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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.
TECHNOLOGY
- In keeping with the broader market, our takeaway from the week in TMT is that idiosyncratic risks, particularly at the lower end of the quality spectrum, persist despite the broader €IG/€HY indices sitting near multiyear tights. Altice, Atos and Telecom Italia were at the forefront of the week’s negative news flow while Eutelsat saw a bounce on a contract renewal. M&A news persists, and is unlikely to abate, with VOD and Three taking the spotlight this week.
- A relatively subdued week in the space for average spreads with the biggest movers skewed towards tightening – we note the Teleperformance curve undoing recent widening while NBN’s secondary pricing is seemingly following primary after they printed through their own curve last week.
- On the ratings front, SAP got a single-notch upgrade at Moody’s (now A1/A+) though the spread response was muted given the high rating – we like the credit though spreads are tight vs. higher rated peers though we noted recent underperformance at the long-end vs. ASML.
- Just one TMT deal came to market this week, a EUR 700mn 2034 bond from Proximus which tightened 25bp from IPT to price at MS+110bp (broadly in line with where we saw FV).
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.
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