While massive backlogs at some aspiring carriers help fuel talk of a potential order bubble, the number of established airlines yet to line up replacements for older aircraft have lessors bullish on long-term prospects—and their order books show it. Air Lease Corp. lined up 85 Airbus aircraft last month—60 A321neos and a launch order for 25 A330neos—boosting its Airbus order backlog to 225. The 25 A330neos are part of a memorandum of understanding, but the other 200 are ...

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