Developments

Latest Edition (February 8th): Bright opportunities pull in new investors
February 8th 2024: Aviation finance as attractive as ever as new pension-backed platform to invest $1.5bn over next three years; CALC's $500m sustainability-linked PDP loan is an industry first; Avolon predicts that a return to ‘higher for longer’ cost of capital conditions could ‘encourage sub-scale leasing platforms to exit the market,’ with the potential for an uptick in lessor M&A activity in 2024: IATA’s Walsh demands states, fuel suppliers step up to meet SAF challenge; Boeing’s bad news creates further delays for deliveries, certifications; GOL enters Chapter 11, SAS resolves creditor concerns.

Latest Edition (January 25th): Boeing’s woes wont go away
January 25th 2024: FAA blocks 737 production growth - serious implications for Boeing cashflow; Avolon, Aircastle and ALC take advantage of the early year positivity in US capital markets as they raise a combined $2.3bn; Higher lease rates now lifting mid-life and widebody values - Forsberg; Does M&A regulation do more harm than good? Ashland Place's latest financing; Griffin gears up for further growth with order for six A220s.

 

Perspectives

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

Developments

January 11th edition: Positive market background reflected in aircraft orders
January 11th 2024: It is always pleasant to start a new year with a positive, or relatively positive markets background to sustain the natural optimism that always accompanies a new year. All the more so, as pure probability seems to suggest that after the serial 'black swan' events of Covid and Ukraine the aviation and aircraft leasing industry can perhaps hope for a break for a while.

December 7th edition: Pace of recovery reflects resilience
December 7th 2023: IATA now expects airlines to make over $23bn in 2023, a fivefold increase on its original forecast; Time runs out for Go First; SpiceJet seeks $100m credit; Alaska Airlines agrees to acquire Hawaiian in $1.9 bn deal; Avolon prices additional $400m of senior 2028 notes; SAS prepares to exit Chapter 11; European carriers mull their options for listing locations.

November 23rd edition: Dubai Airshow orders a milestone in aviation recovery
November 23rd 2023: Activity at the Dubai Airshow demonstrated the strong optimism that now exists amongst airlines, keen to secure new aircraft slots at a time when future delivery dates for both narrowbody and widebody planes remains uncertain. SMBC AC reports strong performance in its latest financial release; ALC's deals; GE Capital closes its position in AerCap, the last act in a historic deal for aviation finance; Northern Ireland's aerospace industry showcases its strengths; Aeroflot's latest settlement.


November 9th edition: Trading activities lift lessors
November 9th 2023: European Airlines make record Q3 gains; AerCap extends share buy-back programme as Q3 earnings again exceed expectations; Fleet transactions add momentum to ALC profits; Avolon’s $2.9bn in sale & leasebacks; SAS consortium ups financing as end to Chapter 11 nears; Airlines continue to enjoy strong recovery in Europe; Townend succeeds Martin at BOC Aviation

October 26th edition: Aero engines comes under the spotlight
October 26th 2023: The aviation ABS market reopens as Willis Lease Finance successfully comes to market with a $410 issuance; CDB Aviation is the latest lessor to settle part of its Russian insurance claim; OEM Orders: easyJet and Cebu active; Griffin and Bain acquire 17 new tech RR engines; Castlelake, Fidelis create new aviation MGA; Apollo still hoping for role in SAS consortium; AerCap leases 28 new aircraft to Turkish Airlines.

October 12th edition: Airline industry extends recovery; Delta sets the bar for results with profits more than doubled to $1.1.bn
October 12th 2023: The resilience of the aviation industry has been demonstrated over and over again, says IATA chief economist Marie Owens Thomsen, who says to have never seen anything like its post-Pandemic recovery in her 30 years in finance as a macro-economist; Lessor business activity remained high in Q3; Air France-KLM, Castlelake in $1.2bn SAS funding; Hamburg Commercial Bank expands into aviation finance; ACG raises funds, orders more planes; BOC Aviation signs its largest ever term loan; Private investors profit from capital growth in assets.

 

Developments - 2021

September 28th editoon: 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.

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.