis. more
28/06/2021
SMBC sues Garuda for $35.9 million, Thai Airways receives restructuring approval
SMBC Aviation Capital is claiming $35.9 million in unpaid aircraft rentals and unrestored deposits excluding interest as well as $9.4 million in guarantee payments in a lawsuit against Garuda Indonesia filed at the London Commercial Court. more
25/06/2021
in Airline Profiles , Aircraft Finance Market
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Ishka’s guide to US PSP and why a PSP4 remains unlikely
Ishka examines US Treasury data on Payroll Support Programme (PSP) and CARES Act Loans to US airlines. A complete dataset is available for download. more
24/06/2021
Garuda seeks to return 101 aircraft to lessors as it mulls debt restructuring options
Garuda’s CEO Irfan Setiaputra has told a parliamentary hearing the airline is contemplating a debt freeze and even the possibility of creating a new airline. more
23/06/2021
10-year-old aircraft values, Thrust 2021-1 ABS prices, OEMs explore new technologies
This is 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
22/06/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
Ishka Dublin Festival: End of the crisis ‘in sight’ but airlines to suffer losses till 2023
Commercial air travel is forecasted to recover to 88% of 2019 levels by 2022 and 109% by 2023, according to Brian Pearce, chief economist for aviation trade body IATA. Pearce, speaking at the Ishka+ Dublin virtual Festival said “the end of the crisis is in sight” but warned many airlines are still at risk of significant cash burn for the rest of 2021. more
21/06/2021
Remarketing Watch: Airlines say ‘PBH conversation or no conversation’ for new leases
Despite improvements in short-haul leisure travel demand in the last four months, many airlines are negotiating power-by-the-hour (PBH) terms for both new and existing leases, according to panellists speaking at Ishka’s Dublin festival. more
18/06/2021
Emirates gets new $1.1 billion injection, Ryanair scores third court win
Ishka estimates that as of 17th June 2021 governments have introduced $193.77 billion in assistance measures for air carriers globally, including sectoral package and airline-specific bailouts. more
17/06/2021
ALC markets Blackbird Capital II aircraft ABS
Air Lease Corporation (ALC) is in the market with a $745 million aircraft ABS – Blackbird Capital II. more
16/06/2021
White Oak’s Thrust 2021-1 tests ABS market appetite for widebody engines
White Oak Commercial Aviation has been in the market for several weeks with a $485 million aircraft engine securitisation, Thrust 2021-1, with a unique collateral of 100% widebody engines. more
15/06/2021
Asian airlines get restructuring go-ahead amidst fresh lockdowns
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more
11/06/2021
Clock is ticking for NAC, Avianca agrees A320 LOIs with GECAS
Nordic Aviation Capital’s (NAC) moratorium on debt payment ends at the end of next month, as the lessor edges closer to potentially entering a restructuring. more
11/06/2021
Will the new EU Taxonomy for green aviation address lessors’ concerns?
The draft of a much-awaited framework by the European Commission on sustainable investment for aviation is set to be shared in the next few months. The framework will be critical for informing 'green' aircraft investments. more
10/06/2021
in Regulatory and Accounting , Investor Education , Aircraft Finance Market
Older aircraft close in on values “floor,” but younger jet prices could fall further
After suffering a period of value realignment since the onset of the pandemic several 20-year-old aircraft types now appear to be reaching a value “floor” where further discounts are unlikely. more
09/06/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Are used A330s winning the hearts (and wallets) of airline startups?
