September transactions showed a small recovery, relative to August, but is still way below what we saw in 2019. No surprise really. The market remains soft and the ongoing uncertainty is a guide to expect more of the same. Many transactions are being made, like new deliveries, because the OEM and airline/lessor were too close to delivery to be able to back out. We should therefore expect to see softening continue as planned deliveries run down. Moreover, as more airlines fold (and we expect this to occur) some planned deliveries will not happen.
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