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TMT In Review

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  • €IG Comms & Tech index spreads last night printed WoW moves of -2bp and -1.5, underperforming €IG by 1bp and 1.5bp, bringing YTD underperformance to 7bp and 12bp.
  • Looking at weekly changes in average spreads for each issuer, we can see that most curves saw less than 5bp of movement in each direction, with some outliers noted.
  • ITVs sole EUR bond (26s) underperformed against minimal equity moves while the DKT curve underperformed on new supply. Also, not captured by average spread moves is the steepening of the Telecom Italia curve on the back of last week’s debt exchange.
  • We saw two three TMT issuers come to market; in €IG we had TDC Net in a EUR 500mn 5.25yr BBB- secured deal that tightened 27.5bps to price at MS+225 at a NIC of 15-20bps from our FV (and slightly wider than the 30s though are now tighter). In the €HY space we had supply from Iliad and Ion.
  • On ratings, we had just a single change with Moody’s raising their outlook on ASML (now A2[P]/A[S]).

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  • €IG Comms & Tech index spreads last night printed WoW moves of -2bp and -1.5, underperforming €IG by 1bp and 1.5bp, bringing YTD underperformance to 7bp and 12bp.
  • Looking at weekly changes in average spreads for each issuer, we can see that most curves saw less than 5bp of movement in each direction, with some outliers noted.
  • ITVs sole EUR bond (26s) underperformed against minimal equity moves while the DKT curve underperformed on new supply. Also, not captured by average spread moves is the steepening of the Telecom Italia curve on the back of last week’s debt exchange.
  • We saw two three TMT issuers come to market; in €IG we had TDC Net in a EUR 500mn 5.25yr BBB- secured deal that tightened 27.5bps to price at MS+225 at a NIC of 15-20bps from our FV (and slightly wider than the 30s though are now tighter). In the €HY space we had supply from Iliad and Ion.
  • On ratings, we had just a single change with Moody’s raising their outlook on ASML (now A2[P]/A[S]).