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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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Lessors and Lease Rates , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

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

in Airline Profiles , Aircraft Finance Market

Lessors push back against 12-month PBH requests

Lessors are resisting long-term power by the hour requests from airline customers as they hope for a summer 2021 vaccine-induced aviation recovery. more

14/12/2020

in Lessors and Lease Rates , Aircraft Finance Market

Why new aircraft ABS deals will be 'very different' in 2021

There are rumours that at least one new aircraft ABS portfolio is being assembled for a potential Q1 2021 issuance, but aircraft ABS servicers and financiers warn new aircraft ABS deals will need to "evolve" to ensure investor support in 2021. more

07/12/2020

in Capital Markets , Aircraft Finance Market

On Watch: Interjet gets new owner, Asiana to reduce leased aircraft

Mexican LCC Interjet announced on 2nd December that businessman Alejandro del Valle has invested 90% of a $150 million funding package, making him a majority owner. more

03/12/2020

in Airline Profiles , Aircraft Finance Market

Vaccine news help secured debt margins tighten for ‘blue chip’ airlines

Positive news on the development of a Covid-19 vaccine injected more confidence into the commercial aviation sector during Q4 2020, as margins quoted for new secured airline loans appear to be tightening for top-tier airlines, according to financing sources. more

02/12/2020

in Aircraft Finance Market

Engine lessor Q3: Rental revenues slump as Fortress snags discounted CFM 56s

Engine lessors and investors have bought current generation engines at “extremely distressed” pricing, say leasing sources. more

30/11/2020

in Lessors and Lease Rates , Aircraft Finance Market

Covid-19 bailouts: France ready to further support Air France-KLM, Corsair

Ishka’s confirmed state support tally rebounded from one of the lowest average weekly increases in the previous update to a $3 billion uptick over the past two weeks. more

27/11/2020

in Airline Profiles , Aircraft Finance Market

Update: Castlelake to fund lessors and airlines as banks ‘step back’ from the sector

Aviation asset manager and investment firm Castlelake, L.P has launched a new aviation private placement lending programme this month, hiring Armin Rothauser, previously at Starwood Capital and Deutsche Bank, to lead the new programme. more

25/11/2020

in Lessors and Lease Rates , Aircraft Finance Market

On Watch: Norwegian creditors could lose $7.1bn, AirAsia X ordered to pay lessors

Liquidating Norwegian would wipe out the airline’s assets and leave a $7.1 billion deficit, according to a report by auditor Deloitte. more

24/11/2020

in Airline Profiles , Aircraft Finance Market

On Watch: Norwegian enters examinership, Korean Air to buy Asiana stake

Ishka provides updates on airlines from Ishka’s On Watch list, including Norwegian's initiation of an examinership process and Korean Air's acquisition of an Asiana stake. more

20/11/2020

in Airline Profiles , Aircraft Finance Market

Ishka World Tour: Pricing on aircraft ABS A notes ‘snap back’

Pricing on the senior A notes for many aircraft ABS “snapped back” to 90 cents on the dollar in the secondary market in September and October, according to speakers at Ishka’s World Tour. more

18/11/2020

in Lessors and Lease Rates , Aircraft Finance Market

AerCap Q3: Record loss as lessor takes $915m widebody impairment

AerCap posted an $850 million net loss in the third quarter largely due to a $915 million fleet impairment concentrated on current technology A330 and 777 widebodies. more

17/11/2020

in Lessors and Lease Rates , Aircraft Finance Market

Covid-19 bailouts: Cathay and Lufthansa ready for winter, new support slows down

The recent $0.68 billion increase to Ishka’s confirmed state support tally is, on an average weekly basis, one of the lowest since March. more

12/11/2020

in Airline Profiles , Aircraft Finance Market

Ishka World Tour takeaways

Ishka presents some of the key takeaways from the Ishka World Tour Conference. more

10/11/2020

in Lessors and Lease Rates , Modelling and Forecasting , Aircraft Finance Market

Ishka World Tour: Airlines question if second wave of state support will occur

Speakers throughout the conference expressed doubts around whether a second wave of government aid for airlines will materialise. more

05/11/2020

in Airline Profiles , Aircraft Finance Market

Ishka World Tour: Could Covid-19 change Korean investor appetite?

South Korean investors are likely to retain an interest in aircraft after the Covid-19 crisis, but changing market conditions could propel more diversification, according to financiers speaking at Ishka’s World Tour. more

02/11/2020

in Investor Education , Aircraft Finance Market

Covid-19 bailouts: Aeroflot aid swells to $1.9bn, Air Europa to surpass $700m

The tally of confirmed bailouts grew by $1.37 billion since the last update on 15th October, due in large part to Moscow spending around $900 million in an Aeroflot share issuance. more

30/10/2020

in Airline Profiles , Aircraft Finance Market

Boeing posts decade’s worst Q3 results

Boeing has reported its worst Q3 results this decade. On every metric supplied, Boeing hit either record lows or highs in what CFO Greg Smith described as “the most difficult [moment] in our company’s 100-plus year history.” more

30/10/2020

in Aircraft Asset Profiles , Aircraft Finance Market

Ishka World Tour: Institutional investor appetite ‘steadies’ for new aviation deals

Investors and fund managers speaking at the Ishka World Tour stated that investor appetite for new aviation debt is “steadying” despite the risks imposed on the sector from the Covid-19 crisis. Several investors argued that aviation retained its “relative value” appeal, offering institutional investors higher returns compared to other sectors. more

