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TECHNOLOGY: TMT: Week In Review

TECHNOLOGY
BulletCredit Bullets
  • 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.

 

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  • 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.