Select highlights include the following:

– At the industry level, commercial aircraft delivery funding volume totaled $59 billion, a 40% decrease from 2019 levels.

– The top sources of Boeing delivery financing were cash, bank debt and capital markets, and 100% of Boeing deliveries were financed by third parties.

– Aircraft lessors executed a significant volume of sale-leaseback transactions, and the industry-wide leased fleet climbed to 46%.

– Capital markets for aviation volumes were 70% higher than 2019.

– Commercial banks shored up the aviation industry’s need for liquidity early in the pandemic, but long-term bank debt became one of the less utilized forms of financing.

– Institutional investors and funds continued to seek aviation exposure, stepping up as some financiers paused and sector credit spreads widened.

– Export credit agencies remain a small but important funding source during the pandemic.

– Credit-enhanced financing saw further progress as a complementary funding source, totaling to 4% of the financing mix for Boeing deliveries.