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A series of podcasts from Airline Economics in partnership with KPMG Ireland speaks to professionals of the commercial aviation finance and leasing industry, who share their thoughts on the aviation industry.
26 Episodes
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In this episode of the Aviation Leaders Series with KPMG and Airline Economics, Joe McConnell, Partner and Deputy Co‑Chief Investment Officer at Castlelake, shares a wide‑ranging, deeply informed perspective on the state of global aviation as we enter 2026 with James Kelly, Head of Aviation Finance at KPMG.
McConnell explains why air‑travel demand has not only recovered but accelerated, with international traffic and emerging markets driving global growth. He discusses the ongoing impact of inflation on aircraft values, the shifting presence of Chinese lessors, and why aircraft remain a resilient, inflation‑protected asset class despite geopolitical volatility.
A major focus of the conversation is the industry‑wide challenge of new‑technology engines. McConnell outlines how unpredictable time‑on‑wing and shop‑visit costs are reshaping underwriting, risk assessment and transition planning — and why investors must rethink assumptions about “young equals low‑risk.”
The episode also explores market consolidation, widebody vs narrowbody dynamics, ABS returning to full strength, the rise of aviation private credit, and Castlelake’s expanded capital‑solutions platform.
In this episode of Aviation Leaders, Olivier Trauchessec, Head of Global Aviation at MUFG Bank, shares his perspective on the strong performance of airline and aircraft leasing markets in 2025 and MUFG’s role as one of the world’s leading aviation financiers, serving more than 250 clients globally.
Olivier discusses the increasingly competitive sell-and-leaseback market, the arrival of new players such as private equity and hedge funds, and why scale is becoming a decisive advantage for aircraft lessors. He also explores the impact of interest rates, the growing importance of ESG considerations, and the evolution of the aviation ABS market.
Despite the sector’s inherent cyclicality and exposure to future shocks, Olivier outlines a constructive outlook for 2026, underpinned by resilient demand and diversified sources of capital.
In this episode of Aviation Leaders, in conversation with Joe O’Mara, Head of FS Tax at KPMG, John Evans, Chief Executive Officer of Azorra, discusses the company’s focus on the 100–150 seat aircraft market and its global portfolio of 153 aircraft across 41 countries, serving 35 airline customers.
John highlights the strength of airline demand, particularly in Southeast Asia, and explains how geopolitical risks have been managed through bilateral negotiations with customers and partners. He also examines the impact of ongoing supply constraints at the OEMs, which have driven a significant increase in lease rates for in-demand aircraft.
The conversation explores Azorra’s strategy of balancing new and used aircraft, securing MRO capacity, and using engine leasing to support airline customers. Looking ahead, John shares a cautiously optimistic outlook for 2026, underpinned by continued growth in the Asia-Pacific region and sustained demand for mid-sized narrowbody aircraft.
Welcome to the latest episode of the Aviation Leaders podcast from Airline Economics.
In this episode, James Kelly, Head of Aviation Finance at KPMG, is joined by Ali Ben Lmadani, Chief Executive Officer of ABL Aviation. Ali shares how ABL has grown into a global aircraft lessor and asset manager with more than seven billion dollars in assets and a fleet of around one hundred aircraft.
He explains why delays at Boeing and Airbus are driving strong demand for midlife aircraft, how lease rates are responding, and why ABL is focused on long-term leases supported by in-house technical expertise. Ali also shares his views on the company’s independent ownership model, the opportunities emerging in the Middle East, and why end-of-life aircraft management could become a defining theme for the industry after 2030.
This is a wide-ranging discussion on supply constraints, asset strategy and how the midlife market is shaping the next phase of aviation finance.
Welcome to the latest episode of the Aviation Leaders Report. In this edition, host James Kelly sits down with Helane Becker, founder of HRB Aviation Consultants, to unpack the state of the industry at the close of 2025 and what lies ahead for 2026. Helane examines strong international demand—particularly in Europe and Asia‑Pacific—while offering a more cautious view on US domestic growth. She discusses the effects of tariffs and geopolitical tensions, ongoing OEM challenges, leasing‑sector consolidation, and the rising need for larger aircraft.
A must‑listen for aviation professionals seeking clear, actionable insight into next year’s global demand landscape.
