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On Watch: Will AirAsia X survive Covid-19?

In this week’s airline credit profile, Ishka looks at one of the ‘On Watch’ airlines, AirAsia X. more

27/05/2020

in Airline Profiles , Aircraft Finance Market

Asset Managers Survey: A limited hike in equity returns

An Ishka survey of aircraft asset managers reveals many are concerned about possible aircraft repossessions while several lessors are still trying to trade aircraft portfolios despite difficult market conditions. more

20/05/2020

in Lessors and Lease Rates , Aircraft Finance Market

Covid-19 bailouts: Brazil downsizes bailout offer, others retrench (14 May)

Could governmental support to aviation be beginning to waiver? The total tally, including reported support packages in the works, saw a slight weekly decrease for the first time. more

14/05/2020

in Airline Profiles , Aircraft Finance Market

Aircraft lessors end up with a majority stake in Norwegian

Lessors have become the largest group of shareholders in Norwegian Air Shuttle (Norwegian) after creditors and shareholders agreed to a NOK10 billion ($958 million) debt-for-equity scheme to help the troubled airline unlock crucial state aid. more

13/05/2020

in Lessors and Lease Rates , Aircraft Finance Market

Public lessors Q1: Covid onset results in mild hit to lease revenues

Fly, ALC, and AerCap finished Q1 2020 with mild declines to their operating lease revenue, as the bulk of lease deferrals agreed with airline customers have yet to hit lessors’ balance sheets. more

12/05/2020

in Lessors and Lease Rates , Aircraft Finance Market

Covid-19 bailouts: Italian minister pledges $3.2 bn for Alitalia (7th May)

The tally of confirmed bailouts grew by a $1.16 billion over the past week as Garuda and IAG announced receiving state loans. Separately, Italy pledged $3.2 billion for Alitalia. more

07/05/2020

in Airline Profiles , Aircraft Finance Market

Engine SLB bids up to 40% below pre-Covid levels

Engine lessors say they are bidding on engine RFPs at a 30% - 40% discount from pre-coronavirus prices as airlines continue their frantic search for liquidity. more

05/05/2020

in Lessors and Lease Rates , Aircraft Finance Market

Q1 2020: How the large US carriers are managing Covid-19 cash burn

The four largest North American carriers are collectively burning through approximately $250 million per day, Q1 results show. more

04/05/2020

in Airline Profiles , Aircraft Finance Market

Covid-19 bailouts: Big week for big European airlines (1st May)

Ishka's airline bailouts tally grew by $15.7 billion over the past week as European countries granted state aid to large flag carriers. more

01/05/2020

in Airline Profiles , Aircraft Finance Market

OEM slowdown: Boeing and Airbus down to single digit deliveries

In this insight, Ishka examines the bleak production and delivery landscape for Airbus and Boeing. more

28/04/2020

in Aircraft Asset Profiles , Aircraft Finance Market

The rise of ECAs and supported financing for aircraft deliveries

Two recent aircraft deliveries to Pegasus, financed with the support of ACG and Balthazar respectively, offer positive signals that non-payment insurance providers are still “on” for aircraft deliveries. more

27/04/2020

in Lessors and Lease Rates , Aircraft Finance Market

CDB Aviation's MAX cancellation piles further pressure on Boeing

CDB Aviation Lease Finance (CDB Aviation) has cancelled 29 of its undelivered 737 MAX aircraft order with Boeing and amended the rest of its MAX order, according to last week’s Hong Kong Stock Exchange filing. more

22/04/2020

in Aircraft Asset Profiles , Aircraft Finance Market

Airline bonds Q1: Chinese carriers responsible for record issuances

Unsecured airline bond issuances in Q1 2020 outnumbered Q1 2019 nearly two-to-one. Short-term Yuan bonds issued by Chinese airlines represented the vast majority. more

21/04/2020

in Airline Profiles , Aircraft Finance Market

Cargo carriers enjoy short-term coronavirus boon

A sudden drop in freighter capacity has allowed airlines to double their prices and charter rates year-on-year in some places, although the threat of a global recession means carriers are keeping a cautious eye on the future. more

20/04/2020

in Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

Covid-19 bailouts: Airline demands vs government support (9th April)

Ishka estimates that governments are preparing or executing up to $92 billion in financial assistance for airlines around the world. more

