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
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
A look at 10-year-old aircraft values, lessor optimism and more SLBs
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
10/05/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
US majors see uptick in summer bookings after a tough Q1
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. Drawing on the unique set of ACP’s data points, this report examines which airlines remain stronger credits in the weeks ahead, which airlines are on watch and which are seriously exposed to the ongoing impact of COVID-19. more
06/05/2021
Ishka+: Aviation finance terms ‘tighten’ but airlines still face worryingly frail recovery
Even under “revenge spending” scenarios debt-laden airlines will still face lengthy return to 2019 ‘normal’. more
05/05/2021
AerCap Q1 2020: Profit recovers in an eventful quarter
AerCap recorded a net profit of $228 million in Q1 2021, lifting the lessor’s profit margin back to the double digits after a loss-making 2020 and amid an eventful quarter. more
04/05/2021
Orix and Avolon agree PBH terms with Avianca, the clock is ticking for SA Express
Orix Aviation and Avolon are the latest lessors to agree to amended leases with power-by-the-hour terms, after “substantial arms-length negotiations” with Colombian carrier Avianca Holdings, according to court documents seen by Ishka. more
28/04/2021
Fund watch: Dunas signs TAP finance Lease, Oaktree funds Azorra expansion, Vanterra anchors Flight Lease Fund
Dunas Aviation Fund signs a finance lease for Portuguese airline TAP for a newly-delivered A321neoLR. more
26/04/2021
in Lessors and Lease Rates , Aircraft Finance Market
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A look at 15-year old aircraft, OEM deliveries pick up, lessors report 2020 losses, Aergo buys ATRs
This is 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
23/04/2021
Five airlines get $6bn in new aid including Air Canada, Air France
The tally of confirmed bailouts grew by $5.94 billion since the last update on 30th March, including measures for Air Montenegro, Air Malta, Air Canada, Air Austral and Air France. more
22/04/2021
Chinese majors post significant losses, Indian airlines remove capacity
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. Drawing on the unique set of ACP’s data points, this report examines which airlines remain stronger credits in the weeks ahead, which airlines are on watch and which are seriously exposed to the ongoing impact of COVID-19. more
21/04/2021
Briefing: The future of green financing for aviation
Aviation consultant Michael Halaby and Ishka editor Dickon Harris examine how a lack of an applicable set of ESG standards for aviation is holding back the development of green financing for aviation. more
20/04/2021
in Regulatory and Accounting , Modelling and Forecasting , Aircraft Finance Market
Aircraft Values: Widebody values continue downward trend
Aircraft current market values (CMV) and market lease rates (MLR) for a mixture of several 10-year-old, five-year-old and new build widebody aircraft types have continued to fall due to overcapacity in the market, according to industry-leading valuations experts speaking at Ishka’s MENA briefing. more
19/04/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Neo and MAX prices rise since January but MAX lease rates dip
Ishka unveils the market’s pricing sentiment on new-generation single-aisle aircraft. more
16/04/2021
LATAM Brasil to retire A350s, Norwegian aims for new capital raise
LATAM Brasil announced last week it will retire all of its 11 A350-900s with immediate effect as it transitions to an all-Boeing widebody fleet. Remarketers comment that at least one airline start-up has been offered an A350 in the secondary market. more
15/04/2021
Remarketing Watch: Bank aircraft repossessions expected to drive 2021 remarketing surge
Aircraft remarketers expect to see a surge in demand for remarketing services later this year as banks and investors begin repossessing aircraft used as collateral from non-performing secured loans. more
14/04/2021
in Lessors and Lease Rates , Aircraft Finance Market
A look at 5-year-old aircraft values, lessor consolidation, AeroCentury files for Chap 11 and more SLBs