A330 investors are fighting back. Last month, 15 firms launched a joint PR campaign to “raise awareness of the unique abilities" of the type in the hope of winning over existing and potential new operators. more
08/06/2021
in Aircraft Asset Profiles , Aircraft Finance Market
15-year-old aircraft values, OEMs ramp up production and United's supersonic aircraft order
This is 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
04/06/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
SAS gets government credit, Germany considers keeping 20% stake in Lufthansa
State support for airlines appears to have plateaued in recent weeks, with relatively few new packages announced since the end of March. more
03/06/2021
A350 prices firm but older A330 values continue to drop
The Ishka Aircraft Pricing Benchmark aims at collecting (anonymously) the market’s view every two months. Ishka asks market makers, including buyers, sellers and financiers (including lessors, airlines, investors, aviation banks, asset managers, part-out companies, and advisors) their views on the market’s pricing and lease rates. more
02/06/2021
China’s ‘Big Three’ report large net losses despite rise in passenger traffic
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more
31/05/2021
Restructured Norwegian boasts lean balance sheet, Hainan lawsuit discontinued
Norwegian Air Shuttle announced on 26th May it has exited the Irish examinership process that the airline entered on 18th November 2020. more
28/05/2021
Boeing 737 MAX inventory lightens amid spring clearance orders
Airlines and lessors have committed (or recommitted) to buying 258 737 MAX aircraft so far in 2021 possibly including, as Ishka understands, some remarketed white-tail from Boeing’s inventory of 400+ undelivered MAXs. more
27/05/2021
Erste Bank exits aviation, alt lenders look to fill financing vacuum
Austrian headquartered Erste Group Bank (Erste Bank) has confirmed to Ishka that it is no longer offering aviation financing deals, signalling an exit from the sector. more
26/05/2021
Investor survey: Investors share return targets for new aircraft deals
Nearly 70% of investors questioned by Ishka plan to increase their capital allocation to aviation as an asset class over the next 12 months despite the disruption caused by the covid-19 crisis to the sector. more
25/05/2021
Five-year-old aircraft values, cargo appetite and SLB pressures
This is 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
24/05/2021
in Lessors and Lease Rates , Airline Profiles , Aircraft Finance Market
Remarketing Watch: Lessors confide in a “dark pool” of available aircraft
Third-party aircraft remarketers note an increasing optimism among lessors hoping to place aircraft by April 2022, in time for a return in demand in summer 2022 but also noted the widespread use of power-by-the-hour lease arrangements for many aircraft types. more
21/05/2021
European airlines: Cargo revenues increase but passenger level woes continue
This report is an excerpt from Ishka’s Airline Credit Profiles (ACP) subscription-based service. It delivers ‘The Ishka View’ on the near-term performance of airlines under today’s extraordinary market circumstances. more
21/05/2021
Ryanair gets first court wins against state aid, tally grows by $280 million
Ishka estimates that as of 20th May 2021 governments have introduced $192.27 billion in assistance measures for air carriers globally. more
20/05/2021
SLB lease rate factors fall to 0.6 (and below) as airlines short-list lessors
Ishka reviews the lease rate factors and pricing for current lessor bids on a number of new Boeing 737 MAX and Airbus A320neo sale/leaseback RFPs for several airlines, including Turkish Airlines, Wizz Air, Flydubai, and Spirit. more
19/05/2021
Briefing: 777-300ER investors ponder tough re-marketing and part-out options
Investors are testing a number of options for used Boeing 777-300ERs as remarketers warn that demand for the large passenger aircraft remains “extremely low” to “non-existent”. more
18/05/2021
Lessor CEOs: Rent deferrals down but widebody market remains “challenged”
Ishka reviews some of the key market concerns raised by AerCap, Aircastle and Air Lease Corporation (ALC) in their Q1 2021 earnings calls, including widebody market fortunes, airline restructurings, lessee rent deferrals, the sale/leaseback (SLB) market, and the AerCap-GECAS merger. more
17/05/2021
Fly Leasing Q1 2021: Fly impairments prompt a Q1 loss
Fly Leasing reported a net loss of $3.4 million in Q1 2021 due in part to $22.55 million in aircraft impairments. more
14/05/2021
SAA and Sundair exit bankruptcy, Interjet and PAL slide closer
South African Airways is the latest airline to exit bankruptcy as it announces it has exited business rescue proceedings after 17 months. more
13/05/2021
in Airline Profiles , Aircraft Finance Market
ALC Q1 2021: Airline restructurings bring ALC profits to six-year low
Air Lease Corporation (ALC) reported a net income of $84 million in Q1 2021, 24% down from the previous quarter and a six-year low, as revenues were hit by the doubling of its cash-basis fleet. more
12/05/2021
Why mid-teen returns are 'unrealistic' for new aircraft equity investors
Ishka presents some key takeaways from the Ishka+ original session: Forecasting with a murky crystal ball. Find out why AerCap & GECAS was probably a one-off, when the industry expects more aircraft impairments, and why there are likely to be more ad-hoc aircraft auctions… All the content is still available on-demand. more
11/05/2021
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