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TECHNOLOGY: TMT: Week In Review

TECHNOLOGY
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  • WoW index moves (vs. €IG corps) for C&S/M&E/Telcos/Tech were -4bp/-3bp/flat/flat. YTD: +2bp/+4bp/flat/+3bp.
  • This was the busiest week for TMT supply since our service launched this time last year with EUR 7.9bn supplied across 9 lines from IBM, T-Mobile, BT and Infineon, nearly doubling the EUR 4bn supply when Swisscom came to market last May. IBM lines look 2-3bp tighter as of writing with BT/Infineon/T-Mobile slightly wider (TMUS 45s +5bp).
  • We wrote about earnings from Telenor (slight neg), Warner Music (mixed), Dassault (neutral), DXC (slight pos), Infineon (slight pos), Omnicom (neutral), Publicis (slight pos) and Vodafone (slight neg).
  • Newsflow elsewhere was quiet; we flagged the Vodafone short-end any-and-all tender and a possible FCC C-Band auction.
  • On spreads, Prosus and SES continue to pare widening. DXC 31s found a bid in the wake of earnings. No rating changes this week. Please see our weekly PDF for links. 

 

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  • WoW index moves (vs. €IG corps) for C&S/M&E/Telcos/Tech were -4bp/-3bp/flat/flat. YTD: +2bp/+4bp/flat/+3bp.
  • This was the busiest week for TMT supply since our service launched this time last year with EUR 7.9bn supplied across 9 lines from IBM, T-Mobile, BT and Infineon, nearly doubling the EUR 4bn supply when Swisscom came to market last May. IBM lines look 2-3bp tighter as of writing with BT/Infineon/T-Mobile slightly wider (TMUS 45s +5bp).
  • We wrote about earnings from Telenor (slight neg), Warner Music (mixed), Dassault (neutral), DXC (slight pos), Infineon (slight pos), Omnicom (neutral), Publicis (slight pos) and Vodafone (slight neg).
  • Newsflow elsewhere was quiet; we flagged the Vodafone short-end any-and-all tender and a possible FCC C-Band auction.
  • On spreads, Prosus and SES continue to pare widening. DXC 31s found a bid in the wake of earnings. No rating changes this week. Please see our weekly PDF for links. 

 

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