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Sust Finance in aviation: Taking stock of incentives, aircraft, banks, and attitudes

Ishka examines the typical incentive or penalty in aviation sustainable finance transactions, favoured aircraft types, and most active banks. more

12/09/2023

in ESG & Regulation , Aviation Banks and Lenders

Standard Chartered sells aircraft leasing arm and loan book to AviLease and Apollo

Riyadh-based aircraft lessor AviLease is set to buy the leasing arm of Standard Chartered in a $3.6 billion deal. more

29/08/2023

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

Cargo softening prompts Western Global Airlines to file for Chap 11

US cargo carrier Western Global Airlines (Western Global) filed for Chapter 11 bankruptcy last week – a casualty of the softening cargo market, and the impact of the sudden 2022 Chinese Covid lockdown on export volumes. more

15/08/2023

in OEMs, Cargo & Engines , Aviation Banks and Lenders

Lessors look to banks to bolster liquidity

The latest Ishka’s loan sheet data sheet examines recent loans for commercial aircraft lessors and airlines, and the dynamics impacting aircraft lenders. more

10/08/2023

in Aviation Banks and Lenders

M&A: Voyager files for Chapter 11 after agreeing Azorra sale

Aircraft lessor Voyager Aviation Holdings (VAH) filed for voluntary Chapter 11 bankruptcy last week after signing a $743.5 million sale agreement for the bulk of its assets to rival leasing firm Azorra Aviation Holdings (Azorra). more

31/07/2023

in Lessors & Asset managers , Aviation Banks and Lenders

Sust Finance: New deals by EasyJet, Jet2 and JAL, Heathrow adopts flight emissions KPIs

Six new sustainable finance transactions involving airlines or aircraft – including one lessor – have been added to Ishka’s list since the last update in May, including four newly announced in June and July. more

27/07/2023

in ESG & Regulation , Aviation Banks and Lenders

Briefing: 14 banks have now set 2030 aviation emissions intensity targets – Ishka research

New Ishka research reveals that at least 14 global lenders have published 2030 emissions intensity reduction targets for aviation lending, and a further 12 are expected to announce aviation targets soon. more

14/07/2023

in ESG & Regulation , Aviation Banks and Lenders

Alt lenders survey: spreads creep up over 400bps

A new survey conducted by Ishka examines risk-adjusted spreads on bilateral secured aircraft loans agreed by aviation alternative lenders in the last six months. more

03/07/2023

in Lessors & Asset managers , Aviation Banks and Lenders

Sustainable Finance: Allegiant and HK Express join in as issuances pick up

At least seven sustainable finance transactions involving aircraft and airlines have been announced so far in 2023. Recent issuers include Japan Airlines, HK Express, Allegiant, KLM, and Air France. more

24/05/2023

in ESG & Regulation , Aviation Banks and Lenders

Lenders survey: Banks pass on higher funding costs to lessors

Financiers say risk-adjusted margins for secured debt for aircraft lessors have risen since the start of the year as banks increasingly pass on funding costs to aviation borrowers. more

11/05/2023

in Aviation Banks and Lenders

Ishka announces 2022 Deal of the Year Award Winners

Ishka presents the full list of its 2022 Deal of the Year Award winners. Ishka will be celebrating with the winners at 5.30pm at an informal drink reception at the sixth annual Ishka Aviation Finance Festival on the 23rd of May in Dublin at the Conrad Hotel. more

26/04/2023

in Lessors & Asset managers , Aviation Banks and Lenders

Aviation financiers shrug off Credit Suisse concerns

The second of a new regular data sheet series examining recent loans for commercial aircraft lessors and airlines, and the dynamics impacting aircraft lenders. more

18/04/2023

in Aviation Banks and Lenders

Trading: Stratos acquires Magi as lessors expect Q2 aircraft trading surge

Aircraft asset manager Stratos announced on 6th March it has acquired London-headquartered rival leasing platform Magi. Meanwhile, financiers and lawyers prepare for a busy April and May as delayed aircraft trades look set to close. more

