4 articles
Liberty Global and Eutelsat are among European telecom and utility companies actively refinancing debt in favorable credit conditions during Q1 2026. The coordinated wave of capital restructuring targets 2026-2028 debt maturities through convertible notes, tender offers, and term loan refinancings.
Satellite operator Eutelsat is pursuing a €1.5 billion senior notes offering to refinance existing debt, part of a broader wave of corporate capital management activities across Europe and the US in early 2026. The refinancing trend reflects companies optimizing balance sheets amid favorable market conditions, with parallel initiatives including Duke Energy's $1 billion convertible notes offering.
Tikehau Capital set 2029 targets of €175-225m fee-related earnings and 45-50% core margins, up from 41% in 2025, as European private equity firms shift toward higher-margin strategies. The Paris-based manager's international assets now comprise 46% of total AuM versus 20% in 2016, reflecting broader sector expansion beyond home markets. Firms are maintaining selective deployment while positioning for improving European conditions.
Tikehau Capital projects fee-related earnings between €175m-€225m for 2026, up to 76% above 2025 levels and 50% beyond market expectations. European alternative asset managers are expanding internationally while maintaining selective deployment strategies with rejection rates exceeding 95%. The push coincides with favorable policy environments across European markets and growing demand for industrial real estate.
