Free Trial

TECHNOLOGY: TMT: Week In Review

TECHNOLOGY
  • Comms/Tech outperformed the €IG corps index by 0.4bp/0.6bp (-4.3bp/+3.2bp YTD).
  • No rating actions or supply this week.
  • We flagged results from Bertelsmann (neutral), Deutsche Telekom (positive), Telecom Italia (slight positive), Vodafone (slight negative), Cellnex (neutral), Infineon (mixed).
  • In terms of news, we saw ASML leave LT guidance unchanged, Vivendi announce the redemptions of their three outstanding bonds and the Italian communication authority approve the Swisscom deal. Also noting that Frontier shareholders approved the acquisition by Verizon.
  • Limited news flow and a quieter earnings calendar means that the week’s spread moves are dominated by higher-beta names which moved mostly moved tighter. WLNFP made a hefty move back in this week with ~50bp of tightening (excluded from chart for visibility purposes) while WBD lagged with both names seeing limited news flow.

 

125 words

To read the full story

Close

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.
  • Comms/Tech outperformed the €IG corps index by 0.4bp/0.6bp (-4.3bp/+3.2bp YTD).
  • No rating actions or supply this week.
  • We flagged results from Bertelsmann (neutral), Deutsche Telekom (positive), Telecom Italia (slight positive), Vodafone (slight negative), Cellnex (neutral), Infineon (mixed).
  • In terms of news, we saw ASML leave LT guidance unchanged, Vivendi announce the redemptions of their three outstanding bonds and the Italian communication authority approve the Swisscom deal. Also noting that Frontier shareholders approved the acquisition by Verizon.
  • Limited news flow and a quieter earnings calendar means that the week’s spread moves are dominated by higher-beta names which moved mostly moved tighter. WLNFP made a hefty move back in this week with ~50bp of tightening (excluded from chart for visibility purposes) while WBD lagged with both names seeing limited news flow.