THE HAVES AND HAVE-NOTS

It was the spring of hope, it was the winter of despair. To borrow from Dickens, the pandemic has created a tale of two markets.

Lessors will face an uneven decline in company fortunes, but also an uneven recovery. Certain lessors will be more exposed during this crisis because of where they are on the credit spectrum related to their lessees and where they are on the capital spectrum related to raising debt.