This is 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
13/04/2021
Air Canada takeover deal scrapped by European regulators, Korean Air to complete Asiana Airlines acquisition by 2022
Transat A.T., the parent company of Canadian carrier Air Transat, announced on 2nd April 2021 that its planned merger with Air Canada has been terminated by mutual consent. more
09/04/2021
Hainan Airlines’ early creditor calls, Thai Airways faces stock’s delisting, Norwegian restructuring scheme endorsed
Work has begun on the Hainan Airline restructuring. HNA Group is the first private Chinese airline group to go bankrupt and the largest airline bankruptcy to have occurred within China to date. more
01/04/2021
A look at 10-year-old aircraft values, Cathay discusses deferrals, and slowing OEM deliveries
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
31/03/2021
in Aircraft Asset Profiles , Lessors and Lease Rates , Aircraft Finance Market
Covid-19 bailouts: Smartwings, Tunisair and Alitalia secure $143m in new aid
Smartwings, Tunisair and Alitalia secured $143 million in new aid since Ishka’s last update on 18th March 2021. more
30/03/2021
AeroCentury files for Chapter 11 and auctions assets
Californian-based regional aircraft lessor AeroCentury has filed for voluntary Chapter 11 bankruptcy yesterday and plans to auction its aircraft assets to repay its sole secured lender. more
30/03/2021
Interjet to seek bankruptcy protection, GoAir prepares for IPO
Mexican LCC Interjet will seek bankruptcy protection in Mexico no later than 30th March with plans to file for Chapter 11 in the US soon after. more
26/03/2021
Covid-19 bailouts: State support for airlines to exceed $200bn
A swathe of recent government measures has pushed Ishka’s combined tally of confirmed ($183.18 billion) and tentative ($19.94 billion) state support for airlines above the $200-billion mark for the first time. more
19/03/2021
Czech Airlines files for bankruptcy, LATAM and Norwegian EETC aircraft to be auctioned
Czech Airlines (ČSA) was declared bankrupt by the Prague City Court on 10th March, following a request by the carrier. more
18/03/2021
Q4 2020: Public lessors talk about new SLBs and aircraft impairments
Three listed lessors – AerCap, Air Lease Corporation (ALC), and Fly Leasing (Fly) – faced scrutiny by analysts around aircraft impairments during their Q4 2020 earnings calls. more
15/03/2021
in Lessors and Lease Rates , Aircraft Finance Market
Garuda insists it has axed leased CRJ1000s, Air Transat looks for Plan B
Garuda Indonesia CEO Irfan Setiaputra reiterated in early March that leasing contracts for 18 Bombardier CRJ1000 aircraft have been terminated even as one lessor, Nordic Aviation Capital, tells Ishka that the agreements remain unchanged. more
12/03/2021
SVPGlobal and EnTrust form JV to buy Deucalion
Asset manager EnTrust Global (EnTrust) and funds managed by Strategic Value Partners, LLC and its affiliates (SVPGlobal) have agreed to buy DZ Bank’s aircraft leasing and asset management arm via a joint venture. more
11/03/2021
AerCap buys a discounted GECAS to build a ‘super lessor’
Citi and Goldman Sachs offer AerCap a $24 billion committed debt facility to complete the GECAS acquisition which will see 400 employees transfer to the Irish lessor. more
10/03/2021
AerCap Q4 2020: "Worst is behind us" as collection rate jumps to 96%
AerCap announced a 2020 net loss of $299 million, down from a $1.1 billion net profit in the previous year. However, the lessor recorded a cash collection rate of 96% in Q4 2020, rising from 80% in Q3 2020. more
09/03/2021
Update: AerCap in $30bn talks to acquire GECAS
Irish aircraft lessor AerCap is reportedly in talks with GE to acquire the US conglomerate’s aircraft leasing business, GECAS, in a deal rumoured to be worth more than $30 billion. more
08/03/2021
Norwegian ends 36 leases, Thai Airways to get govt support
Norwegian Air Shuttle has reached an agreement to end 36 aircraft leases as part of its goal to cut its fleet. Thai Airways has obtained support from Thailand's finance ministry to raise as much as $1.65 billion. more
05/03/2021
Covid-19 bailouts: US PSP extension nears approval, Angola recapitalises TAAG
US carriers appeared to be one step closer to receiving further state aid as the US Senate looks set to debate the third extension to the US Payroll Support Programme (PSP) shortly. more
