Eutelsat INITIATION: Bonds on solid ground, despite OneWeb risks
Following the OneWeb merger, Eutelsat became the world’s first integrated LEO-GEO satellite operator – managing a declining legacy business whilst launching a LEO operator looking to compete with Starlink, Kuiper and others. For the bondholders, the key question is how much the restricted group will pay towards OneWeb funding costs. We estimate OneWeb will require €2bn of funding, with €1bn of this coming from the restricted group.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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