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TMT In Review

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  • Tech/Comms spreads again tracked the €IG index this week; YTD underperformance stands at 13bp and 10bp respectively.
  • On primary we had just two deals but they were quite interesting; Cellnex came for a EUR 750mn 4y deal that may have been the best performing TMT deal of the year, tightening 45bps from IPT to price at MS+98bps, about 12bp through where we had FV while still maintaining a 3.2x cover ratio. The bond is ~1bp tighter today.
  • Earlier in the week we had Warnermedia coming into the EUR market with a EUR 650mn 5y and EUR 850mn 9y; a tough deal to find FV on given the lack of a EUR curve with the lines pricing at MS+145bp and MS+190bp to giving NICs of 5bp and 15bp and with the lines tightening by 11bp and 9bp since launching.
  • Earnings season was quiet but still active; DXC (credit negative), Sage Group (credit negative), BT (credit positive on cost savings), DT (credit neutral), Vodafone (reporting changes complicated; broadly in line albeit with continued German weakness) and Eutelsat (credit neutral).

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  • Tech/Comms spreads again tracked the €IG index this week; YTD underperformance stands at 13bp and 10bp respectively.
  • On primary we had just two deals but they were quite interesting; Cellnex came for a EUR 750mn 4y deal that may have been the best performing TMT deal of the year, tightening 45bps from IPT to price at MS+98bps, about 12bp through where we had FV while still maintaining a 3.2x cover ratio. The bond is ~1bp tighter today.
  • Earlier in the week we had Warnermedia coming into the EUR market with a EUR 650mn 5y and EUR 850mn 9y; a tough deal to find FV on given the lack of a EUR curve with the lines pricing at MS+145bp and MS+190bp to giving NICs of 5bp and 15bp and with the lines tightening by 11bp and 9bp since launching.
  • Earnings season was quiet but still active; DXC (credit negative), Sage Group (credit negative), BT (credit positive on cost savings), DT (credit neutral), Vodafone (reporting changes complicated; broadly in line albeit with continued German weakness) and Eutelsat (credit neutral).