28/10/2020

in Capital Markets , Aircraft Finance Market

Airline bonds trading update: High spreads become the new normal

Spreads for actively traded USD airline bonds remain wide compared to both the overall US corporate index (LUACOAS) and lessor bonds. more

26/10/2020

in Airline Profiles , Aircraft Finance Market

On Watch: AirAsia X and Norwegian to cut widebodies, SpiceJet faces $27m lessor claims

Long-haul low-cost carriers Norwegian and AirAsia X have in the past two weeks announced plans to trim their widebody fleets to cope with the Covid-19 crisis. more

22/10/2020

in Airline Profiles , Aircraft Finance Market

CALC CEO Mike Poon: Chinese lessees fulfill deferral agreements

In an interview with Ishka, CALC CEO Mike Poon credits China’s upturn, a narrowbody focus, and a disciplined approach to leasing as keys to its enviable H1 2020 performance. more

19/10/2020

in Lessors and Lease Rates , Aircraft Finance Market

Covid-19 bailouts: Govt support for Malaysia Airlines dims as owner hints at liquidation

The confirmed state aid tally grew by nearly $5 billion since the last update, with the vast majority attributable to state investments in China Eastern Airlines. more

15/10/2020

in Airline Profiles , Aircraft Finance Market

Lessors worry airlines will impose ‘abusive’ PBH contracts

Several carriers have asked lessors in the last few weeks to take power-by-the-hour leasing agreements (PBH) as a means to reduce costs in preparation for a tough winter for passenger traffic. more

12/10/2020

in Lessors and Lease Rates , Aircraft Finance Market

Airline bonds Q3 2020: North American issuers move to secured bonds

The pursuit of liquidity by North American carriers drove many to the capital markets again in Q3 2020 with $13.5 billion issued – 63% out of the global $21.4 billion in issuances. more

05/10/2020

in Airline Profiles , Aircraft Finance Market

Covid-19 bailouts: White House proposes $20bn PSP extension, Norwegian potential nationalisation

The ‘second wave’ of state aid for airlines is well underway, with US carriers about to receive an extension to the Payroll Support Programme (PSP). more

01/10/2020

in Airline Profiles , Aircraft Finance Market

Lessors explore ECA support for new aircraft deliveries

Aircraft lessors are in discussions with financiers about using export credit agency (ECA) backed debt and supported financing for new aircraft deliveries as debt markets become increasingly selective for aviation credits. more

30/09/2020

in Aircraft Finance Market

Lessons in rejection: LATAM’s decision to drop its EETC aircraft

Ishka speaks to two lawyers involved in the issuance of LATAM's 2015-1 EETC to unpack the significance of its rejection. more

24/09/2020

in Airline Profiles , Capital Markets , Aircraft Finance Market

Kroll and S&P unveil aircraft ABS September downgrades

Rating agencies Kroll and S&P announced further aircraft ABS downgrades following disappointing August remittance updates by many transactions. more

23/09/2020

in Capital Markets , Aircraft Finance Market

Covid-19 bailouts: Alitalia gets $235m, KDB throws Asiana $2bn lifeline

The tally of confirmed bailouts grew by $2.06 billion since last update on 3rd September with the following additions. more

17/09/2020

in Airline Profiles , Aircraft Finance Market

High debt costs eat into aircraft lessor returns

Some lessors may be making lower returns on new sale/leaseback deals than they were pre-Covid because of increased financing costs, according to Ishka research. more

16/09/2020

in Lessors and Lease Rates , Aircraft Finance Market

On Watch: LATAM and Avianca hit DIP financing roadblocks

Ishka updates on airlines in bankruptcy and creditor protection. This week, LATAM and Avianca saw DIP financing proposals rejected and restrained by court orders. more

15/09/2020

in Airline Profiles , Aircraft Finance Market

Rising airline debt margins attract hedge fund interest

Higher margins and better loan terms on new secured aircraft loans have attracted the attention of hedge funds seeking to offer debt to airlines directly through debt funds and private placements, state financiers. more

09/09/2020

in Capital Markets , Aircraft Finance Market

Airbus undelivered aircraft glut shows signs of easing

Airbus and Boeing had nearly 600 built but undelivered aircraft at the end of Q2 2020. This number is now likely to be higher, but the situation at Airbus appears to be improving. more

07/09/2020

in Investor Education , Modelling and Forecasting , Aircraft Finance Market

Covid-19 bailouts: Dubai gives Emirates $2bn, Avianca gets $370m loan

The tally of confirmed bailouts grew by $2.37 billion. Meanwhile, three major airlines in Norway are reportedly due to have a crisis meeting with the Norwegian government next week. more

03/09/2020

in Aircraft Asset Profiles , Aircraft Finance Market

Covid-19 ushers in a nascent 787 and A350 secondary market

Ishka estimates there are up to 22 787s and A350s in the market looking for new operators. more

01/09/2020

in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market

Covid-19 bailouts: Trump considers further support for airlines, Thai LCCs to get $769m in loans

The tally of confirmed bailouts grew by a mere $15.5 million since last week’s update, the second smallest weekly increase since this series began in March. more

28/08/2020

in Airline Profiles , Aircraft Finance Market

Fund watch: Icelease signals buying intent with naked aircraft purchase

Reykjavík-based lessor Icelease together with Corrum Capital Management, a private investment firm, have bought a naked 12-year old Boeing 737-800 through their joint venture CCM ICL Leasing LLC. more

26/08/2020

in Lessors and Lease Rates , Aircraft Finance Market

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