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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.
COMMUNICATIONS
- BT Profile: NR/BBB/BBB Vodafone Profile: Baa2/BBB/BBB[P]
- BT spreads have underperformed similarly rated peers including close peer Vodafone during the recent sell-off with the curve now in places offering close to 35bps of pickup vs. Vodafone. Both issuers reported on 25 July with Fitch affirming BT at BBB on 01 August. Spreads between the two now sit at YTD highs in places.
- BT reported Q1 earnings that we considered to be mixed results with a revenue miss (-2% YoY) on the back of weak performance in the business segment, but an EBITDA beat (+1% YoY) on broad-based performance and on OpenReach ARPU growth and FTTP volumes despite ongoing broadband line losses which remain an acute concern.
- Vodafone reported strong results at the group level, with service revenues and EBITDAal both over +5% YoY albeit with the results somewhat overshadowed by renewed weakness in the German market returning to organic revenue contraction and KPI losses. That said the credit has a lot of momentum behind it as one of the best MoM performers in €IG TMT with investors largely focussed on strategic refocussing and asset sales.
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.
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