reports
- Ben Rickett
Eutelsat (Sell, €1.0, -60%) French army provides some reinforcement
The French army yesterday announced a framework agreement with Eutelsat, including the procurement of OneWeb capacity. In this Quick Take we discuss how much revenue this contact could generate, and implications for the longer-term viability of Eutelsat’s LEO ambitions.
- Carole Braudeau
- Carole Braudeau
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
SZG SALZGITTER AG
TEP TELEPERFORMANCE SE
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AAL ANGLO AMERICAN PLC
- Delphine Chauvin
Groupe SEB : Recommandation Neutre (conserver) sur les nouvelles oblig...
Seb a bouclé hier le placement d’une obligation de 500 m EUR qui arrivera à échéance en juin 2030. L’IPT a ouvert à « ms+185bp area », puis la guidance a été abaissée à « ms+155bp area », et au final, les titres ont été placés à ms+150bp (coupon 3.625%, reoffer 99.556%). Les leads ont indiqué avoir reçu près de 2.1 mds EUR d’ordres en book. Nous démarrons le suivi de ces nouvelles obligations SKFP 30 avec une recommandation Neutre (conserver), le pricing final étant quasiment à notre fair value...
- Delphine Chauvin
Groupe SEB : Neutral (hold) recommendation on the new SKFP 30 notes
Seb Yesterday, Seb completed the placement of a €500m bond maturing in June 2030. The IPT opened at “ms+185bp area,” then guidance was lowered to “ms+155bp area,” and ultimately the bonds were placed at ms+150bp (coupon 3.625%, reoffer 99.556%). The leads reported that they had received nearly €2.1bn in orders. We are initiating coverage of these new SKFP 30 bonds with a Neutral (hold) recommendation, as the final pricing is virtually in line with our fair value. In our view, Seb has an Invest...
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
WTB WHITBREAD PLC
SZG SALZGITTER AG
TEP TELEPERFORMANCE SE
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AAL ANGLO AMERICAN PLC
- Ahmed Ben Salem
- Baptiste Lebacq
ETL EUTELSAT COMMUNICATIONS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
HCO HIGHCO SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
AZE AZELIS GROUP NV
HBX HBX GROUP INTERNATIONAL PLC
AAL ANGLO AMERICAN PLC
- Emna Ben Bdira
- Maxime Kogge
- Ahmed Ben Salem
- Baptiste Lebacq
ETL EUTELSAT COMMUNICATIONS SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
HCO HIGHCO SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
AZE AZELIS GROUP NV
HBX HBX GROUP INTERNATIONAL PLC
AAL ANGLO AMERICAN PLC
- ING Helpdesk
- Stephane Beyazian
- Maxime Kogge
MT ARCELORMITTAL SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
AAL ANGLO AMERICAN PLC
- Emna Ben Bdira
- Maxime Kogge
- Maxime Kogge
MT ARCELORMITTAL SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
AAL ANGLO AMERICAN PLC
- Christophe Chaput
- Christophe Chaput
- Stephane Beyazian
ArcelorMittal completes the acquisition of Nippon Steel Corporation’s ...
ArcelorMittal completes the acquisition of Nippon Steel Corporation’s interest in AM/NS Calvert 18 June 2025, 19:30 CET In accordance with the definitive Equity Purchase Agreement (the “EPA”) signed between ArcelorMittal (the “Company”) and Nippon Steel Corporation (“NSC”) on 11 October 2024, the Company confirms that it has completed the acquisition (the “transaction”) of NSC’s 50% equity stake in AM/NS Calvert, with ArcelorMittal already holding the balance. The facility, now renamed ArcelorMittal Calvert, was originally acquired by ArcelorMittal and NSC in 2014 from ThyssenKrupp for t...
- Delphine Chauvin
Groupe SEB : Issuance Focus
Seb is returning to the bond market with an offering of € 500m five-year notes which will be used to refinance the SKFP 1.375% 2025 notes due on 16 June 2025. Although the group is a regular issuer of commercial paper and schuldschein debt, it rarely taps the bond market and does not have an issuer rating with S&P, Moody's or Fitch. The new bond offering will therefore be "priced" as "non-rated" and should therefore offer a premium over rated comparable bonds.
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