09/04/2020

in Airline Profiles , Regulatory and Accounting , Aircraft Finance Market

LATAM seeks rent deferrals in 48 aircraft sale/leaseback RFP

LATAM placed a sale/leaseback RFP at the end of March for 48 older aircraft, joining a number of airlines seeking to raise cash from their unencumbered assets. more

08/04/2020

in Lessors and Lease Rates , Aircraft Finance Market

Loss-making AeroCentury in vital search for debt or equity

Independent mid-life regional aircraft lessor AeroCentury is looking for debt or equity to repay an MUFG credit facility on which it has defaulted after a second loss-making year. more

07/04/2020

in Lessors and Lease Rates , Aircraft Finance Market

European lessors warn up to 80% of lessees demanding rent holidays

Many European lessors are seeing up to 80% of their airline clients ask for rental holidays, according to leasing sources, as scores of carriers seek to preserve cash. more

03/04/2020

in Lessors and Lease Rates , Aviation financings , Aircraft Finance Market

Covid-19: Airline demands vs government support (2nd April)

Ishka estimates that governments are preparing or executing up to $77.9 billion in bailouts for airlines around the world. more

02/04/2020

in Airline Profiles , Aircraft Finance Market

Buyers cite EOD clauses to walk away from aircraft deals

Buyers are walking away from nearly completed sales of leased aircraft, explain lessors, as the fall-out of the Covid-19 crisis is causing several deals involving millions of dollars of leased aircraft and engines to fall apart. more

01/04/2020

in Lessors and Lease Rates , Aircraft Finance Market

US airlines bailout: What does the fine print say?

A $58 billion bailout for US airlines was signed into law by President Donald Trump on 27th March as part of the CARES Act. Ishka examines the provisions for state aid to US air carriers. more

30/03/2020

in Airline Profiles , Regulatory and Accounting , Aircraft Finance Market

Covid-19: Airline demands vs government support (26th March)

Ishka updates and expands last week’s summary of airline demands for state support and bailout offers by governments around the world. more

26/03/2020

in Airline Profiles , Modelling and Forecasting , Aircraft Finance Market

Aviation banks retreat to top airlines and say margins have doubled

Aviation banks are still open for business, say financiers, but terms have changed and financing institutions are only supporting existing clients, and key airlines. more

25/03/2020

in Aircraft Asset Profiles , Aircraft Finance Market

Viral Capital: Airlines, lessors draw down billions of debt in days

Airlines and lessors have rushed to the debt markets seeking liquidity as the coronavirus pandemic continues to wreak havoc on their revenue streams. more

24/03/2020

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

Covid-19: China domestic recovery only green shoot in Asia-Pacific

Is Covid-19 recovery in China, South Korea and Singapore translating into an air traffic revival? Not quite - only China’s domestic market for now. more

23/03/2020

in Modelling and Forecasting , Aircraft Finance Market

Lessor portfolio trades in limbo as Covid-19 crisis hits

Lessors indicate that the vast bulk of new aircraft lease placements with airlines have been stopped as carriers ground their fleets to minimise capacity as the Covid-19 pandemic unravels. more

20/03/2020

in Lessors and Lease Rates , Aircraft Finance Market

Covid-19: Airline demands vs government support

Ishka provides a summary of the demands by airlines for state assistance and the current levels of government support and bailouts on offer. more

19/03/2020

in Airline Profiles , Regulatory and Accounting , Aircraft Finance Market

GECAS CEO: Coronavirus could cause more lessor acquisitions

Greg Conlon sits down with Ishka to talk about his transition into the CEO role, Alec Burger’s new role as chairman, coronavirus and ABS. more

16/03/2020

in Lessors and Lease Rates , Aircraft Finance Market

European airlines including Norwegian to be hit hard by US travel ban

A US-imposed 30-day travel ban on passenger flights from European Schengen countries is due to worsen the prospects for around 30 European and North American carriers. more

12/03/2020

in Airline Profiles , Aircraft Finance Market

Q4 review: Aircastle sees improvement ahead of acquisition

Aircastle finished 2019 with a solid recovery from the impactful demise of two of its biggest lessees in preparation for its merger with affiliates of Marubeni and Mizuho Leasing. more

11/03/2020

in Lessors and Lease Rates , Aircraft Finance Market

ISTAT Austin: Are lessors too relaxed about coronavirus?

