TO BUILD A FIRE

The bad news is in front of us, not behind. We see this with the airlines, which are showing loyalty to loyalty programme-backed financings. It is no surprise as the airlines know that there are enormous challenges ahead. While aviation banks won't disappear from the market, their lending terms continue to change. The biggest threat for lessors is the longevity of their equity. While not all lessors are created equal, winter won't discriminate.