Eutelsat - comment

So far, as regards defence contracts, Eutelsat is losing faster in the US than it is gaining in Europe. Management on the call did not go into detail about what caused the change in leadership at the company, but affirmed the search for fresh equity to deleverage, which has sent shares down this morning. We are wondering if the bonds are accurately priced at 106, yielding 7.9%, but the next catalyst downwards would only be year-end earnings, which won’t come before August.