Ishka offers key takeaways from the ISTAT Americas 2020 conference in Austin. more

09/03/2020

in Lessors and Lease Rates , Aircraft Finance Market

Coronavirus: South Korean airlines take further financial hit

Airlines in South Korea with already debilitated financials are seeing their situation deteriorate due to the coronavirus outbreak. Ishka examines developments at Eastar Jet and Asiana. more

27/02/2020

in Airline Profiles , Aircraft Finance Market

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

CDB Aviation transitions its CEO

In an in-depth interview, newly-promoted CDB Aviation CEO Pat Hannigan tells Ishka how the aircraft lessor is on the hunt for both more talent and investment opportunities in 2020. more

20/02/2020

in Lessors and Lease Rates , Aircraft Finance Market

Forecast: 1,001 missing 737 MAXs by year end 2022

Ishka’s head of advisory, Eddy Pieniazek and Dickon Harris explain how the grounding of the 737 MAX grounding, has disrupted aircraft delivery forecasts and aircraft lessors’ plans. more

14/02/2020

in Aircraft Asset Profiles , Modelling and Forecasting , Aircraft Finance Market

Widebody weakness: Is demand for big aircraft declining?

Ishka looks at capacity trends in the mid-haul and long-haul segments for the past 10 years to see whether widebodies are losing routes to smaller aircraft. more

07/02/2020

in Aircraft Asset Profiles , Aircraft Finance Market

ATR makes the case for green aircraft financing

ATR is the first commercial aircraft OEM to have delivered an aircraft funded by a green loan. more

04/02/2020

in Aircraft Asset Profiles , Aircraft Finance Market

How does coronavirus compare to SARS?

Ishka examines how today’s coronavirus compares to the 2003 SARS outbreak. more

04/02/2020

in Aircraft Finance Market

Impatient capital: Frustrated funds search for leased aircraft

In a follow up report on the state of the current aircraft leasing market, Ishka examines how aircraft funds are looking at opportunities in the aircraft leasing space. more

31/01/2020

in Lessors and Lease Rates , Aircraft Finance Market

Missing MAXs drive Super Sellers’ Market

Grounded 737 MAXs are likely to drive fewer portfolio sales of leased aircraft this year, predict aviation financiers, as aircraft lessors look set to hold onto more of their leased aircraft assets in order to maintain revenue. more

27/01/2020

in Aircraft Finance Market

Lufthansa makes a 2020 return to the JOLCO market

After closing JOLCOs for 19 aircraft last year, Lufthansa, a favoured airline credit among Japanese aircraft equity investors, is currently out in the market with its first JOLCO RFP in 2020. more

23/01/2020

in Airline Profiles , Aircraft Finance Market

Ishka reviews 2019’s start-up airlines

This Insight rounds up the newest arrivals to the aviation industry, specifically those airlines that either commenced operations or were founded in 2019. more

22/01/2020

in Aircraft Asset Profiles , Aircraft Finance Market

On watch: Sriwijaya Air reeling from fleet groundings and state debts

Indonesian private carrier Sriwijaya Air is on a mission to bring around half of its fleet back into service after a dispute with former commercial partner Garuda Indonesia in the last quarter crippled its operations. more

20/01/2020

in Airline Profiles , Aircraft Finance Market

The dearly departed: the lost airlines of 2019

In this Insight Ishka summarises the airlines which have closed down during 2019. more

17/01/2020

in Aircraft Finance Market

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

in Capital Markets , Aircraft Finance Market

Airline bankruptcies compress A330 lease rates even further

An already saturated leasing market for mid-life Airbus A330s has taken a turn for the worse with the addition of 11 A330s from bankrupt airlines. more

10/01/2020

in Aircraft Asset Profiles , Aircraft Finance Market

Airline bonds Q4 2019: $8.7bn raised to end $31.1bn year

Airlines around the world took advantage of low-interest rates to raise $8.7 billion through 48 unsecured bond issuances in Q4 2019. more

07/01/2020

in Airline Profiles , Aircraft Finance Market

Aviation investors' concerns for 2020

Ishka presents some of the hot topics we think will be debated by aviation institutional investors during 2020. more

02/01/2020

in Lessors and Lease Rates , Aircraft Finance Market

Future deliveries update: Asia-Pacific

Ishka provides a guide to aircraft scheduled for delivery to airlines in Asia-Pacific over the next 24 months. more

20/12/2019

in Modelling and Forecasting , Aircraft Finance Market

Ishka Advisory – Airline Restructuring

We have provided high-level support in business restructuring as well as deep dive analysis on airlines since 1990.

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