12 Feb 2026
#2 February 2026: China Aviation Industry Newsletter
BOC Aviation Marks Record-Breaking Year for Transactions
BOC Aviation reported one of the most active years in its history, reinforcing its position among the world’s top five aircraft lessors. In 2025, the company added 160 aircraft purchase commitments to its orderbook and took delivery of 51 new-generation aircraft, continuing its focus on fuel-efficient types.
Active portfolio management saw 35 owned aircraft sold during the year, while utilisation across the owned fleet remained at 100%. At year end, BOC Aviation’s total portfolio comprised 815 aircraft and engines owned, managed or on order. The owned fleet of 451 aircraft had an average age of five years and an average remaining lease term of 7.8 years, supported by an orderbook of 337 aircraft. The lessor serves 87 airlines across 46 countries and regions.
CDB Aviation Issues $500 Million Senior Unsecured Notes
CDB Aviation announced that its wholly owned subsidiary, CDBL Funding 1, successfully priced $500 million in senior unsecured notes on 4 February 2026. The issuance attracted strong global investor demand, with the orderbook peaking at over $2.36 billion from around 100 institutional accounts.
CEO Jie Chen stated that the transaction reflects the company’s continued efforts to optimise its capital structure and strengthen competitiveness, following its return to the international bond market in 2025.
WestJet Leases Three Boeing 737-8 Aircraft from CDB Aviation
CDB Aviation delivered three Boeing 737-8 aircraft to Calgary-based WestJet as part of the airline’s ongoing fleet expansion strategy. The aircraft were delivered directly from CDB Aviation’s orderbook and support WestJet’s focus on cost-efficient growth.
CDB Aviation’s Head of Commercial, Americas, Luís da Silva noted that the companies have financed and leased a total of 13 737-8 aircraft since their first transaction in 2020, highlighting the strength of the long-term partnership.
Acumen’s Take
On BOC Aviation’s Record Year
BOC’s 100% utilisation and sustained orderbook expansion reflect strong global demand for new-generation narrowbodies. Its scale and disciplined portfolio management reinforce its top-tier lessor positioning.
On CDB Aviation’s Bond Issuance
The oversubscribed $500 million note issuance signals continued investor confidence in aviation leasing credit. Access to diversified capital remains a competitive advantage in a higher-rate environment.
On WestJet’s 737-8 Deliveries
WestJet’s continued induction of 737-8 aircraft highlights the sustained relevance of efficient narrowbody growth in North America. For lessors, orderbook-backed placements remain a key driver of long-term lease visibility.
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