 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.
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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.
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