 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.
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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.
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