SES - comment

Not so good news from another early refinancing. SES is taking out the November '27 notes more than a year early with a new €500m issue under the €5.5bn EMTN programme. ING is coordinating the roadshow today. What makes this noticeable is that the new bond will probably be 6% p.a. more expensive than the old and still, the company decides to go ugly early. With rates rising and new satellite commitments set to re-leverage the balance sheet, the outlook is clearly negative for the next year.