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COMMUNICATIONS: T-Mobile CMD In Line With Consensus; Flexible Allocation Policy

COMMUNICATIONS

NR/BBB/BBB+

TMUS 2027 targets released at the CMD yesterday are relatively near-term and look broadly in line with consensus so don’t seem likely to move spreads much while the planned capital allocations leave them a large degree of flexibility with certain funds uncommitted between investments, payouts and delevering. USD lines were mixed and muted yesterday with most lines up to 2bp tighter.

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NR/BBB/BBB+

TMUS 2027 targets released at the CMD yesterday are relatively near-term and look broadly in line with consensus so don’t seem likely to move spreads much while the planned capital allocations leave them a large degree of flexibility with certain funds uncommitted between investments, payouts and delevering. USD lines were mixed and muted yesterday with most lines up to 2bp tighter.

Keep reading...Show less