MNI BRIEF: US May Existing Home Sales Pace Falls 0.7% To 4.11M

MNI INTERVIEW2: Uninsured Bank Deposits Still Vulnerable-Bair

CANADA APR RETAILS +0.7%, MATCHING FORECAST, PRIOR -0.3%

MNI BRIEF: China Hopes EU To Ease Frictions Via Negotiations

MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

EZ/UK Bond Supply Calendar: EU Auction, BoE APF Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

American Tower FV (Exp. EU500m 6Y, Exp. EU500m 10Y; Baa3/BBB-/BBB+)

COMMUNICATIONS
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • IPT given at MS+140-145bps and MS+170-175bps; we see FV around MS +115a and MS+145a noting the low cash prices on the AMT 32s and 33s
  • AMT’s Q1 results were slightly ahead of consensus with slight guidance upgrades for the year and stable credit metrics; leverage fell to 5x from 5.2x against management’s target of 3-5x (calculated using last quarter annualised EBITDA).
  • The attitude towards M&A seems to be one of the bigger differences to Cellnex who have repeatedly indicated that deleveraging was the priority whereas we don’t see that AMT have indicated any departure from their policy which has seen leverage move far beyond target to fund acquisitions such as in 2021.
  • Last EUR supply was in May 2023; their EUR 600m 4y line tightened 20bps from IPT to price at MS+110 with a NIC of ~10bp and a cover of 1.33 while the EUR 500mn 8y tightened 10bps to price at MS+175bp with a NIC of ~25bp and a cover of 1.75x.



163 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • IPT given at MS+140-145bps and MS+170-175bps; we see FV around MS +115a and MS+145a noting the low cash prices on the AMT 32s and 33s
  • AMT’s Q1 results were slightly ahead of consensus with slight guidance upgrades for the year and stable credit metrics; leverage fell to 5x from 5.2x against management’s target of 3-5x (calculated using last quarter annualised EBITDA).
  • The attitude towards M&A seems to be one of the bigger differences to Cellnex who have repeatedly indicated that deleveraging was the priority whereas we don’t see that AMT have indicated any departure from their policy which has seen leverage move far beyond target to fund acquisitions such as in 2021.
  • Last EUR supply was in May 2023; their EUR 600m 4y line tightened 20bps from IPT to price at MS+110 with a NIC of ~10bp and a cover of 1.33 while the EUR 500mn 8y tightened 10bps to price at MS+175bp with a NIC of ~25bp and a cover of 1.75x.