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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMUNICATIONS
Eutelsat (ETL FP) on the move. Equity is down near-15% and its constituent bond in EUR HY index is streaming around 90bp wider (price -1.33 at 93.55) this morning after cutting FY24 outlook.
- Company issued trading statement covering 4Q23 which downgraded revenue and EBITDA guidance on the slower rollout of Oneweb’s ground network than expected at the time of the merger in Sep-23. New medium-term financial targets will be released in Aug-24.
- The cash bonds had been trading better since the merger and the largest bond (ETLFP 2 10/02/25, see graphic) had moved all the way in to trade close to Altice’s level (which is actually rated two notches lower at B). Mgmt indicates its continuing to target “leverage of c.3x in the medium term”.
- The merger was touted as building a competitor to Starlink encompassing both geostationary and low earth orbit constellations though Oneweb LEO buildout was going to be a cash consumer.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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