Soft August deliveries expected at Airbus and Boeing We expect August deliveries at Airbus to be the at the usual depressed level versus other months, with our methodology landing in the range of 32-41 aircraft. We nonetheless expect Airbus to deliver at the top end of this range at 39 aircraft in August, one lower than in August 2021, composed of 2 A220, 1 A319neo, 17 A320neo, 13 A321neo, 2 A330neo and 4 A350. At Boeing we expect 41 deliveries, made of 1 737, 31 737MAXs, 2 767s, 3 777s and 4 787s, up 19 aircraft versus August 2021. Engine makers driving delays While the majority of the AandD supply chain is under pressure, the stand-out culprits behind these depressed delivery levels are engine makers. We expect the debate to remain focused on industrial execution for the remainder of the year, with particular focus on engine makers'' ability to catch up on the delays accumulated in deliveries to the OEMs. Indeed, recent comments made in the press by management hint these delays will persist until early 2023, with sources reporting in the month of August that Boeing even resorted to fitting engines from stored 737MAXs onto new aircraft at FALs. The return of widebody interest As Covid-restrictions continue to ease in China and international borders reopen in Asia (e.g. Singapore) and as cargo activity picks up, the interest in widebody aircraft has re-emerged. At Airbus, Malaysia Airlines placed an order for 10 A330neo (10 others to be leased from AerCap) and Etihad Airways firmed up an order for 7 A350Fs. At Boeing, UPS placed an order for 8 767s. All eyes on Airbus'' CMD Airbus will hold a CMD on the 23rd of September, where further visibility should be given be on the long-term dynamics of the civil aero business, alongside consideration on ESG matters.