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.

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.