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CREDIT UPDATE: SES Perps (SESGFP hyb: Ba2/BB+): Selling off

CREDIT UPDATE
A few clients have asked why SES perps are lower.
  • There was a news story earlier that sent VSAT (-13%) lower. The contract for United Airlines inflight WiFi went to Starlink instead.
  • Should this send SES lower ? It’s not obvious. SES mainly deals in MEO and GEO satellites rather than the Low Earth Orbit which is used for low latency internet connectivity
  • The equity is not really moving. (+2.2% actually)
  • Basically, there is an overhang of a new issue and the market doesn’t need much excuse to sell-off. That’s all
  • SESGFP 5.5% NC5.25 -1.75pts
  • SESGFP 6% NC8 -1.5pts

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