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TECHNOLOGY: TMT: Week In Review

TECHNOLOGY
BulletCredit Bullets
  • Comms/Tech indices were +0.1bp/+0.5bp vs. €IG Corps this week. Now +3.4bp/+2.4bp YTD.
  • No supply this week and no rating actions; IBM were affirmed by Fitch, Apply by Moody’s. On earnings we only had Dell which we saw as credit neutral though the equity sold-off by 12% on soft CSG (i.e. PC) revenues.
  • In terms of news, we saw reports of a minority Vivendi shareholder seeking to delay the shareholder meeting, reports of unit sales at both Nexi and Global Payments, Teleperformance announce an acquisition and media reports of interest in an ITV deal. See weekly for links.
  • On spreads we saw Worldline perform strongly in the wake of last week’s supply with the 27s and new 29s over 20bp tighter; no news aside from the completion of their EUR 259mn convertible tender. Elsewhere, Warner Bros and Warner Music again drifted wider against limited new developments.
  • ITV performed well on reports of possible bidders for “parts or all of the company” with specific interest in ITV Studios (51%/46% of FY23/LTM revenue); bonds contain language on a CoC at 100 on HY/withdrawal from any CRA on a 50% votes/control shift; also language on an EOD triggered by the cessation of substantially the whole of the business. ITV 26s are +45c to EUR 97.8, 32s fell over 1.2pts to EUR 100.7 but pared the move and now sit +15c.

 

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  • Comms/Tech indices were +0.1bp/+0.5bp vs. €IG Corps this week. Now +3.4bp/+2.4bp YTD.
  • No supply this week and no rating actions; IBM were affirmed by Fitch, Apply by Moody’s. On earnings we only had Dell which we saw as credit neutral though the equity sold-off by 12% on soft CSG (i.e. PC) revenues.
  • In terms of news, we saw reports of a minority Vivendi shareholder seeking to delay the shareholder meeting, reports of unit sales at both Nexi and Global Payments, Teleperformance announce an acquisition and media reports of interest in an ITV deal. See weekly for links.
  • On spreads we saw Worldline perform strongly in the wake of last week’s supply with the 27s and new 29s over 20bp tighter; no news aside from the completion of their EUR 259mn convertible tender. Elsewhere, Warner Bros and Warner Music again drifted wider against limited new developments.
  • ITV performed well on reports of possible bidders for “parts or all of the company” with specific interest in ITV Studios (51%/46% of FY23/LTM revenue); bonds contain language on a CoC at 100 on HY/withdrawal from any CRA on a 50% votes/control shift; also language on an EOD triggered by the cessation of substantially the whole of the business. ITV 26s are +45c to EUR 97.8, 32s fell over 1.2pts to EUR 100.7 but pared the move and now sit +15c.