 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.
|
|
Analysis
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.
In the June 24th edition: Bulls in sight
June 24th 2021: Although IATA data still reveals the disparate experience of recovery by carriers, evidence that investors are confident about the long-term future remains strong. In this issue we talk to SMBC Aviation Capital’s CFO about his latest 7-8 times oversubscribed $500m note issue, note the return of serial issuer ALC to the ABS market, KKR’s acquisition of an $800m loan portfolio from CIT and Avolon’s order for up to 500 electric aircraft. We also talk to ABL Aviation CEO Ali Ben Lmadani and CCO Michael Weiss about why they are enthusiastic about the potential for returns in mid-life vintage assets.
In the June 10th edition: The patterns of reconstruction start to make themselves evident
June 10th 2021: More ABS activity, and the signs of recovery, notably in the new orders area show signs of the pattern of the recovery, or, more accurately described, reconstruction effort, after Covid. The recovery in the global airline system is being led as North America shows the strongest signs of rtecovery, while other regions, such as South East Asia remain slow to show signs of pick-up; Is the clock ticking for Power by the Hour (PBH) deals? Peter Aldis, Senior Asset Manager at IBA, considers the likely outcome; Muzinich & Co has raised an initial $300 million seed capital from European institutional investors for its Aviation Senior Secured Strategy aircraft debt financing fund; United my be set to boost Boeing’s order book further for a large narrow-body aircraft order that could include at least 100 Boeing 737 MAX 8s.
In the May 27th edition: shoots of recovery
May 27th 2021: IATA is now forecasting that traffic levels will increase to 88 per cent of their 2019 pre-Covid levels and to 105 per cent the following year; Moody’s Snr. VP Mark Wasden now expects the recovery in air travel will propel lessors’ profitability higher by 2023; Air Lease Corp prices $1.2 billion Senior Notes; Ryanair issues €1.2bn 5-year Eurobond; PE jv acquires NAB $1.1bn loan portfolio; Apollo & Merx in sale & leaseback with Air France; AeroCentury makes Q1 loss; Fitch stays ‘negative’ on aircraft ABS; GECAS leases more 737-800 BCFs to ATRAN; First European operator of B737-800SF; ST Engineering to lease A321P2Fs to GlobalX; Aircastle delivers Embraer 195 to KLM; Sirius acquires five planes from BOC.
|