06/03/2023

in Lessors & Asset managers , Aviation Banks and Lenders

The logic behind Castlelake’s new aviation reinsurance arm

Ishka speaks with Armin Rothauser, partner for asset-backed direct lending at Castlelake, about the pressures facing lenders and why the asset manager has launched Itasca Re to reinsure aircraft non-payment insurance (ANPI) for secured aircraft loans. more

15/02/2023

in Aviation Banks and Lenders

Aviation loans data sheet: Lenders offer lessors warehouses

This is a new regular data sheet series examining recent loans for commercial aircraft lessors and airlines, and the dynamics impacting aircraft lenders. more

09/02/2023

in Aviation Banks and Lenders

Q4 2022 lenders survey: Bank margins rise by a further 25bps-50bps

Aviation financiers confirm that risk-adjusted margins for non-recourse aircraft loans have risen by 25bp-50bps over base rates during the last four months of 2022, while rising interest rates are also placing pressure on advance rates (LTVs). more

19/01/2023

in Aviation Banks and Lenders

January sales: Standard Chartered to sell leasing platform, lessors prep aircraft portfolios

Next week will be a busy one in Dublin for the aircraft leasing industry as lessors get a first look at leased aircraft portfolios and at least one leasing platform currently for sale. more

12/01/2023

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

High Ridge CEO: 2023 could be a big year for lessor M&A

2023 could be an active year for M&A in the aircraft leasing space, according to the CEO of start-up lessor High Ridge Aviation, Greg Conlon, who also tells Ishka that High Ridge is actively looking at a couple of potential transactions. more

10/01/2023

in Lessors & Asset managers , Aviation Banks and Lenders

Briefing: Lessons from JP Lease’s A350 JOL Ch. 11 restructuring

A year on, Ishka examines the legal takeaways from a heavily contested Chapter 11 bankruptcy restructuring used to prevent an attempted auction of leased Airbus A350s by a distressed debt investor at the expense of JOL investors and junior debt holders more

03/01/2023

in Investor Briefings , Other , Aviation Banks and Lenders

Alt lenders on pause as insurance funds grapple with rapid rate rise

Ishka understands that several alternative aviation lenders (alt lenders) have ceased offering new loans for the rest of 2022 as their primary source of capital, insurance funds, have been forced to pause new aircraft investments to manage the impact of rapid interest rate rises on their existing investments. more

06/12/2022

in Aviation Banks and Lenders

Ishka NY 2022: Private placements pick up for airlines and lessors

Aviation credits have been quiet in the public debt markets but airlines and lessors have been actively issuing bespoke private aircraft securitisations using 4(a)(2) structures, US investors tell Ishka. more

01/11/2022

in Capital Markets , Aviation Banks and Lenders

Banks asked to extend warehouses due to absent aircraft ABS market

Aircraft lessors are being offered competitive terms for new aircraft warehouse facilities by several key aviation investment banks, confide financiers, despite the fact that the aircraft ABS market has been effectively shut for new issuers since the Russian invasion of Ukraine. more

16/09/2022

in Aviation Banks and Lenders

Ishka Tokyo: Japanese regional banks held back by pandemic fears

Japanese aviation deal arrangers are hopeful that the country’s upcoming international reopening will help local lenders regain confidence in the industry, stated delegates at Ishka’s Investing in Aviation Finance: Japan conference held in Tokyo last week. more

13/09/2022

in Aviation Banks and Lenders

Lessors and airlines face funding pressure as banks raise margins

Risk-adjusted margins rise for new secured aircraft loans as banks pass on rising funding costs to lessors and airlines. more

09/09/2022

in Aviation Banks and Lenders

How aviation alt lenders have carved out a non-recourse niche

Alternative lenders (alt lenders) have benefitted from the shake-up in aircraft financing caused by the pandemic, and are continuing to win finance mandates, according to Ishka research. more

01/09/2022

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

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