Eutelsat - comment

Selling at 98 felt great, but the bonds are now at 105. Apparently, the change in CEO to Jean-François Fallacher was a condition for the French state to buy new shares in the business. Eutelsat are also looking for a new chairman. Earlier this year, the company did not disclose what financing plan it was working on, but as per our analysis, Eutelsat will either have to gain a lot of government contracts quickly, or go through an A&E next year or raise more equity. In light of the new focus on European military self-sufficiency, these personnel changes point to the latter.