SES Sells Novel ‘Space’ Bond Ranking Below Typical Hybrids

European satellite operator SES SA, a rival to Elon Musk’s Starlink network, has sold an unusually structured hybrid bond, which it hopes will help it reclaim an investment-grade credit rating.

The company raised €650 million ($749 million) by issuing so-called Space bonds — subordinated perpetual with automatic conversion events — for which investors placed more than €3.2 billion of bids, said a person familiar with the matter who asked not to be identified.