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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
- Relatively quieter week in TMT with no new supply and a quieter earnings calendar. Both the Tech and Comms indices performed in line with the broader €IG index with YTD underperformance at 12bp and 9bp respectively.
- JCDecaux (Baa3/BBB-[N]) was the one of the best performing names with the curve rallying by up to 20bps on earnings last Friday that we flagged as strong with double digit growth in reported and organic revenue; the same is guided for again in Q2 on the back of the Olympics and Euros. Longer-end spreads are approaching those of higher rated peer WPP as the issuer seems likely to move away from a HY rating at S&P.
- Elsewhere, last week’s Teleperformance rally continues with their bonds having now reversed close to half of February’s risk off move.
- In earnings we had results from Infineon (guidance cut though the equity rallied; spreads muted), Inwit (credit positive), Amadeus (credit neutral), Bertelsmann (looked credit neutral, spreads muted), Informa (slight guidance upgrade, EUR 26s responded well), Telefonica (slightly soft though FCF weakness looked mostly due to phasing and leverage increase expected to reverse), ITV (credit negative though sole EUR bond muted), Nexi SpA (strong results; credit positive though buybacks also launched), Warner Brothers (slightly soft; EUR 27 spreads little changed).
- Up next week we have Vodafone, Sage Group, DT, BT, Eutelsat and Ubisoft amongst some other smaller names.
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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