Latest Edition (September 28th): Lessor fund raisings reflect investor and lender confidence
September 28th 2023: The continued attraction of the aircraft leasing business has been demonstrated by AerCap’s successful $1.75 billion note issuance, the $1.6 billion funding provided to DAE by a 26 bank syndicate and Macquarie AirFinance’s first senior note; Airbus pulls ahead on deliveries and orders in August; Frustration with ongoing engine issues – including the latest crisis involving spurious parts, potentially extended engine time off-wing on new engines and the consequent disruption to schedules and loss of revenue – is increasing amongst aircraft operators; Positive outlook for growth in African air travel; New EU SAF rules; ABL delivers fifth A220 to Air France; CaixaBank leases five A330P2Fs to DHL; ACN in leasing JV with Hal Gamble.

September 14th 2023 edition: AerCap's Aeroflot deal looks like a watershed moment for leasing's Russia woes
September 14th 2023: AerCap's settlement with a Russian state insurer for assets leased to Aeroflot opens a path for similar deals, a welcome development for insurers says Lloyds CEO; As GE sells down stake, AerCap remains a keen buyer of its own shares; Hong Kong Focus: revamp of leasing tax regime enhances jurisdiction's offering for aviation finance companies; Lessors continue to keep watchful eye on India; OEM orders keep growing; New initiatives focus on liquid hydrogen potential for medium and long haul aviation; Latest IATA travel figures show robust growth continues.



Lessors place big orders with Boeing and Airbus

The latest batch lessors look to a peace to come includes one of the largest orders this year, for 80 A320 family aircraft by BOC Aviation, and the firming up of an order with Boeing for 32 MAXs from ALC.
Sanctions present varied legal issues for lessors
Insurers ponder true extent of their claims exposure
Delta, easyJet and Wizz see blue skies ahead
Assets trapped in Russia are an operational nightmare for financiers and lessors


Latest Edition (August 31st): AviLease and DAE transactions highlight attractiveness of young metal to lessors
August 31st 2023: The trading of substantial portfolios of assets, including future orders, are featured in this issue. They include the sale of Standard Chartered’s 120 aircraft leasing business to AviLease and a $920 million portfolio loans to PK AirFinance, as well as the sale of orders for 64 Boeing 737 MAX aircraft by CALC to DAE. The strength of airline performance is illustrated by QANTAS' new aircraft order and share buyback programme; SpiceJet and Go First updates; New airline launches; SAF developments; Air India sets up aircraft leasing unit.

August 17th edition: Passenger numbers near pre-pandemic peak
August 17th 2023: In this issue: High Ridge Aviation progress update, with Q&A with CEO Greg Conlon; ALC's Plueger on its 'invaluable' forward order book; Passenger traffic reaches 94% of pre pandemic peak but drop in global trade drags down air freight demand; Higher demand and lower fuel prices boost Q2 airline earnings; BOC Aviation reports strong H1; MSC boosts air cargo credentials with airline investment; Western Global files for Chapter 11 protection; Griffith closes first unsecured revolcing credit facility; Spirit up-guages and pushes out Airbus order to consolidate; C&L expands ATR support; ST Engineering sells 11 aircraft to its JV with Sojitz Corporation; Serve Air orders first AEI 737 converted freighter; SAS offloads old A321s; Airstream arranges sale of former NAC aircraft; Turkish Airlines to turn to lessors as it continues to decide on final details of new fleet order; IndiGo to fund aviation start-ups.

August 3rd edition: Q2 shows buoyant airline results
August 3rd 2023: In this issue: AerCap on the aircraft shortage, and why it will persist for years, despite Airbus and Boeing reiterating plans to ramp up narrowbody run rates; Deliveries up in H1; Airlines 2Q results show record performance; Perspectives: building on Ireland's aircraft leasing regime; Lessors successfully tapping markets; ACG backs United's SAF venture.

July 20th edition: Bumper Q2 airline profits bodes well for entire aviation industry
July 20th 2023: In this issue: Rising profits reflect recovery in international travel; lessors prepare balance sheets to prudently seize future opportunities; Aircastle builds financial armoury to pursue growth; High Ridge secures $500m facility from Citi, Deutsche Bank; ABL delivers A350 to Turkish Airlines; Lilium raises $192m; Quest for net-zero emissions gathers momentum.

