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TECHNOLOGY: TMT Week In Review

TECHNOLOGY
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  • Comms/Tech were +0.5bp/+0.3bp relative to the €IG Corps index as of yest’s close for a YTD relative performance of -1.7bp/+4.2bp.
  • Supply this week came in the form of a triple-tranche deal from Comcast; the €900mn/€900mn/£750mn 8yr/12yr/16yr tightened by 32bp/32bp/20bp to price at MS+93bp/MS+113bp/UKT+95bp. The EUR lines had MNI-calculated NICs of 13bp/10.5bp and have tightened by 7-8bps as of the time of writing.
  • On ratings, we saw S&P move Worldline’s BBB- rating to negative outlook with the name once again significantly underperforming it’s peer space.
  • This week we flagged DirecTV/Dish merger reports, SES perps making another move lower, Ubisoft’s guidance cut, Telia’s CMD, SAP’s DoJ probe, EU approval for the Swisccom/Vodafone Italia deal, Telecom Italia’s Sparkle unit sale and the consensus outlook for Cellnex/American Tower/Inwit. Links to be included in the weekly PDF.
  • Elsewhere, higher beta names such as WBD and WMG also underperformed, as did some higher quality names such as TMUS, VZ and NFLX though most of the space was clustered either side of flat WoW average moves. 

 

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  • Comms/Tech were +0.5bp/+0.3bp relative to the €IG Corps index as of yest’s close for a YTD relative performance of -1.7bp/+4.2bp.
  • Supply this week came in the form of a triple-tranche deal from Comcast; the €900mn/€900mn/£750mn 8yr/12yr/16yr tightened by 32bp/32bp/20bp to price at MS+93bp/MS+113bp/UKT+95bp. The EUR lines had MNI-calculated NICs of 13bp/10.5bp and have tightened by 7-8bps as of the time of writing.
  • On ratings, we saw S&P move Worldline’s BBB- rating to negative outlook with the name once again significantly underperforming it’s peer space.
  • This week we flagged DirecTV/Dish merger reports, SES perps making another move lower, Ubisoft’s guidance cut, Telia’s CMD, SAP’s DoJ probe, EU approval for the Swisccom/Vodafone Italia deal, Telecom Italia’s Sparkle unit sale and the consensus outlook for Cellnex/American Tower/Inwit. Links to be included in the weekly PDF.
  • Elsewhere, higher beta names such as WBD and WMG also underperformed, as did some higher quality names such as TMUS, VZ and NFLX though most of the space was clustered either side of flat WoW average moves.