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Telecom Italia Spreads Muted On Sparkle Sale Renegotiation

COMMUNICATIONS
  • TITIM's Board released a statement late yesterday stating that the find the Italian gov’t offer for Sparkle unsatisfactory and tasked CEO Pietro Labriola with renegotiation.
  • The TITIM statement outlines the assumption that the negotiations will continue to accommodate TITIM maintaining a stake in the unit for a period.
  • TITIM equity ticked lower into the close yesterday and is sitting close to 1% lower today though their spreads are muted (0-2bps of widening at most maturities).
  • We note a larger tightening when the government bid was confirmed at the start of Feb with the muted response today implying continued expectation that the deal will close.


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