Developments

Latest Edition (April 4th): Capital markets back aircraft leasing
April 4th 2024: In this issue we refer to the strength in demand for note offerings by leading lessors; AerCap maintained its business activity momentum in the first quarter; The switch in new aircraft orders, from narrowbody to widebody, also highlights the strong fundamentals now at play in the sector; TrueNoord secures new DB loan; MUFG insurance covered facility for Azorra; SAS AB reorganisation process in Sweden; Atlas Air freighter for YunExpress.

March 21st edition: Leasing companies report record results; look ahead with confidence
March 21st 2024: In this issue we report on the positive outlook of three of lessor's – BOC Aviation, CALC and Willis Lease; Boeing: Commercial CFO Brian West says operating profit margin of the unit is set to fall to minus 20 per cent in Q1; ICAO and AWG seek to drive CTC compliance; SAA talks finally abandoned; CCB $420m loan for DAE; AerCap notes swap; Korean, JAL in market for widebodies; AerCap delivers A330neo to Corsair; Canada Jetlines takes A320s from ACG; SMBC, GOAL deliver A320s to JetSMART.

 

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

March 7th edition: Good conditions will "persist for many years" - Kelly
March 7th 2024: Industry dynamics create difficulties for carriers but opportunities for lessors; Pace of aircraft orders shows no signs of easing at Singapore Airshow; AirAsia parent makes progress on US listing plan; Merger between JetBlue and Spirit abandoned amidst continuning regulator opposition; Oliver Wyman lowers global fleet projections; NAC continues its move away from regional jets with portfolio sale Falko.

February 22nd edition: Big widebody orders in Singapore
February 22nd 2024: Orders reflect Asian international travel recovery; DAE reports profit of $350 million for 2023; Avolon reports strong profit growth in 2023; ACG swings back into profit; Thai orders 45 Boeing 787s; Starlux orders A350Fs, A330neos; BOC finalises IndiGo finance leases; CALC Orders 40 LEAP-1A engines.

February 8th edition: 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.


January 25th edition: 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.

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.

 

Developments - 2021

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.

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.