Ishka Insights: indispensable analysis and opinion

Trusted, expert assessment of the latest industry trends from the respected Ishka team, including regional analysis, airlines, lessors and critical emerging issues.

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volofin to return to ABS market in 2025/ WNG shortlists bids

Aviation alt lender volofin anticipates tapping the aircraft loan ABS again in 2025 while aircraft and engine lessor WNG is in the process of evaluating second-round bids for a portfolio of mid-life aircraft and engines. more

25/11/2024

Lessor order books – leasing deliveries constrained in October and September.

Lessors received 16 aircraft from their order books with Airbus and Boeing in October. more

21/11/2024

Airborne Capital and Daiwa Securities Group launch JOL-focused Japanese JV

Leasing and asset manager Airborne Capital has entered into a “transformative partnership” with Daiwa Securities Group, a major Japanese investment bank and securities firm. more

21/11/2024

Update: volofin prices debut aircraft loan ABS - vFin 2024-1

Alternative aircraft lender volofin Capital Management Ltd (volofin) prices debut $507.2 million aircraft loan ABS: vFin 2024-1. more

20/11/2024

Q3 Trading Update: older aircraft and regional jets exchange hands

Pre-2009 aircraft and Embraer regional jets were among the most traded types during Q3, as new tech delivery delays continue. more

19/11/2024

Spirit enters Chapter 11

Spirit Airlines announced it has entered Chapter 11 bankruptcy proceedings, after months of speculation that the struggling airline would pursue a restructuring. more

18/11/2024

New aircraft deliveries – October and September 2024: Boeing strike hits delivery numbers, Airbus sets backloaded 2024 challenge

The impact of Boeing’s recently resolved workers’ strike seems to have materially impacted the manufacturer’s delivery numbers in October, with just nine 737 MAX deliveries during the month. more

15/11/2024

Q3 engine survey: First signs that engine lease rates may be cooling?

Narrowbody engine prices largely stabilised for most types in Q3, but lease rates for several narrowbody engine types have appeared to have fallen slightly since the start of the year, according to Ishka’s latest engine buyers survey. more

14/11/2024

ALC Q3 2024 – airlines expected to increasingly turn to SLB financing

Air Lease Corporation (ALC) expects sustained high market appetite for sale-leasebacks from airlines with large order books as they take delivery of new aircraft, management told the ALC’s Q3 earnings call on 7th November. more

13/11/2024

Volatility for Australia & New Zealand’s Airlines

In this month’s ACP Extra, Ishka turns its attention to the Australian and New Zealand aviation markets more

12/11/2024

Aircraft values: Mid-life narrowbody values plateau in Q3

Mid-life aircraft values stabilised in Q3 despite continued delays of new aircraft deliveries, with rising operational costs and increased lease premiums forcing airlines to revaluate their current capacity. more

11/11/2024

Are JOL/ JOLCO investors warming to Chinese and Indian carriers?

Japanese aviation equity investors show signs that they might be slowly warming to doing deals with Indian airlines. more

07/11/2024

Aviation Alt lenders pricing: spreads continue to compress

Aviation alt lenders tell Ishka that average spreads have continued to compress over the last three quarters of 2024. more

06/11/2024

The idea that lease rates are untenable for airlines is ‘rubbish’ – AerCap Q3 2024 earnings call

AerCap CEO Aengus Kelly dismissed the idea that lease rates are becoming too high for airlines during the lessor’s recent Q3 earnings call. more

05/11/2024

Capital Markets Update: Muted month for lessors, airlines issue over $3 billion in secured debt

October was a muted month for lessor capital markets activity, with just $560 million raised in unsecured debt across three issuances. more

04/11/2024

Lessors release October aircraft portfolios to trade

Ishka reviews the latest crop of aircraft portfolios hitting the market. more

01/11/2024

Loan Datasheet: Lessors raise debt ahead of US elections, SWAP rates rise

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

31/10/2024

SAF One’s ‘design one, build many’ – lessor Novus explains its innovative SAF strategy

Ishka sits down with Mounir Kuzbari, Novus’ Co-CEO and SAF One co-founder, to shed light on their innovative strategy. more

30/10/2024

Remarketing Watch Data Sheet: October 2024

The number of aircraft being actively remarketed on sites tracked by Ishka has dropped slightly to 316 in October – down from 333 in September. more

29/10/2024

Engine Buyers List October 24: Which engines are lessors targeting?

This is the 2nd edition of Ishka’s Engine Buyers List, where Ishka summarises a list of some of the most active commercial engine buyers in the secondary market. Since the last update on 28th August, Ishka recorded two engine trades among tracked firms and added two new buyers to the list: Arena Aviation Capital and Total Engine Asset Management (TEAM). more

28/10/2024

GA Telesis to buy 23 aircraft from Spirit, Aircastle to sell 22 older NBs

Trading update: GA Telesis has signed a definitive purchase agreement to acquire 23 used Airbus A320ceo and A321ceo aircraft from Spirit Airlines while Ishka examines Aircastle's latest portfolio to come to market. more

25/10/2024

Boeing workers reject offer - strike continues

Striking Boeing workers have voted to reject the company’s latest offer. more

24/10/2024

Are current-tech aircraft lease rates actually sustainable?

