This article is based on an official press release from BOC Aviation.

BOC Aviation Secures US$3.5 Billion Facility Renewal with Bank of China

BOC Aviation Limited has officially announced the renewal of its US$3.5 billion unsecured revolving credit facility (RCF) with its majority shareholder, the Bank of China. Confirmed on February 16, 2026, the transaction extends the maturity of the facility to February 13, 2031, providing the Singapore-based lessor with a five-year horizon of secured liquidity.

The renewal maintains the facility’s total value at the same level established during its 2020 expansion. According to the company, this move is designed to bolster financial flexibility and ensure consistent access to capital for aircraft investments, regardless of broader market cycles. The agreement underscores the continued financial backing BOC Aviation receives from its parent company, a critical differentiator in the competitive aircraft leasing sector.

Transaction Details and Management Commentary

The renewed agreement is an unsecured revolving credit facility, a structure that allows BOC Aviation to draw down, repay, and re-borrow funds as needed up to the US$3.5 billion limit. By extending the maturity date to 2031, the lessor secures a long-term funding runway to support its growth strategy.

Steven Townend, Chief Executive Officer and Managing Director of BOC Aviation, emphasized the strategic importance of this renewal in a statement released by the company. He highlighted the alignment between the lessor and its parent organization.

“This RCF extension reflects the confidence that Bank of China has in the future of our business and underscores the depth of our relationship with our major shareholder. The facility strengthens our financial flexibility and ensures our access to ample liquidity to support our aircraft investments across the cycle.”

, Steven Townend, CEO of BOC Aviation

Historical Evolution of the Facility

The credit facility has grown significantly alongside BOC Aviation’s fleet over the last two decades. The company provided a timeline of the facility’s evolution, illustrating the increasing scale of support from the Bank of China:

• 2007: Initial facility established at US$1 billion.
• 2009: Facility doubled to US$2 billion.
• 2020: Expanded to the current level of US$3.5 billion.
• 2026: Renewed at US$3.5 billion with maturity extended to 2031.

Operational Context and Financial Position

This liquidity event occurs against a backdrop of significant operational activity for the lessor. As of December 31, 2025, BOC Aviation reported a total portfolio of 815 aircraft and engines, including owned, managed, and ordered assets. The company’s reach extends to 87 airlines across 46 countries and regions.

Data released regarding the full year 2025 indicates robust activity, with the company taking delivery of 51 new aircraft and executing a record 333 transactions. These transactions included 160 aircraft purchase commitments, signaling an aggressive growth posture that necessitates substantial available capital.

In addition to the RCF renewal, BOC Aviation has recently moved to diversify its funding sources. In early February 2026, the company successfully priced US$500 million in senior unsecured notes. The combination of these notes and the renewed RCF provides a multi-layered capital structure to fund future acquisitions.

AirPro News Analysis

The renewal of this facility highlights a structural advantage for BOC Aviation compared to independent lessors. In a high-interest-rate environment or during periods of market volatility, the cost of funds is a primary determinant of a lessor’s profitability. The direct backing of a major state-owned bank allows BOC Aviation to secure large-scale liquidity that might be more expensive or difficult to arrange for competitors without similar parentage.

Furthermore, with supply chain constraints continuing to affect Airbus and Boeing deliveries in 2026, lessors with ready cash are better positioned to execute sale-and-leaseback (SLB) transactions with airlines desperate for liquidity. By locking in US$3.5 billion in revolving credit through 2031, BOC Aviation is effectively positioning itself to act as a liquidity provider to the airline industry, potentially acquiring assets at attractive valuations while manufacturers struggle to meet delivery targets.

Sources

• BOC Aviation Press Release

This article is based on an official press release from Boeing and Air Astana.

Air Astana Finalizes Historic Orders for 15 Boeing 787-9 Dreamliners to Target US Routes

On February 17, 2026, Air Astana JSC, the flag carrier of Kazakhstan, officially finalized a major agreement with Boeing for up to 15 Boeing 787-9 Dreamliner aircraft. The deal, announced in Seattle, marks the largest single aircraft purchase in the airline’s history and signals a pivotal shift in its long-haul strategy. Valued at approximately $7 billion at list prices, the agreement is designed to modernize the carrier’s widebody fleet and facilitate direct operations to North America.

The acquisition comes at a critical transition point for the Airlines, coinciding with a leadership change and following its recent IPO. According to the official announcement, the new fleet will replace aging Boeing 767s and provide the range necessary to navigate complex geopolitical airspace restrictions while connecting Central Asia to the United States.

Deal Structure and Delivery Timeline

The agreement creates a long-term pipeline for fleet renewal. According to details released regarding the Contracts, the order for 15 aircraft is structured in three tiers:

• 5 Firm Orders: Guaranteed purchases scheduled for production.
• 5 Options: Reserved slots with fixed pricing that the airline may exercise later.
• 5 Purchase Rights: A flexible agreement allowing for future expansion under agreed terms.

While the newly purchased jets are scheduled for delivery between 2032 and 2035, Air Astana will begin operating the Dreamliner much sooner. Through a separate agreement with Air Lease Corporation (ALC), three leased Boeing 787-9s are expected to join the fleet in the first quarter of 2026. These leased units will allow the carrier to begin pilot training and route expansion immediately, bridging the gap until the direct orders arrive.

Technical Specifications and Fleet Modernization

The selection of the 787-9 variant represents a significant upgrade in capacity and efficiency over Air Astana’s current widebody workhorse, the Boeing 767-300ER. Data provided in the announcement indicates the new Dreamliners will feature a two-class configuration with 303 seats, a substantial increase from the 223 seats offered on the 767s.