Welcome to the latest episode of the Aviation Leaders Report. In this edition, host James Kelly, Head of Aviation Finance at KPMG, sits down with Betsy Snyder, industry ratings expert and independent consultant, in New York to unpack the forces shaping global aviation in 2024 and beyond. Betsy shares why demand remains exceptionally strong across the U.S., Europe, the Middle East, Japan, and Asia—despite geopolitical pressures. She explores OEM progress, leasing market resilience, the comeback of ABS, and the renewed strength of the unsecured bond market. Looking ahead, Betsy remains optimistic about 2026, driven by sustained demand and ongoing supply constraints.Tune in for sharp insights and informed perspectives from one of the industry’s most respected voices.
In this episode of Aviation Leaders, we sit down in Dublin with Bob Peart, CEO and Co-Founder of Volofin, to discuss how alternative lending is reshaping mid-life to end-of-life aircraft and engine finance. Peart shares Volofin’s growth since 2019 — including approximately $2.3bn in transactions across around 50 deals financing close to 400 assets — and explains why airline performance has remained resilient despite geopolitical headwinds. The conversation explores OEM delivery disruption, underwriting and risk, interest-rate and spread dynamics, and the expanding aviation loan ABS market, including rating-agency developments and the innovations that could define the next phase of structured credit in aviation.
In this episode of Aviation Leaders, Joe O’Mara Head of FS at KPMG, is joined by Marc Iarchy, Partner at World Star Aviation, to explore the current state of the aviation market. Iarchy discusses ongoing aircraft supply shortages, rising lease rates and maintenance costs, and the cyclical dynamics of the cargo sector. He also shares how World Star Aviation, with around $2 billion under management, is positioning itself through a focus on mid-life aircraft and CFM56 engines, expansion in Japan, and ambitious growth plans across engines and narrow-body cargo aircraft—while remaining optimistic about market conditions heading into 2026.
In this episode of Aviation Leaders, James Kelly, Head of Aviation Finance at KPMG, is joined by Kevin Milligan, Chief Executive of Crestone Air Partners. Milligan shares how Crestone has evolved from its origins as Contrail into a specialist platform focused on mid- to end-of-life aircraft and engine investments, scaling to nearly half a billion dollars in assets. The discussion covers residual value discipline, underwriting in a volatile market, the challenges posed by new-technology engines, and how geopolitical pressures are shaping demand, alongside Crestone’s approach to active asset management and future growth through M&A.
Welcome to the Aviation Leaders Podcast, brought to you by Airline Economics and KPMG. In this episode, James Kelly, Head of Aviation Finance at KPMG sits down with Richard Hough, CEO of elfc, for a deep dive into one of the hottest corners of aviation finance: the global engine leasing market.
Richard shares candid insights on record high demand for spare engines, the realities of new technology durability, shifting maintenance economics, and the long term outlook for sustainability and asset values.
Stay with us as we unpack the trends that will define engine markets in 2026 and beyond.
In this episode of Aviation Leaders, presented by Airline Economics and KPMG, Jeff Lewis, CEO of Hanwha Aviation, shares insights on the company’s rapid growth since its launch in August 2024, with James Kelly, Head of Aviation Finance at KPMG.
Lewis explores:
Rising demand for key engine types like Pratt 4000 and CFM56
Market challenges and the role of vertical integration
Strategic funding through equity and senior debt
The competitive landscape and limited portfolio opportunities
Industry outlook amid economic and geopolitical risks
Listen now and gain a deeper understanding of the engine market’s future.
Welcome to the latest episode of Aviation Leaders. In this episode, James Kelly, Head of Aviation Finance at KPMG, sits down with Mark Streeter, Managing Director at JPMorgan, to unpack the financial forces driving the aviation industry. Streeter also examines the shift toward investment-grade bonds, upgrades among major leasing platforms, and the resilience of the ABS market – even through past crises. Plus, we dive into the growing influence of private capital in aviation finance.
Stay tuned for an insightful conversation on what’s next for the industry.
Welcome to the Aviation Leaders series, where we bring you conversations with the people shaping the future of air finance and leasing. In this episode, Andy Cronin, CEO of Avolon, joins James Kelly, Head of Aviation Finance at KPMG, to discuss Avolon’s $35 billion balance sheet, its industry-leading order book, and the trends driving global aviation growth. From supply chain challenges to rising lease rates and the shift toward Asian investment, Andy shares his perspective on what’s next for the sector. Stay tuned for a deep dive into strategy, resilience, and innovation in aviation.
