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BOC Aviation Renews $3.5B Credit Facility with Bank of China to 2031

BOC Aviation extends its $3.5 billion revolving credit facility with Bank of China to 2031, securing liquidity for aircraft investments and growth.

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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.

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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.


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Photo Credit: BOC Aviation

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Aircraft Orders & Deliveries

Biman Bangladesh Airlines Orders 10 Airbus A350 A321neo Jets

Biman Bangladesh Airlines finalizes a firm order for 4 A350-900s and 6 A321neos, completing a 35-aircraft 2026 procurement cycle.

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Biman Bangladesh Airlines Orders 10 Airbus A350 A321neo Jets

Biman Bangladesh Airlines has finalized a firm order for 10 Airbus aircraft, marking a definitive shift toward a mixed-fleet strategy following a year of unprecedented procurement activity.

In a press release issued on October 7, 2026, Airbus confirmed the agreement covers four Airbus A350-900 widebody jets and six Airbus A321neo single-aisle aircraft. The deal diversifies the national carrier’s historically Boeing-dominated fleet and brings its 2026 acquisition pipeline to 35 new aircraft across both major manufacturers.

Strategic fleet diversification

The introduction of Airbus equipment represents a structural change for Biman Bangladesh Airlines, which currently operates a fleet of 19 aircraft consisting primarily of Boeing jets and De Havilland Dash-8 turboprops. The signing ceremony took place in Dhaka, Bangladesh, while Airbus formally announced the order from its headquarters in Toulouse, France.

Biman intends to deploy the new aircraft across distinct network segments. According to statements published by The Daily Star, Biman Managing Director and Chief Executive Officer (CEO) Kaizer Sohel Ahmed indicated the Airbus A350-900s will serve long-haul routes to provide lower fuel burn and emissions. The Airbus A321neos will be utilized to strengthen the carrier’s regional network and open new markets.

Ahmed emphasized that the procurement decision followed rigorous evaluation of the airline’s network and financial strategy, guided by independent expert advice.

Airbus Commercial Aircraft Executive Vice President of Sales Benoît de Saint-Exupéry described the agreement as a significant milestone in the manufacturer’s partnership with the airline.

“Together, the A350 and A321neo form the perfect fleet strategy for Biman as it spreads its wings to new international destinations, catering to the growing demand across its network,” Saint-Exupéry said.

A year of rapid procurement

The Airbus agreement caps a massive procurement cycle for Biman Bangladesh Airlines throughout 2026. Prior to the October 7 announcement, the carrier committed to 25 Boeing aircraft across two separate orders.

On April 30, 2026, Biman ordered 14 Boeing aircraft, comprising Boeing 787 Dreamliner and Boeing 737 MAX models. This was followed on September 23, 2026, by an order for 11 additional aircraft, specifically five Boeing 787-10 Dreamliners and six Boeing 737-8s, according to reporting by Aviation Week.

The combined orders will drive a rapid expansion of the national carrier. Reporting by The Business Standard indicates the procurement pace will see Biman’s fleet grow from 19 to 54 aircraft by 2035. This figure exceeds the government’s previously stated target of 47 aircraft.

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Market drivers and delivery timeline

The fleet expansion is anchored by strong demographic and economic drivers in Bangladesh. Airbus noted the country has a population of 200 million and a global diaspora of 15 million people, particularly concentrated in the Middle East and Southeast Asia. This diaspora maintains high baseline demand for international air travel.

“Bangladesh is a dynamic nation of 200 million people, backed by a resilient economy and a rapidly growing travel market,” said Rumee A. Hossain, Chairman of the Board of Directors for Biman Bangladesh Airlines. “In this context, our planned fleet expansion represents a measured and reasonable ambition.”

Currently, more than 700,000 passengers travel annually between Dhaka and 10 major global cities. The Daily Star reports this specific market is expected to grow by an additional 500,000 passengers by 2030. Reuters notes that Biman currently serves approximately 20 percent of the country’s air passengers.

