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EUR TMT Week In Review

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  • The Comms/Tech indices were -0.4bp/+0.2bp WoW vs. the €IG index as of the Thurs close for YTD underperformance of 9.7bp/12.7bp.
  • Supply came this week in the form of Orange’s EUR 600mn long 10yr that tightened 32bp to price at MS+88bps with a NIC of 6bp and a cover of 1.75x. The line sits roughly 2bp wider as of the time of writing. No rating changes.
  • On spreads, Worldline is the worst WTD performer on this morning’s news of the CEO’s departure and guidance cut; https://marketnews.com/worldline-spreads-widen-on-ceo-departure-and-another-guidance-cut-credit-negative.
  • BT underperformed this week with some lines close over 10bp wider WoW; we noted the story on Wednesday that Telecom Italia was seeking to be paid EUR 100mn to takeover BT’s Italian unit which is clearly a negative though we didn’t read it as much of a mover; https://marketnews.com/telecom-italia-reportedly-asks-for-eur-100mn-to-takeover-bts-italian-unit.
  • Dell’s short-end underperformed; not much in the news aside from comments in their 10-Q that they would continue cutting jobs in FY25 in the face of AI margin pressures, weak PC sales and higher chip costs. Omnicom’s curve also flattened against limited news flow.
  • Elsewhere, the CMA is seeking additional remedies for the Vodafone-Three merger though spreads are muted with remedies likely expected; https://marketnews.com/cma-seeks-additional-three-vodafone-remedies.

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  • The Comms/Tech indices were -0.4bp/+0.2bp WoW vs. the €IG index as of the Thurs close for YTD underperformance of 9.7bp/12.7bp.
  • Supply came this week in the form of Orange’s EUR 600mn long 10yr that tightened 32bp to price at MS+88bps with a NIC of 6bp and a cover of 1.75x. The line sits roughly 2bp wider as of the time of writing. No rating changes.
  • On spreads, Worldline is the worst WTD performer on this morning’s news of the CEO’s departure and guidance cut; https://marketnews.com/worldline-spreads-widen-on-ceo-departure-and-another-guidance-cut-credit-negative.
  • BT underperformed this week with some lines close over 10bp wider WoW; we noted the story on Wednesday that Telecom Italia was seeking to be paid EUR 100mn to takeover BT’s Italian unit which is clearly a negative though we didn’t read it as much of a mover; https://marketnews.com/telecom-italia-reportedly-asks-for-eur-100mn-to-takeover-bts-italian-unit.
  • Dell’s short-end underperformed; not much in the news aside from comments in their 10-Q that they would continue cutting jobs in FY25 in the face of AI margin pressures, weak PC sales and higher chip costs. Omnicom’s curve also flattened against limited news flow.
  • Elsewhere, the CMA is seeking additional remedies for the Vodafone-Three merger though spreads are muted with remedies likely expected; https://marketnews.com/cma-seeks-additional-three-vodafone-remedies.