In a notable strategic pivot, Air Astana has selected General Electric GEnx-1B engines to power the new fleet, moving away from a 2012 intention to utilize Rolls-Royce Trent 1000 engines. The airline cites the 787-9’s superior fuel efficiency and range, approximately 7,530 nautical miles, as critical factors in the decision.

“Boeing airplanes have been integral to Air Astana’s operations from the beginning. We are proud that the 787 Dreamliner will support Central Asia’s growing importance in global aviation.”

, Paul Righi, VP of Commercial Sales (Eurasia), Boeing

Strategic Expansion: The “Holy Grail” of New York

A primary driver behind this investment is the airline’s ambition to launch non-stop service from Kazakhstan to New York (JFK). This route has long been a strategic goal but faces significant logistical hurdles due to the closure of Russian airspace following geopolitical sanctions.

The current geopolitical climate necessitates a southern route over the Caspian Sea, Turkey, and Europe, adding considerable distance to the flight path. The extended range of the Boeing 787-9 is essential to making this detour commercially and operationally viable, allowing Air Astana to bypass Russian airspace without sacrificing payload or requiring technical stops.

AirPro News Analysis

The timing of this order suggests Air Astana is aggressively positioning itself as the dominant connector in the Central Asian market, outpacing regional competitors like Uzbekistan Airways. By securing the 787-9, the airline is not only solving the immediate problem of airspace restrictions but is also future-proofing its fleet against fuel price volatility. The shift to GE engines likely reflects a desire for reliability on these ultra-long-haul routes, where engine performance over remote regions is paramount.

Leadership Transition

The finalization of this order serves as a capstone achievement for outgoing CEO Peter Foster, who is set to retire in March 2026. Foster has led the airline through its recent IPO and this historic fleet renewal. He will be succeeded by current CFO Ibrahim Canliel, who will oversee the financial integration of these assets.

“The 787-9’s advanced technology and efficiency will allow us to connect Kazakhstan to new markets, including North America, with a superior passenger experience.”

, Peter Foster, Outgoing CEO, Air Astana

Sources

Sources: Boeing Mediaroom

This article is based on an official press release from BlueFive Capital.

BlueFive Capital Launches Aircraft Leasing Platform in Oman, Targets $1 Billion Fund

BlueFive Capital, a global alternative investment firm, has officially announced the launch of BlueFive Leasing, a new dedicated aircraft leasing and asset management platform headquartered in Muscat, Oman. The initiative marks a significant expansion for the firm, which is led by former Investcorp Co-CEO Hazem Ben-Gacem.

According to the company’s announcement, the new venture is established through a strategic partnership with a major Omani sovereign institution. To fuel its operations, BlueFive Leasing has commenced fundraising for BlueFive Wings Fund I, an investment vehicle targeting more than $1.0 billion in capital commitments to acquire commercial aircraft assets.

Strategic Expansion into Aviation Finance

BlueFive Leasing aims to capitalize on the robust demand for air travel across the Middle-East, Asia, and Africa. By establishing its headquarters in Muscat, the platform aligns with broader regional goals to develop local financial markets and diversify economic activities.

The platform’s mandate is broad, covering the full age spectrum of commercial-aircraft. According to the press release, the company plans to build a portfolio containing a mix of:

• Narrow-body aircraft: Serving high-frequency short-to-medium haul routes.
• Wide-body aircraft: Catering to long-haul international travel.

This flexible approach allows BlueFive Leasing to offer competitive solutions to established airlines globally, particularly those modernizing fleets or expanding routes in high-growth emerging markets.

“The launch of BlueFive Leasing reflects our strategic ambition to diversify regional investment portfolios and provide a new source of aviation capital from the GCC.”

, Hazem Ben-Gacem, Founder & CEO of BlueFive Capital

Leadership and Capital Growth

The launch of the leasing platform follows a period of rapid growth for BlueFive Capital. Founded in late 2024, the firm has quickly scaled its operations. Following the recent close of its $3 billion Onyx Fund I, which focuses on technology investments in the U.S. and Europe, BlueFive Capital now reports approximately $7.4 billion in assets under management (AUM).

Hazem Ben-Gacem, who brings three years of leadership experience from Investcorp, serves as the driving force behind the firm. While specific executive appointments for the leasing arm’s day-to-day management have not yet been detailed, the company states it has assembled an expert management team with deep experience in aviation finance.

AirPro News Analysis

The establishment of BlueFive Leasing represents more than just a new investment vehicle; it signals the continued maturation of the Gulf Cooperation Council (GCC) as a global hub for aviation finance. Historically, the region was known primarily for its world-class carriers like Emirates and Qatar Airways. Today, however, Gulf nations are moving “upstream” to own the assets themselves.

BlueFive Leasing joins a growing list of regional heavyweights, including Dubai Aerospace Enterprise (DAE) and Saudi Arabia’s AviLease. By partnering with an Omani sovereign institution, widely believed by industry analysts to be the Oman Investment Authority (OIA) or its Future Fund Oman, BlueFive is effectively leveraging sovereign wealth to capture value from the very assets that service the region’s booming travel hubs.

Furthermore, the decision to trade across the “full age spectrum” rather than focusing exclusively on new-technology aircraft suggests an opportunistic strategy. This approach may allow the firm to generate higher yields by trading mid-life assets, a segment where demand remains high due to production delays at major manufacturers like Boeing and Airbus.

Summary of Key Facts

• Entity Name: BlueFive Leasing
• Headquarters: Muscat, Oman
• Target Fund Size: $1.0 billion+ (BlueFive Wings Fund I)
• Parent Company AUM: ~$7.4 billion
• Primary Markets: Middle East, Asia, Africa

Sources

• BlueFive Capital