Boeing and Airbus Battle for SMBC Aviation Capital’s 100-Jet Narrowbody Order at Farnborough

Boeing and Airbus are locked in a tight race for a massive narrowbody aircraft order from SMBC Aviation Capital, the Dublin-based leasing giant. An announcement could come any day this week at the Farnborough International Airshow. The deal involves roughly 100 jets—potentially one of the show’s biggest transactions—and would hand whichever company wins a crucial boost to its production-line certainty.

SMBC Aviation Capital runs 1,700 aircraft spread across 170 airlines worldwide. On 9 July, the company beefed up its unsecured revolving credit facility from $1.1 billion to $3 billion. A banking syndicate of 22 institutions—spanning North America, Asia, the Middle East, and Europe—backed the expansion. That move signals SMBC is ready to write big checks. An additional $3.7 billion syndicated facility, finalized in April after SMBC acquired Sumisho Air Lease Corporation, further solidifies the lessor’s buying power.

According to anonymous Bloomberg sources, Boeing is deep in talks to supply approximately 100 737 MAX aircraft. Airbus, meanwhile, is negotiating a similar-scale A320neo-family commitment. No official deal has been announced as of 17 July—but Farnborough typically sees press conferences and order reveals cluster on the opening days, 20 and 21 July, when media attention peaks and airline teams are most focused.

“This transaction further deepens our existing banking relationships, and we are pleased to welcome an additional fifteen new banking partners,” said Aisling Kenny, Chief Financial Officer of SMBC Aviation Capital. The expanded credit reflects SMBC’s confidence in near-term aircraft purchases and positions the lessor as a major player in the procurement game.

Both manufacturers face the same harsh reality. Meaningful production slots for A320neo-family and 737 MAX jets have dried up—availability doesn’t open until around 2033. “With meaningful A320neo-family and 737 MAX slots increasingly limited until around 2033, airlines that need aircraft for replacement or growth must act now,” said Dr. Stuart Hatcher, Chief Economist and Chief Data Officer at IBA, the aircraft valuation and market intelligence firm.

SMBC’s current orderbook totals 430 aircraft valued at $26 billion. Ninety percent of those positions are already forward-placed through Q1 2028. The company’s fleet skews heavily—80 percent by net book value—toward new-technology aircraft, emphasizing fuel efficiency and operational economics. A 100-aircraft order would reshape production-slot assignments at both manufacturers and likely ripple through lessor procurement calendars all the way to 2032.

SMBC has worked with both manufacturers before, which strengthens each competitor’s hand. In 2019, the lessor ordered 65 A320neo-family aircraft—50 A320neo and 15 A321neo—valued at $7.4 billion list. Late last year, SMBC and United Airlines closed a purchase-and-leaseback deal for 20 Boeing 737 MAX 9 aircraft, building on earlier placements of 737 MAX 8 and A321neo jets with United.

The timing taps into a wave of Farnborough deal activity. Industry forecasters project as many as 875 commercial aircraft orders and commitments could be unveiled at the 2026 show, with narrowbody jets accounting for roughly 480 units. Through the first five months of 2026, Airbus logged 368 orders versus Boeing’s 140, though Boeing has gained momentum in recent weeks as Pratt & Whitney engine delays moderately ease supply constraints on Airbus’s A220 and A320neo programs.

More major deals are brewing this week. Philippine Airlines is set to announce orders for 15 Boeing 787-10 Dreamliners and nine Airbus A350-1000 aircraft. Reports also hint at a potential 200-aircraft commitment for the Chinese market—a transaction that could significantly swing manufacturer order tallies if confirmed.

SMBC’s decision, expected within days, will reveal which manufacturer’s production roadmap and delivery schedule inspire lessor confidence. In this industry, that kind of vote carries enormous weight in how capital gets deployed.

Sources

• Boeing, Airbus Vie for Major Plane Order From Jet Lessor SMBC — Bloomberg, 16 July 2026
• Aviation News Online
• SMBC Aviation Capital official press releases and investor relations disclosures
• IBA (Aircraft Value Analysis) market intelligence reports