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Eutelsat FV

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  • IPT given at 10%-10.25% which looks wide vs. secondary to us; their 2027s closed yesterday at 7.85% though have sold off since IPT to sit just below 8.4% (having touched 8.6% earlier).
  • FV looks around 8.75%-9.25% to us – noting the low cash prices of EUR 83.7 and EUR 75.5 on the 2027s and 2028s.
  • Eutelsat bonds recently rallied on 20 Mar on their renewed partnership with Intelsat as we flagged at the time.

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