The exact delivery schedule for the Airbus aircraft remains unconfirmed by the manufacturer. However, Bangladesh Civil Aviation and Tourism Minister M. Rashiduzzaman Millat has publicly requested that Airbus deliver at least one aircraft by the 2026 to 2027 timeframe to expedite the modernization effort. Local media reports suggest the bulk of Biman’s 35 newly ordered aircraft, encompassing both Boeing and Airbus deliveries, will join the fleet between 2031 and 2035.

AirPro News analysis

The decision by Biman Bangladesh Airlines to split its massive 2026 order book between Boeing and Airbus marks a definitive end to Boeing’s historical monopoly over the carrier’s jet fleet. While operating a mixed fleet introduces additional complexity in maintenance, crew training, and spare parts inventory, it also provides the airline with leverage in future negotiations and insulates its expansion plans from production delays at any single manufacturer.

The sheer scale of the expansion presents a significant execution challenge. Tripling the fleet size from 19 to 54 aircraft within a decade will require substantial parallel investments in pilot recruitment, maintenance infrastructure, and ground operations at Hazrat Shahjalal International Airport (DAC). The success of this multi-billion-dollar procurement cycle will depend heavily on the airline’s ability to scale its operational capacity to match its new metal.

Photo Credit: Airbus

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Aircraft Orders & Deliveries

Croatia Airlines Takes Delivery of Two Airbus A220-300s

Croatia Airlines receives its 12th and 13th A220-300s, advancing its 15-aircraft fleet renewal and nearing A319 retirement.

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Croatia Airlines Takes Delivery of Two Airbus A220-300s

Croatia Airlines has taken delivery of two new Airbus A220-300 aircraft, bringing its next-generation fleet to 13 and signaling the imminent retirement of its legacy Airbus A319s.

The state-owned flag carrier announced the double delivery in an October 5, 2026, press release, marking a critical milestone in its 15-aircraft fleet renewal program. The aircraft arrived at Zagreb Airport (ZAG) from the Airbus facility in Mirabel, Canada, over consecutive days.

Double delivery accelerates fleet modernization

The two new Airbus A220-300s departed the Airbus manufacturing facility in Mirabel (YMX) on October 1 and October 2, 2026. According to flight routing details from AvioRadar, both aircraft transited through Copenhagen Airport (CPH) before touching down in Zagreb on October 2 and October 3, respectively.

Continuing the airline’s tradition of naming its aircraft after Croatian cities, the 12th fleet addition (registration 9A-CAW) is named “Karlovac,” while the 13th (registration 9A-CAX) is named “Sisak.” The newly delivered A220-300s are configured with a passenger seat capacity of 149. The carrier’s active A220 fleet now consists of 11 A220-300s and two smaller A220-100s, which seat 127 passengers, according to EX-YU Aviation News.

Phasing out legacy Airbus and turboprop operations

The arrival of the new airframes coincides with the final stages of Croatia Airlines’ transition to a single-type fleet. The airline is currently retiring its older Airbus A319s to make way for the A220s. EX-YU Aviation News reported that the final commercial flights for the A319 are tentatively scheduled for October 11, 2026, with one final rotation from Zagreb to Split, Rome, Split, and back to Zagreb planned for October 23, 2026.

This transition follows the retirement of the carrier’s last Airbus A320 earlier in the year. The final A320, registered as 9A-CTO, was withdrawn from service on January 26, 2026, concluding nearly three decades of operations for the type at the airline.

The fleet modernization program also extends to the carrier’s regional operations. The airline expects to withdraw its remaining De Havilland Canada Dash 8-400 turboprops by March 2027.

Completing the 15-aircraft order

Croatia Airlines is undertaking the largest fleet renewal project in its history, utilizing the Airbus A220 to modernize its operations. Designed specifically for the 100-150 seat market, the A220 provides the carrier with significant improvements in fuel efficiency and noise reduction compared to its previous-generation aircraft.

