Still no stellar delivery levels in February At Airbus we track 39 deliveries in February, made of: 3 A220s, 9 A320s, 23 A321s, 2 A330s and 2 A350s. We point to a particularly high mix of A321 deliveries this month. While this is an improvement from the 20 deliveries of January, this compares to 49 deliveries in February 2022 and continues to be at low levels in the grand scheme of things. Following the guidance set at 720 aircraft deliveries during full year results two weeks ago, the bar is set low for 2023 (59 units increment y-y), which will continue to have a backloaded delivery profile in our view. We take a deeper dive on this topic and implications in our latest note: AIRBUS (+) : Completing the clean-up (25). At Boeing, we track 27 deliveries (24 737MAX, 1 747, 1 777 and 1 787) versus 22 last year. MTU deliveries continue their upbeat track We identify 80 LEAP deliveries in February (vs 92 last year), with a continuing skew to the 737Max versus the A320 (32 and 48 respectively) albeit lower than the 54-engine gap between both programmes observed in January. We however continue to note a strong level of engine deliveries MTU is exposed to in February, with 40 GTF deliveries (vs 30 last year) and 46 total across all programmes (versus 34 last year). On the other hand, Rolls-Royce deliveries continue to lag with only 8 identified deliveries (2 Trent 700, 4 XWB and 2 Trent 7000) versus 18 last year. Slow take off in 2023 for business jets deliveries Concerning business jets, we identify 12 total deliveries in February: 2 Bombardier, 3 Cessna, 1 Embraer, 4 Gulfstream and 2 Falcon, versus 22 deliveries last year. This represents a slight improvement from January levels (only 8 total deliveries) but is well below the average monthly level of deliveries in the high 30s observed in 2022. Albeit we recognise the first two months of the year are usually the lowest months for business jet deliveries, so far January and February levels have...