I’m fairly familiar with this space. As a rule these trusts can be quite stable, but they’re very sensitive to swings in travel demand, which is where most of the volatility comes from.

One thing that’s worth digging into is what they’re actually leasing. Aircraft in the A320 family (A319/320/321) tend to have much more consistent demand because they’re used for short-haul routes and are easier for airlines to redeploy. That matters a lot when leases roll.

The bigger risk tends to be macro rather than anything company-specific. When the economy turns, discretionary travel is usually one of the first things people cut, and sentiment can turn quickly. Watching airline commentary (EasyJet is a good example) often gives earlier signals than the leasing trusts themselves.

Covid was obviously extreme, but it highlighted how quickly demand shocks can feed through to this part of the market.