The airline expects to take delivery of its 14th Airbus A220 by the end of 2026. The 15th and final aircraft is scheduled for delivery in 2027, which will complete the fleet renewal program. According to EX-YU Aviation News, the final two aircraft are expected to be named “Varaždin” and “Vinkovci.”

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Photo Credit: Croatia Airlines

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Aircraft Orders & Deliveries

ACG Delivers Sixth Boeing 737-8 to Royal Air Maroc

Aviation Capital Group completes a six-aircraft Boeing 737-8 lease with Royal Air Maroc, supporting the airline’s Vision 2037 fleet expansion.

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ACG Delivers Sixth Boeing 737-8 to Royal Air Maroc

Aviation Capital Group LLC (ACG) has completed a six-aircraft lease transaction with Compagnie Nationale Royal Air Maroc, delivering the final Boeing 737-8 to the Moroccan flag carrier on October 5, 2026.

The handover concludes an orderbook commitment initiated in March 2026, with all six CFM LEAP-1B-powered narrowbodies delivered within a six-month window. Announced in a press release by the Newport Beach, California-based lessor, the transaction provides immediate capacity for Royal Air Maroc as the airline executes a government-backed fleet expansion strategy ahead of the 2030 FIFA World Cup.

Executing the six-aircraft commitment

The delivery sequence began on March 31, 2026, when ACG announced the handover of the first Boeing 737-8 to Royal Air Maroc. Meeting the delivery schedule required coordination between the lessor, the airline, and The Boeing Company to ensure all six airframes entered service efficiently.

Carter A. White, Executive Vice President and Chief Commercial Officer of ACG, highlighted the operational coordination required to meet the timeline.

“With this latest delivery, ACG marks the addition of the sixth 737-8 to Royal Air Maroc’s fleet in six months, a fantastic achievement by everyone involved,” White said in a statement. “We are proud to support the airline’s ongoing fleet renewal and expansion plans and wish the Royal Air Maroc team every success with these new aircraft.”

The transaction adds to the portfolio of ACG, a global full-service aircraft asset manager founded in 1989 and operating as a wholly owned subsidiary of Tokyo Century Corporation. As of June 30, 2026, the lessor managed, owned, or had commitments for approximately 500 aircraft. These assets are distributed across roughly 85 airlines in about 50 countries.

Royal Air Maroc’s Vision 2037 expansion

The six leased Boeing 737-8 aircraft serve as a capacity bridge for Royal Air Maroc as it pursues a long-term growth mandate under the leadership of Chairman and Chief Executive Officer Abdelhamid Addou. Based at Mohammed V International Airport in Casablanca, the national carrier is operating under a government-backed development program dubbed “Vision 2037,” which was signed in July 2023. The airline is tasked with quadrupling its fleet size to support Morocco’s tourism targets. The country aims to attract 26 million visitors by 2030, the year it will co-host the FIFA World Cup.

According to reporting by Le360, Royal Air Maroc operated approximately 50 aircraft in 2021. The airline reached a fleet size of 70 aircraft in late September 2026 following the delivery of another Boeing 737 MAX 8, registered as CN-RHS. The carrier targets a total fleet of 74 aircraft by the end of 2026 and 88 aircraft by 2027, with an ultimate goal of 200 aircraft by 2037.

To secure the necessary airframes for the 2037 target, Royal Air Maroc launched a tender in April 2024 to acquire up to 200 aircraft directly from major manufacturers. While the airline evaluates those long-term procurement options, leasing agreements provide the short- and medium-term lift required to maintain network growth.

The capacity additions are already supporting new route development. Aviation Week reported that Royal Air Maroc has actively expanded its network throughout 2026. This expansion included the launch of a direct route from Casablanca to Los Angeles in June 2026 utilizing Boeing 787 aircraft, alongside planned frequency increases to destinations across Europe and Africa.

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Photo Credit: Aviation Capital Group

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