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Deutsche Telekom

DT is the German incumbent telecom operator. As of YE17, the German state still owns approximately 32% of the company. The group reports 168 mn mobile subs and 27.9 mn fixed-network lines at YE17. DT is well diversified but the majority of revenue is focused in mature and well developed markets of Europe and the US. The group reports through 5 main segments: Germany (28% of FY16 net revenue), United States (47%), comprising its 65% owned publicly traded subsidiary T-Mobile US; and (other) Europe (15%) representing operations across a range of Central and Eastern European states; Systems Solutions (7%), its IT and communications solutions business for multinational corporations and public sector institutions; and the new Group Development segment (2%), comprising selected subsidiaries and/or equity investments of the group for more active management. DT is generally #1 or #2 in its markets, with the notable exception of T-Mobile US where it is the 3rd largest mobile operator. Since January 2014, Tim Hoettges has been CEO, and Thomas Dannenfeldt has been CFO. (20 Sep 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

T-Mobile NL: EU Gives Nod for Tele2 Deal

Worth Watching: 27 Nov 2018, 2:16 PM ET - T-Mobile NL (DT) has received unconditional approval from the European Commission for its acquisition of Tele2 in the Netherlands. This is a rare example of the EC giving the green-light for 4-to-3 mobile consolidation. As we have discussed prev ..

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.
Focused

Deutsche Telekom 3Q18: A Rosy Performance

Earnings Note: 08 Nov 2018, 9:59 PM ET - DT delivered strong operating results in 3Q18, with continued tailwinds from the US, combined with solid growth in the core domestic market. While near term looks solid, we continue to see elevated investment needs weighing on the credit.

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.

S and TMUS Regulatory Analysis: Spectrum (5)

Company Analysis: 05 Nov 2018, 5:44 AM ET - We explore the FCC’s “Spectrum Screen”, its importance, and its implications for New T-Mobile’s spectrum portfolio. Included in this report is an Excel file with the spectrum holdings data of Sprint, T-Mobile, and the combined company.

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.

Sprint & T-Mobile 3Q18: Solid Results, Some Cracks

Earnings Note: 31 Oct 2018, 10:19 PM ET - Sprint and T-Mobile have not slowed operationally since announcing their merger. However, cracks in earnings results underpin why both carriers need the deal. 

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. 
Focused

DT: Value in GBP 7yr, But Secondaries Rich

IG Note: 04 Oct 2018, 5:21 AM ET - DT is in the GBP market with a new 7yr with IPT set at UKT +125-130 bp. While we see value at IPT, we are concerned that secondaries trade rich to higher quality peer Orange.

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.

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