Conversations around lease rate sustainability from last week's Ishka Aviation Investival: North America. more

23/10/2024

ABS C-notes and retirement bow-wave debate - takeaways from Ishka New York

Two key panel session takeaways from Ishka Aviation Investival: North America, which took place in New York on Tuesday 15th October 2024. more

22/10/2024

Boeing’s $10bn credit line, Wafra to buy Aquila, BA’s parts crisis and Azorra raises secured debt

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

21/10/2024

SAVi Five: Hong Kong to set SAF target, first DOE SAF loan guarantees, and more…

The government of Hong Kong in its annual Policy Address on 16th October announced plans to promote the development of new energy by setting a target for SAF consumption. more

18/10/2024

Asset managers Q3 2024 update

Ishka's asset managers datasheet provides a summary of recent news, activity, and metrics of aircraft asset managers in Q3 2024. more

17/10/2024

PK AirFinance CEO ‘we want to be a serial aircraft loan ABS issuer’

Aviation alt lender Apollo PK AirFinance CEO, Gary Rothschild and President Eelco van de Stadt, talks to Ishka about the process of getting the ratings agencies familiar with the aircraft loan ABS vs lease product, why aircraft e-notes will likely need to evolve, and what the plans are for Perseus Aviation, Apollo’s leasing arm. more

16/10/2024

Introducing CIRO, a new way to understand airline emissions risks and opportunities

Ishka Insights subscribers can now request a digital copy of the first CIRO Report examining Air France-KLM. more

15/10/2024

Why Spirit is looking at a potential Chapter 11 scenario

Rumours of Spirit Airlines pursuing a Chapter 11 restructuring have been swirling. more

14/10/2024

SAVi Five: Brazil’s SAF mandate signed into law, IMF report backs aviation taxes, and more…

Brazil's president has signed into law the country's new biofuels law, requiring airlines to reduce emissions on domestic flights by at least 1% in 2027 (and rising to 10% by 2037) using SAF. more

11/10/2024

Activist hedge funds target aircraft ABS C notes

Hedge funds and specialist funds that targeted distressed C notes and subordinated notes in aircraft ABS are mounting campaigns to push securitisation boards to sell aircraft assets, Ishka understands. more

10/10/2024

Narrowbody SLB purchase prices ‘settle’ in Q3 2024

Lessors surveyed by Ishka expect new sale/leaseback purchase prices to settle within a relatively constrained band for new campaigns. more

09/10/2024

Aircraft Buyers List October 24: Which aircraft are lessors targeting?

This is the 15th edition of Ishka’s aircraft buyers list, where Ishka summarises a list of potential and active buyers of leased aircraft on the secondary market. Since the last update on 10th September 2024, Ishka recorded six new aircraft trades and added Doric as a buyer. more

08/10/2024

Spirit’s Chapter 11 rumours, SpiceJet settles with lessors, United to lease 20 A321neos

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

07/10/2024

Aircraft storage: overall levels continue to fall, but hundreds of neos still inactive

Aircraft storage levels appear to have fallen to their lowest since the pandemic, despite continued high levels of A320neo storage. more

04/10/2024

Loan Datasheet: Lessors look to scale up financing

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

03/10/2024

Capital Markets Update: lessors raise $4.2 billion in September

Lessors tracked by Ishka raised $4.2 billion in unsecured capital markets debt in September. more

02/10/2024

‘All hell will break loose by 2030’: aircraft part-out firms debate retirement spike

GA Telesis’s CEO, Abdol Moabery, warned that hundreds of aircraft could be heading to the part-out market by 2028 and 2030 as aircraft OEMs are forecasted to significantly increase their delivery output. more

01/10/2024

Cargo Market Update: Boeing 747-8F lease rates increase alongside continued cargo market growth

IATA has recorded eight consecutive months of double-digit growth across the cargo market, stabilising lease rates for widebody freighters amid consistent demand for metal. more

30/09/2024

Which 2023 airline start-ups are still flying in September?

Following Ishka’s annual report highlighting the airlines that began operations in 2023, Ishka cast an eye as to the current state of these airlines... more

27/09/2024

ISTAT EMEA: 2024 – a bumper year for aircraft ABS?

There may be more aircraft ABS this year say sources, but rates need to drop for C and E notes to work. more

26/09/2024

New loans for Castlelake and Abelo, Airlines upgauge orders

Ishka's Transaction Update is a report series looking at essential trends, recent deal flow, and key announcements within aviation and aircraft leasing... more

25/09/2024

Remarketing Watch Data Sheet: September 2024

The number of aircraft being actively remarketed on sites tracked by Ishka stays around the 330 mark for the fourth month in a row. more

24/09/2024

Alaska – Hawaiian merger goes through, Boeing unveils “best and final” strike offer

Ishka provides updates on the recent merger between Alaska Airlines and Hawaiian Airlines and the latest offer from Boeing to striking workers.  more

24/09/2024

New aircraft ABS notes achieve yields below 5.5%

Senior notes for new aircraft ABS deals are scoring yields below 5.5%, as investors warm to the asset class. September saw a flurry of activity as three aircraft lease securitisations and one aircraft loan ABS came to market, all of which have priced in the last 10 days. more

20/09/2024

Current-tech aircraft values: Hitting the top of the market?

Current-tech aircraft values have "peaked and plateaued" argue asset managers, something which has been confirmed by Ishka appraisal team, as airlines react to slower revenues. more

20/09/2024

Quick take: Boeing pulls out of ISTAT EMEA

Aircraft manufacturer Boeing has pulled out of the ISTATA EMEA conference, a trade gathering for aircraft investors and financiers, after the OEM announced it was banning non-essential travel last week in the wake of ongoing strikes to help preserve cash. more

20/09/2024

Lessor order books: CDB Aviation orders 130 Airbus and Boeing narrowbodies

Lessor CDB Aviation has announced two large orders for narrowbody aircraft with Airbus and Boeing in a move set to more than triple its total confirmed order book with the two OEMs. more

19/09/2024

US Fed rate cut likely to boost aircraft trading

The US Federal Reserve announced yesterday it is lowering the target range for the federal funds rate by half a percentage point to 4.75% to 5%- its first cut in interest rates in four years. more

19/09/2024