In this episode of the Airline Economics and KPMG Aviation Leaders Series, Joe O’Mara, Head of FS at KPMG, speaks with Aengus Kelly, CEO of AerCap, the world’s largest aircraft lessor, about global aviation recovery and the strategies shaping the leasing industry.
Kelly shares his outlook on strong performance from US majors, European carriers, and Chinese airlines, as well as the recovery of Southeast Asian and South American airlines post-COVID. He discusses margin pressures on US low-cost carriers, robust demand for widebody and narrowbody aircraft, and the challenges of engine reliability and maintenance.
Tune in to hear how AerCap is leveraging trading gains, focusing on unsecured bonds, and pursuing growth through large transactions and strategic partnerships.
In this episode of the Airline Economics and KPMG Aviation Leaders Series, James Kelly, Head of Aviation Finance at KPMG sits down with Peter Barrett, CEO of SMBC Aviation Capital, to discuss one of the most transformative deals in aviation history. Barrett shares how SMBC Aviation Capital has grown to own nearly 1,000 aircraft and is preparing to acquire Air Lease Corporation, adding more than 400 aircraft in the largest transaction of the year.
He offers his perspective on the strength of the airline market, the challenges of cost pressures, geopolitical tensions, and supply chain disruptions—particularly with engine OEMs. Barrett also explains why scale and new capital inflows are critical, how the aircraft trading market remains resilient, and what financing strategies such as bond issues and ABS markets mean for the future. Finally, he explores the consolidation trend reshaping the aviation leasing industry.
In this episode of the Airline Economics and KPMG Aviation Leaders Series, James Kelly, Head of Aviation Finance at KPMG, speaks with Austin Wiley, CEO of SKY Leasing, about the company’s $5 billion in assets under management and its recent $1.35 billion fund. Wiley shares his outlook on global aviation growth, the role of international traffic—especially in Asia—and the impact of geopolitical tensions on consumer demand.
He predicts 1,400 aircraft deliveries in 2025, despite supply chain challenges, and explains SKY Leasing’s strategy with a portfolio that is 65% new technology aircraft and focused on midlife assets. Wiley also explores investor demand in the ABS market and the likelihood of more M&A activity in the leasing industry.
In this episode of the Airline Economics and KPMG Aviation Leaders Series, James Kelly, Head of Aviation Finance at KPMG, speaks with Ryan McKenna, CEO of Griffin Global Asset Management, about the company’s six-year history and its focus on new-build aircraft and mid-life acquisitions. McKenna discusses global aviation demand, supply shortages, and the upward pressure on aircraft values, while highlighting the sector’s resilience against geopolitical challenges.
He also shares Griffin’s $1.2 billion ABS and debt strategy, the importance of matching capital structures with asset values, and the competitive dynamics of the secondary market. Tune in for expert insights into aviation finance and the trends shaping the future of aircraft leasing.
In this episode of the Aviation Leaders Interview Series, James Kelly, Head of Aviation Finance at KPMG, sits down with Ted O’Byrne, CEO of AviLease, to explore the extraordinary growth of one of the industry’s fastest-scaling lessors.
From earning investment-grade ratings just two years after launch, to building a fleet of over 200 aircraft, O’Byrne shares how AviLease is navigating strong global demand, rising lease rates, supply chain disruption, and OEM delivery challenges—while targeting a $20 billion balance sheet and embracing AI to enhance operational performance.
In this episode of the Aviation Leaders Interview Series, Tom Baker, CEO of Aviation Capital Group, joins Joe O’Mara, Head of FS Tax at KPMG, to unpack the state of the global aviation market in 2025.
They explore regional performance, from market stability to country-specific challenges, alongside the growing importance of fleet strategy, capital structures, and leadership teams. Baker also shares his perspective on geopolitical and macroeconomic risk, improving aircraft deliveries, engine reliability, and why the current trading environment is creating significant M&A opportunities across the industry.
In this episode of the Aviation Leaders Interview Series, we’re joined by James Meyler, CEO of ORIX Aviation, for a sharp and timely outlook on where the industry is headed into 2026.We discuss diverging global demand trends, improving aircraft deliveries, the ongoing impact of engine issues on fleet planning, rising lease rates, and the growing strength of the aviation debt market. Meyler also shares why, despite the challenges, he remains optimistic about the year ahead—provided the global economy holds steady.
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