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Teleperformance (NR/BBB) Spreads/Equity Outperform In July

TECHNOLOGY


  • Teleperformance spreads are back within 15-20bp of their pre-February sell-off levels against software focussed firms like IBM, Capgemini and SAP.
  • Recent leg of re-tightening has come since end-June with the spreads on their longest-dated 31s coming in over 40bp since then.
  • Not much in terms of news to explain the rally; seems to be driven by equity upgrades (equity +15% over the same period) with MS analysts stating that concerns over the AI threat are overdone.
  • Equity prices remain ~15% lower since the sell-off but are ~35% higher since the trough in mid-March.

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