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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
- TMT broadly tighter though we note that continued slight YTD underperformance vs. €IG with Comms underperforming by 8bps and Tech by 16bps. M&A progress in the TelCo sector is encouraging given the need for consolidation in certain markets (esp. Italy) while a stabilisation in Teleperformance’s sell-off is of note in a sector facing significant AI risk.
- Amongst the bigger stories was that Swisscom has entered into a binding agreement to buy Vodafone Italia, a positive step for both given the pressure from Iliad, VOD’s strategic re-focusing, the expectation of regulatory approval. VOD’s dividend rebasing also looks very sensible given the cash flow impact of the old policy.
- Strong average spread WoW tightening from DK Telekom (subsidiary Nuuday signed cloud deal with Tata Consultancy), Prosus/Naspers (no news), Telecom Italia (clarified MT guidance), Nidec (bidding for Siemens EV motor unit), ITV (post-earnings) and Netflix/WB/Emirates Telecomm (no real news).
- WoW underperformance from Euronet (small issuer, no news), Amadeus (issued this week), Swisscom (see below) and Tele2 (EUR 31s +5bps, no news).
- Busy week for TMT supply with strong performance; NBN priced through their own curve, RELX/Amadeus roughly flat to theirs and DT/Wolters slightly wider than theirs but still very strong showings.
- Quiet week for TMT issuer earnings; nothing of note to report.
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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