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
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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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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