The articles in this issue of Aviation Finance reflect the continuing uncertainty – and confusion – that is being experienced in the commercial aviation ecosystem. The upsurge in infection rates in many countries is causing carriers to scale back their capacity plans and industry veterans, such as aviation finance consultant Peter Chang, are taking a cautious view of how the landscape is set to change. At the same time, investors demonstrated enthusiasm for Ryanair's first note issuance in three years and CarVal Principal Justin Bradburn is now talking about preparing for ‘very attractive investment opportunities’ arising from ‘perhaps the most distressed environment that the aviation industry has faced to date.’