French state helps plug Alstom liquidity gap



Bondholders are once again grateful for the French government’s reluctanceto let French companies go bankrupt. Last month, the company received a €7billion refinancing deal, with the French government contributing €3 billion.The bonds immediately responded positively jumping around 12 points from 74 to86.

“This announcement throws a lifeline to the company and the explicit support ofthe French state, which we were not expecting, should allow the company to strugglethrough this year, and possi

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