07-03-2025
Eutelsat's Stunning Market Gains Leave Short Sellers Scrambling
It was US President Donald Trump's furious Oval Office clash with his Ukrainian counterpart last Friday that convinced fund manager Hugo Squire it was time to buy bonds in Eutelsat Communications SA.
The French satellite operator's debt was trading at near-distressed levels, with some money managers citing it as a popular short bet for hedge funds and trading desks. This week though, the unfolding signs of a geopolitical shift, and Europe's race for an alternative to Elon Musk's Starlink are driving a stunning reversal, lifting shares by about 400% and pushing its bonds well above face value.
