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Sky

Sky, which changed its name from British Sky Broadcasting Group (BSkyB), is a leading European pay TV provider. It had 22.9 mn retail customers as of F1H18 (calendar 4Q17) of which 12.9 mn were in the UK & Ireland, 4.8 mn in Italy and 5.2 mn in Germany & Austria. The Sky platform in the UK currently offers access to over 500 TV and radio channels. The Basic TV package is the Entertainment pack. Premium content packs can also be purchased including Sky Sports and Sky Movies. In addition to DTH services, TV customers have access to Sky Go, which allows them to access content on PCs, laptops, smartphones and tablets, Sky Box Office and Sky Store, both of which are VOD services. Sky also offers a lower priced OTT product Now TV, which completes with the likes of Netflix and Amazon. Jeremy Darroch has been CEO of Sky since 2007. He replaced James Murdoch, who remained on the Board and was re-elected Chairman in January 2015. (30 Jan 2018)

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Euro IG TMT Weekly: Risk Off for December

Sector Analysis: 10 Dec 2018, 7:08 AM ET - December kicked off with a soft week, with Euro IG TMT delivering excess returns of -0.41%. While all subsectors of TMT underperformed the Euro IG index, TMT only marginally underperformed Ex-Financials.

Euro IG TMT Weekly: A Long November

Sector Analysis: 03 Dec 2018, 6:10 AM ET - The last week of November saw TMT deliver -0.09% of excess return. This brings the total decline for the month to -0.67%, although we note this is better than the IG index, which delivered -0.91% on the month.

Euro IG TMT Weekly: Giving Thanks for End of Nov

Sector Analysis: 26 Nov 2018, 6:55 AM ET - Negative excess returns continued, somewhat impacted by lower government yields, with TMT delivering -0.27% excess return on the week. Hybrids were supportive, outperforming the overall TMT index.

Euro IG TMT Weekly: Weak Markets, Weak Results

Sector Analysis: 19 Nov 2018, 5:17 AM ET - With Brexit-driven risk-off sentiment infitrating markets, the TMT sector saw the Telecoms sector deliver -0.68% in excess return. Meanwhile, crossover investor focus has switched back to Telecom Italia, where a new CEO has taken the reins.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

Euro IG TMT Weekly: Reverse Yankees Drive Telecoms

Sector Analysis: 12 Nov 2018, 6:18 AM ET - Telecoms was the best performing sector in the IG Index last week, driven by long dated reverse yankees.

Euro IG TMT Weekly: IBM Drives Weak Tech Returns

Sector Analysis: 05 Nov 2018, 7:19 AM ET - A mixed week for IG TMT, with the hybrids benefiting broadly as market sentiment turned at the start of November. Nonetheless, all sub-sectors underperformed the index, with a mixture of earnings newsflow and macro drivers.

Tele Columbus Initiation: Shoulda’ Stayed Home

HY Note: 04 Nov 2018, 10:23 PM ET - We initiative coverage on German cableco, Tele Columbus, with an Underperform recommendation. The market's faith in TC has been shaken, and we see potential for further negative surprises in 2H18.

Euro IG TMT Weekly: Catching Knives

Sector Analysis: 29 Oct 2018, 6:56 AM ET - Market jitters continue to impact performance with Telecoms and hybrids taking the brunt of risk reduction, with no-one willing to catch the falling knife.

Transcript: European TMT - Separation Anxiety

Transcript: 24 Oct 2018, 10:30 AM ET - CreditSights' European TMT team recently presented  in Amsterdam, Paris and London on the theme of network separation in European telecoms.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Euro IG TMT Weekly: Risk Off Impacts the Core

Sector Analysis: 22 Oct 2018, 5:46 AM ET - The TMT sector delivered excess returns of -0.09%, outperforming the ICE/BAML Euro IG index which delivered -0.18% excess return. Investors' risk off positioning appears to be driving core names weakness.

Euro IG TMT Weekly: Weaker Into Earnings

Sector Analysis: 16 Oct 2018, 10:48 PM ET - With the risk-off sentiment spreading from the US into Euro markets, the week ending 12 October yielded weaker performance with Euro IG TMT delivering -0.09% excess returns.

Euro IG TMT Weekly: October Starts Strong

Sector Analysis: 08 Oct 2018, 4:52 AM ET - The EUR IG TMT sector posted 0.08% in excess returns in the week to 05 October. Results were bolstered by a return to positive performance by TMT IG hybrids as well as outperformance by Tech as a whole. 

IG Note: Upgrading Comcast Credit

IG Note: 02 Oct 2018, 10:27 AM ET - We upgrade our credit view on Comcast to Outperform. The company is strongly committed to single-A ratings and to leverage reduction following the Sky acquisition. 

IG TMT Issuance: Buy Comcast's New Deal

IG Note: 02 Oct 2018, 9:54 AM ET - Comcast is in the market with a mega-deal as it looks to fund its purchase of Sky. We think the bonds will trade well and move our recommendation to Outperform. 

Euro IG TMT Weekly: Hybrids Lag on New Issuance

Sector Analysis: 01 Oct 2018, 6:02 AM ET - Euro IG TMT delivered -0.03% of excess return on the week in-line with weaker sentiment and as new issuance picks-up. Specifically we view Vodafone's hefty hybrid issuance as having weighed on IG hybrid performance.
Focused

Fox: Selling 39% Sky Stake to Comcast

Worth Watching: 26 Sep 2018, 1:54 PM ET - Fox has announced that it will either tender or sell its 39% stake in Sky to Comcast at Comcast's outstanding offer of £17.28 per share. Disney confirmed that it consented to this decision. The transaction will occur prior to the closure of Disn ..
Focused

Comcast: Wins Sky... Again

Worth Watching: 24 Sep 2018, 9:47 AM ET - Comcast emerged the victor in an auction to determine the winner of the months-long bidding war for Sky. After three rounds of bidding, Comcast's final offer of £17.28 per share was over 10% higher than Fox's £15.67 per share submission and r ..

Euro IG TMT Weekly: Investor Days and Issuance

Sector Analysis: 24 Sep 2018, 5:43 AM ET - The week ending 21 September proved to be a strong one for the EUR IG TMT sector. The recent spout of Telco issuance was continued by BT while there were Investor Days for both BT (Global Services) and ITV.

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