04/03/2021
A look at 5-year old aircraft values, Airbus’ loss, Chorus’ results and the Mexican 737 auction
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
03/03/2021
Q4 2020: ALC recoups 40% of deferred rent and eyes SLB deals
Air Lease Corporation (ALC) has recouped 40% of the total rent deferred throughout the pandemic according to its latest results. The Californian lessor agreed a total of $240.4 million in deferred rent to its lessees last year more
02/03/2021
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Fly Leasing posts Q4 loss after $106mn impairment for two A330s
Fly Leasing finished 2020 with another quarterly loss driven by $115 million in aircraft impairments, including a “significant” $106 million write-down on A330s. more
01/03/2021
SpiceJet loses $43m Q400 PDP case to De Havilland
De Havilland on 23rd February secured summary judgment against SpiceJet at the London Commercial Court in a claim for $42.95 million after the airline defaulted on PDPs. more
26/02/2021
Avation bond extension buys lessor breathing room
Singapore-headquartered lessor Avation agreed a five-year bond extension with bondholders in February furthering a trend of lessors forced to reach distressed debt agreements with creditors in the wake of the Covid-19 pandemic. more
23/02/2021
in Lessors and Lease Rates , Capital Markets , Aircraft Finance Market
Voyager proposes debt-to-equity offer as it seeks out of court restructuring
Dublin-based lessor Voyager Aviation Holdings (Voyager) is offering to equitise its existing unsecured bondholders via an out of court debt restructuring proposal. more
22/02/2021
Malaysia Airlines proposes $90k PBH floor for 737s, Thai to shrink fleet
Malaysia Airlines has proposed power-by-the-hour floors from $90,000 to $132,500 for three aircraft types in its negotiations with lessors. more
19/02/2021
Aviation commercial bank lending down for some lenders by 80% last year
A ‘disappearing’ bank-to-bank syndication market will curb new warehouse financings and aviation bank debt. more
17/02/2021
Covid-19 bailouts: Biden likely to add PSP extension to Covid-19 relief bill
A $14 billion extension to the Payroll Support Programme (PSP) for US airlines is likely to be included in the $1.9 trillion COVID-19 relief bill proposed by President Joe Biden. more
16/02/2021
NAC refutes Garuda lease terminations, Interjet troubles continue
Nordic Aviation Capital has refuted media reports stating that Garuda Indonesia will return 12 leased Bombardier CRJ-1000s over a bribery probe into the Canadian OEM. more
12/02/2021
Lessor lawsuits continue after HNA Group bankruptcy
Nine lawsuits by leasing entities against airlines of the HNA Group remain open at the London Commercial Court, including one filed by AerCap this month, Ishka understands. more
11/02/2021
Forecast: Lessors could be stung by another ‘lost’ summer peak season
Ishka summarises four key takeaways about what lies ahead for investors and lessors in 2021, from Ishka+ Original, Forecasting with a Murky Crystal Ball. more
10/02/2021
Briefing: Investing in maritime assets and the impact of Covid
In a guest Insight WFW’s Lindsey Keeble, London Partner and Global Maritime Sector Co-Head; and Jim Bell, London Partner and global aviation sector co-head review how the shipping sector has fared during 2020 and the parallels between shipping and aviation as an asset class. more
09/02/2021
MAS opts for ‘cheaper’ UK restructuring scheme, Eastar Jet enters receivership
Malaysia Airlines’ choice to use a UK scheme of arrangement could be replicated by other airlines looking for a “targeted” and therefore “cheaper” alternative to the Chapter 11 process, the airline’s counsel tells Ishka. more
05/02/2021
Covid-19 bailouts: Canada’s Sunwing taps $292 million, US PSP top-up plea
The Canadian federal government has granted a C$375 million ($292 million) loan to Sunwing Airlines, underscoring the impact that new Covid-19 waves of infections are having on airlines. more
04/02/2021
Ishka reviews the 32 new airline start-ups of 2020
The Covid-19 crisis has been the biggest crisis to have ever faced commercial aviation, but 2020 welcomed a total of 32 new aircraft start-ups. more
01/02/2021
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