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BT Group

BT is the incumbent telecom operator in the UK, offering the full suite of telecom services both B2C and B2B. Following the acquisition of EE in Jan 2016, the Group's primary shareholder is DT's pension fund (12%). BT has low geographical diversity, with operations primarily focused in the UK. Reporting segments include Consumer (which incl. EE as of F1Q19) (~45%), Business & Public Sector (~20%), Wholesale & Ventures (<10%), Global Services (~20%) and Openreach (~20%). BT has a sizeable pension deficit (£11 bn at latest triennial valuation - June 2017) and was driven by the regulator to functionally separate its fixed access business (Openreach) back in 2006. In March 2017, BT agreed with Ofcom to increase independence further, by legally separating the business, although BT still owns 100%. BT's has a new strategy since May 2018, focused on network upgrades, simplification and convergence. At the same time, BT will now report full financials on a semi-annual basis, fiscal YE March. CEO Gavin Patterson (since 2013) is stepping down, to be replaced by Philip Jansen as of 1 February 2019. (08 Nov 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.
Focused

BT Group: New USD Dual Tranche 5y and 10y

IG Note: 29 Nov 2018, 1:11 PM ET - BT is in the USD market with a benchmark size, dual tranche 5y and 10y. While we note some decent new issue premium, guidance shows market caution, reflecting near term credit concerns.

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.
Focused

BT Group F2Q19: Can the Better Performance Last?

Earnings Note: 01 Nov 2018, 9:54 PM ET - BT delivered solid improvement in F2Q19, with reduced pressure on its B2B segments, allowing solid performance in Consumer Mobile and restructuring to drive healthy Group EBITDA growth.

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. 

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.

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.

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.
Focused

BT: New EUR 5Y and 10Y Offer Value

IG Note: 21 Sep 2018, 5:37 AM ET - BT is in the market with a dual-tranche EUR 5Y and 10Y. Though we remain cautious on the group's credit dynamics, we see IPT as offering enough value to consider a tactical position.

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