 In the October 28th edition: AerCap-GECAS deal set to close
October 28th 2021: GE and AerCap have now obtained all the required regulatory clearances for the merger of the GECAS business into AerCap from about 20 countries and the latter has successfully raised $21 billion in longer-term funding on capital markets to part fund the deal; Avolon prepares for ‘a robust recovery’; EUROCONTROL more optimistic about pace of recovery; SMBC Aviation Capital raises a further $500m; Five key trends likely to affect future of commercial aviation; BOC Aviation Q3 update; DAE bolsters liquidity
In the October 14th edition: Airline industry losses continue to be pared back
October 14th 2021: Airlines set to lose $52bn this year and $12bn in 2022, significantly below the estimated $137.7 bn loss of 2020; Tata buys back Air India for $2.4bn; AerCap Q3 update; DAE's 147 lease deals; Aergo sale & leaseback with Iberia; Air Asia agrees restructured deal with Airbus; Brazil ECA support for Embraer sales in US; Qantas finalizes 10-year fleet plans; Avolon upsizes its unsecured revolver facility to $4.3 bn and commits to 30 Airbus A330-300s P2F conversions with Israel Aircraft Industries.
In the September 30th edition: Innovation to the fore
September 30th 2021: First AFIC-supported financing of a JOL; Sirius aspires to fleet of 100 planes in three years; Chorus Aviation closes $85 million deal; ACG closes $750m Senior Unsecured Notes; Davidson Kempner launches new platform.
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Analysis
In the September 16th edition: Up to 10 new ABS deals before year end in prospect
September 16th 2021: Ryanair and Boeing in standoff over new mega order as Boeing logs 23 net new aircraft orders; Bain-backed lessor places new planes order; ALC, Spirit Airlines agreements on 15 aircraft; GECAS delivers A321NX to SalamAir; ATR 72-600s lease placements with IndiGo, SKY express and Windrose; Philippine files for Chapter 11; Atlas Air, DHL Express extend freighter agreements; Mammoth launches 777 P2F programmes; BBAM leases for two A321P2Fs to Lufthansa; Royal Aero delivers B737-700 for part-out; Avia Solutions partners with Certares; Watson joins Vmo as US lessor expands into Europe; Spicejet reaches MAX agreement with lessor; DAE retires Senior Unsecured Notes.
In the September 2nd edition: Capital and credit markets continue to revive as Goshawk taps the USPP market and BOC agrees $935 facilities
September 2nd 2021: The continued buoyancy of credit and capital markets for aviation funding remains in evidence. Goshawk raised over $200 million on the US Private Placement market in a landmark transaction while BOC Aviation has agreed two upsized unsecured syndicated credit facilities amounting to $935 million. In this issue we also report on a strong pick up in orders and potential orders for Airbus and Boeing.
In the August 19th: Growing confidence in aviation ecosystem
August 19th 2021: Taken together, many of the stories in this issue reflect the growing confidence emerging across the aviation ecostructure. Latest data from Eurocontrol shows traffic is now in line with the most optimistic scenario it published at the beginning of June. The successful IPO of electric air taxi developer JOBY, Breeze Airways raising of $200 million in a funding round led by BlackRock and Knighthead Capital Management, and the exceptional pricing of ALC’s public offering of $600 million three year unsecured notes at 0.80 per cent and $500 million seven year notes at 2.10 per cent all demonstrate that the appetites of serious investors for aviation exposure has yet to be sated.
In the August 5th edition: Lessors: 'inflection point' has passed as cash flows recover
August 5th 2021: The mood of renewed optimism in the aviation finance sector is palpable. AerCap’s Aengus Kelly, Avolon’s Domhnal Slattery and DAE Capital’s Firoz Tarapore all report significant progress, especially in terms of cashflows and confidence about the recovery now underway – albeit with understandable degrees of caution. IBA’s Phil Seymour, too, is impressed by the performance of the industry, saying ‘hats off’ to participants in the ABS market for making investors feel confident. The range of new aircraft orders now being placed or contemplated, too, also reflects an industry coming up for air.
In the July 22nd edition: Private equity's march continues
July 22nd 2021: While there has been a waning in the appetite of some bankers for debt financing in the aircraft space, PE has shown a growing hunger for this opportunity, as reflected in this issue. Castlelake features strongly as a provider of finance and a provider of investment opportunities. There is also continuing evidence of strong interest in fleet modernisation by major carriers, not all involving brand new aircraft.
In the July 8th edition: evidence of longer-term confidence in the industry
July 8th 2021: In this issue we review business updates for Q2 for three of the largest aircraft large lessors. It shows that they remain extremely busy in terms of their transactional activity, continuing to execute new lease agreements and actively buying and selling aircraft. United orders 270 planes; BOC Aviation profit warning; Investors warm to Icelandic airlines; Korean merger gets green light; Plans for new Saudi national carrier confirmed; Air France-KLM raises €800m; Blackbird Capital II closes; CDB Aviation acquires Max 8s from DAE; Lessor deliveries; Flannery appointed CCO at SMBC Aviation Capital.
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