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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
BRITEL NR/BBB/BBB Spreads Muted, Slightly Steeper
- The Mail on Sunday reportedly indicated that BT has quietly listed its Global division for sale; we had previously flagged news on the sale of it’s Irish and Italian units though the latest reports imply that a sale of the division could be done in one transaction. Equity is muted on the report though so this may have been baked into expectations already. These transactions are small positives on the strategic refocussing of the group under CEO Kirkby though proceeds aren’t flagged or likely to be used for deleveraging.
- BT Global in FY23 generated adj-revenue of GBP 3.3bn, adj-EBITDA of GBP 0.5bn and nFCF of just GBP 63mn representing 16.1%, 5.8% and 4.7% of group totals respectively. The division, which provides cloud, security, and network solutions to multinational clients, last year merged with the Enterprise division to form BT Business.
- The article notes that PE and potential buyers like Verizon, Amazon, and Microsoft are exploring acquisition possibilities.
- H1 results on Thursday will likely see the CEO questioned on sale progress; market is looking for Q2 revenue -0.5% and adj-EBITDA +0.2% albeit with a low number of estimates. Spreads are at tight levels vs. Vodafone following strong performance since mid-Sept.
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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