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Carole Braudeau
  • Carole Braudeau

Credit Morning 06/05/2025

ZF issues EUR 1.25bn 2030 notes|Hanwha sells its 5.4% stake in Eutelsat|

Carole Braudeau
  • Carole Braudeau

Credit Morning 06/02/2025

Flos B&B Italia: lower results and increased leverage in Q1|Announcement by the Gabonese Government to ban crude manganese export from 2029|Eutelsat is reportedly in talks with investors to raise € 1.5bn (Bloomberg)|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 02/06/2025

Flos B&B Italia : résultats en repli et augmentation du levier auT1|Annonce du Gouvernement gabonais d’interdire les exportations de manganèse brut à partir de 2029|Eutelsat discuterait avec des investisseurs pour lever 1,5 md EUR (Bloomberg)|

Carole Braudeau
  • Carole Braudeau

Credit Morning 05/16/2025

Reportedly, Bayer thinks about sending Monsanto into chapter 11 to solve litigation|Teva: Moody’s upgrades the rating to Ba1/stable from Ba2/positive|Techem Q2 25 call notes: Likely no imminent call of EUR 750 Temporary Notes|Crédit Logement released its 2024 results|BFCM announces the call for its Perp CMS on 16/06/2025|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 16/05/2025

Reportedly, Bayer thinks about sending Monsanto into chapter 11 to solve litigation|Teva : Moody’s rehausse le rating de Ba2/positive à Ba1/stable|Techem Q2 25 call notes: Likely no imminent call of EUR 750 Temporary Notes|Crédit Logement a publié ses résultats 2024|BFCM annonce le call de son Perp CMS à la date du 16/06/2025|

Ben Rickett
  • Ben Rickett

Eutelsat 3Q25: Financing yet to launch. Move bonds to Equal Weight.

Eutelsat reported reasonable Q3 revenues, but no new financing… yet. The company still expects to receive ECA capex financing and confirmed reports that they are in talks for a substantial equity raise.

Ben Rickett
  • Ben Rickett

Eutelsat New CEO points to French fix

Eutelsat yesterday announced a new CEO, with Eva Berneke being replaced by Jean-François Fallacher – whose French credentials increase the probability of French support for the company. In this brief note we discuss what form that support could take.

Carole Braudeau
  • Carole Braudeau

Credit Morning 05/05/2025

Eutelsat appoints J-F. Fallacher as CEO and confirms its full-year guidance|Santander - Sale of 49% of Santander Polska to Erste Bank for € 7bn|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 05/05/2025

Eutelsat nomme J-F. Fallacher en tant que CEO et confirme sa guidance annuelle|Cession de 49% de Santander Polska à Erste Bank pour 7 mds EUR|

Pierre François Merveille
  • Pierre François Merveille

Eutelsat Group : Saving Private Eutelsat

The geopolitical landscape has dramatically changed since late February 2025, with 1/ press articles mentioning that access to Starlink in Ukraine could be cut off (later denied by Elon Musk) and 2/ a pause of US military aid to Ukraine. These events acted as a wake-up call for European governments that plan to increase military spending and are in need of sovereign satellite connectivity services. They are supportive for Eutelsat both in terms of future government revenues (they amounted to € 1...

Pierre François Merveille
  • Pierre François Merveille

Eutelsat Group : Saving Private Eutelsat

The geopolitical landscape has dramatically changed since late February 2025, with 1/ press articles mentioning that access to Starlink in Ukraine could be cut off (later denied by Elon Musk) and 2/ a pause of US military aid to Ukraine. These events acted as a wake-up call for European governments that plan to increase military spending and are in need of sovereign satellite connectivity services. They are supportive for Eutelsat both in terms of future government revenues (they amounted to € 1...

Chaima Ferrandon ... (+3)
  • Chaima Ferrandon
  • Christian Arnold
  • Sven Edelfelt
AKRBF AKER BP ASA
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
Chaima Ferrandon ... (+3)
  • Chaima Ferrandon
  • Christian Arnold
  • Sven Edelfelt
AKRBF AKER BP ASA
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
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