July 6th edition: Pace of recovery reflected in increased lessor activity
July 6th 2023: In this issue: Lessor announcements of multiple aircraft transactions over the past two weeks underscore aviation's recovery; Aviation insurance warning - market risks repeating mistakes; India and the Cape Town Convention: response from Government indicates it will make good on its 2008 commitment; SpiceJet settles NAC dispute; Go First takes a step closer to relaunch; AIP Capital's investment in Eastar Jet; IATA" speedier recovery for Hong Kong.

Latest edition (June 22nd): Global commercial fleet expected to double over next two decades
June 22nd 2023: In this issue: Growth due to accelerated fleet replacement as well as rising passenger traffic, as new market forecasts out to 2042 are published ; IndiGo 500 Airbus order a ‘new chapter in democratising affordable air travel’, Avolon places order for 60 new aircraft; Almost half of global aviation decision-makers believe net zero targets will be met; $125m equity injection for CDB Aviation; United offers $1.32b EETC; Carlyle provides $280m PDP for Wizz Air.


Developments - 2021

June 8th edition: IATA expects airlines to make $10 billion profit this year
June 8th 2023: In this issue: Recovery continues with domestic traffic now back to pre-pandemic levels; AviLease gearing up for growth; Lessors tap welcoming bond markets with bond offerings by AerCap and BOC Aviation heavily oversubscribed; Airline net profit forecast for 2023 is projected to be $9.8 billion, with a net margin of 1.2 per cent, equivalent to $2.25 per passenger; Lessors’ Go First requests ‘on hold’; IATA charts road to net zero by 2050 - the hundreds of critical actions and dependencies for aviation to achieve net zero carbon emissions will cost an estimated $5 trillion.

May 25th edition: Go First insolvency raises issues for lessors in India
May 25th 2023: In this issue: Issues around the application of the Cape Town Convention - finance providers still need to be disciplined in the face of inconsistent implementation; Turkish airlines set to order up 600 new aircraft; Reflecting the upbeat mood in the aircraft leasing sector, a number of new platforms have been announced or are in the advanced planning stages; Azul agrees new terms with lessors.

May 11th 2023 edition: The underlying resilience of commercial aviation remains a key attraction for investors
May 11th 2023: In this issue: Lessors are tapping into enthusiastic debt capital markets, with SMBC Aviation Capital and Avolon the latest to issue five year unsecured bonds; Lessors see potential on back of Q1 performance, welcoming a return to 'business as usual'; Ryanair's mega-order and court win; Apollo set to deepen its involvement in commercial aviation; Lessors begin to count the cost of doing business in India.

April 27th edition: First quarter resilience
April 27th 2023: Despite challenging economic times airlines and lessors remain optimistic about the full year outlook following a difficult first quarter. Avolon has just placed an order for 40 new 737 MAX aircraft while financing activity remains strong with BOC Aviation planning a 10 year unsecured note offering which will follow Macquarie Airfinance's $500 million note issuance. Amongst airlines Air France-KLM and TUI have also successfully tapped the market as airlines are confident 2023 will be a profitable year.

April 16th edition: Traffic recovery momentum continues
April 16th 2023: The current positive climate for commercial aviation is reflected in this latest issue of Aviation Finance: Global airline passenger traffic in February was significantly higher than in the same month last year while the pace of new aircraft deliveries by the world’s two largest aircraft manufacturers gained momentum in March. The first quarter remained busy for lessors and a number of interesting recent debt transactions also provide evidence that leasing companies and asset managers are gearing up for further growth: AerCap, ALC and Avolon report busy start to year; MUFG funds Sun Country; ORIX acquires 100% of JV.

March 30th edition: Ongoing recovery continues to drive new plane order books
March 30th 2023: The ongoing recovery in commercial aviation is well demonstrated by many of the stories covered in this issue. Air Lease Corporation’s well-oversubscribed inaugural sukuk issuance opens up new funding opportunities for IG-grade lessors and Castlelake’s early repayment of yet another ABS, this time nearly two years ahead of schedule, show the strength in many quarters in aviation finance. There are indications of yet more big new plane orders to come from Ryanair, Indian carrier Akasa and Riyadh Air, all of which seem to support Boeing’s view that at least a third more finance is going to be needed this year than it was last year to fund a predicted $94 billion worth of new aircraft deliveries by the industry in 2023.