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TMT In Review

TECHNOLOGY
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  • Tech and Comms both underperformed €IG slightly by 0.4bp bringing YTD underperformance to 10.6bp and 14.4bp respectively. Tech is the worst performing sector YTD.
  • Two communications issuers in the market this week; first and foremost was Swisscom in a EUR 4bn deal that saw a combined order book of over EUR 11bn with each line pricing through our FV and then tightening in secondary by up to 15bp at the short-end. American Tower also came in a dual-tranche 6y/10y deal that tightened just through our FVs subsequently tightening slightly in secondary.
  • The Teleperformance risk unwind continues and Worldline 28s rallied by 9bp while Global Switch, Informa and TDC Net (DKT Holdings) also saw decent moves tighter. DXC technology was the notable underperformer in the wake of their weak FCF guidance at earnings last week.
  • Next week sees earnings from Dell, Telecom Italia and Tele Columbus. Also noting the earlier report that Telecom Italia network sale approval is expected next week.

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  • Tech and Comms both underperformed €IG slightly by 0.4bp bringing YTD underperformance to 10.6bp and 14.4bp respectively. Tech is the worst performing sector YTD.
  • Two communications issuers in the market this week; first and foremost was Swisscom in a EUR 4bn deal that saw a combined order book of over EUR 11bn with each line pricing through our FV and then tightening in secondary by up to 15bp at the short-end. American Tower also came in a dual-tranche 6y/10y deal that tightened just through our FVs subsequently tightening slightly in secondary.
  • The Teleperformance risk unwind continues and Worldline 28s rallied by 9bp while Global Switch, Informa and TDC Net (DKT Holdings) also saw decent moves tighter. DXC technology was the notable underperformer in the wake of their weak FCF guidance at earnings last week.
  • Next week sees earnings from Dell, Telecom Italia and Tele Columbus. Also noting the earlier report that Telecom Italia network sale approval is expected next week.