June 23rd 2022: As IATA DG Willie Walsh neatly puts it ‘There is no way to sugar coat the bitter economic and political realities we face.’ Still reeling from its biggest ever setback, commercial aviation faces huge headwinds on a number of fronts. But it also has an enthusiastic customer base and the airlines are working hard to tailor their fleets, route networks and cost bases to meet changing requirements. Paradoxically, the damage to their balance sheets creates ever more opportunities for the providers of aircraft finance.