Latest edition (May 25th): 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.



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


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.

March 16th edition: Udvar-Hazy: Lessors' 'exceptional' consistency not rewarded in share prices
March 16th 2023: In the latest issue, ‘People that follow airlines frequently don't really dig into the differential between an asset base company versus an operating company’ one of the leasing industry's founders Steven Udvar-Hazy (of ALC) complained yesterday. It’s a regular source of frustration expressed by publicly listed lessors because it fails to recognise the exceptional consistent performance of the aircraft leasing industry as a whole, demonstrated for example during the pandemic: Also: ACG in 10 plane deal with SAS; GE Capital raises $2bn in AerCap share sale on back of strong results; ALC places A350-900s with Air France; Avolon delivers first three of five A320neos to ITA.

March 2nd edition: The strong positive outlook for the providers of aircraft financing is tangible.
March 2nd 2023: In the latest issue, ALC confidently predicts continued growth in lease rates while Castlelake has made payment in full of its 2015 ABS more than a year ahead of schedule. Qantas is determined not to let delivery delays interfere with its plans to increase capacity and IAG expects to finance up to 65 per cent of its 2023 deliveries through sale & leaseback.

February 16th edition: Aircraft deal shows India's growing stature as an aviation market
February 16th 2023: In the latest issue, Air India’s mega-orders with Boeing and Airbus mark a significant moment for global aviation markets and can further boost air travel in the world's most populous country; Avolon stayed in profit in 2022, despite Russian write-offs, while DAE and Jackson Square also saw strong performance for the year; IATA figures show bounce back in passenger numbers but weakness in cargo figures.


Developments - 2021

February 2nd edition: Investment and innovation remain alive and well in commercial aviation
February 2nd 2023: In the latest issue, Aircastle continues to scale up its borrowings while SKY Leasing reveals the breadth of investor types attracted to its highly successful Sky Fund V; Icelandair has employed Castlelake’s new Bermudan reinsurer, Itasca Re, while Pegasus Air has closed what is said to be ‘the first ever sustainability-linked aircraft-secured term loan’, guaranteed by UK Export Finance.

January 19th edition: Industry consolidation a recurring theme
January 19th 2023: Industry consolidation, fresh investment and continued disappointment with the inability of the OEMs to deliver were three themes constantly repeated during this week’s aviation finance conferences in Dublin. Overall, however, the mood music coming from industry’s executives is anticipating further strong improvements in the marketplace this year.

January 5th edition: Post-COVID tailwind trumps socioeconomic uncertainties
January 5th 2023: The commercial aviation industry anticipates a return to strong growth in demand for its services despite real concerns over a range of challenges – from the continuing impact of Russia’s attack on the Ukraine, a possible global recession, rising inflation, fuel costs and interest rates. United’s record breaking order for up to 200 Dreamliners plus 100 737MAX aircraft underscores that confidence.

December 8th edition: IATA expects airline profits in 2023
December 8th 2022: IATA’s upgraded forecast for the global airline industry reflects a balanced view of the competing pressures that it faces in the short to medium term. There are many positives but there is also a fragility, not least in a predicted profit margin for the industry as a whole as thin as about a half a per cent. However, there are also good grounds for hoping that this will improve significantly over time.; Between them, Air Lease Corp and Aircastle have raised over $1 billion in fresh funding.

November 24th edition: Resilience of commercial aviation still strongly evident
November 24th 2022: The sheer resilience of aviation in the face of geopolitical and economic uncertainty is once again evident in this issue of Aviation Finance. IATA DG Willie Walsh is encouraged not just by the airline profit recovery in Q3, but particularly by positive trends in load factors. And SMBC Aviation Capital, which saw its HI profits rise 43 per cent, anticipates a continued improvement in line with the ongoing recovery in the global airline sector.

Latest edition (November 10th): International air traffic recovery now proving strong
November 10th 2022: With the notable exception of China, the recovery in air traffic across the world continues to prove robust. International RPKs are now running at 70 per cent of 2019 levels, with all markets, led by Asia-Pacific, recording strong growth. This is being reflected in airline profitability and the financial performance of leading providers of aviation finance. Boeing targets return to 800 deliveries a year; Airbus still on for 700 deliveries this year; IAG confirms Boeing and Airbus orders; Emirates orders five 777Fs; Chinese lessors order 300 C919s; ATR cuts losses; STARLUX takes delivery of first of 18 A350-900 aircraft; BOC Aviation delivers B787-9s to Norse Atlantic ; GA Telesis delivers three A320 to SmartLynx; ACG delivers 737-9 MAX to Copa; SAEL in four engine sale & leaseback; NAC enters narrowbody market; Natixis provides PDP financing for Azorra Aviation; Segor joins ACG as CFO.