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Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Satellite C-Band: A Look Ahead of July 12 Vote (1)

Sector Analysis: 10 Jul 2018, 9:42 PM ET - On July 12, the FCC plans to vote on a strategy to open at least a portion of C-Band spectrum. We take a look at the current uses of the band, the FCC's NPRM, third-party commentary, and discuss high level valuation scenarios.  

EM Weekly: Underperforming DM On Fed Expectations

Emerging Markets Weekly: 20 Feb 2017, 10:46 PM ET - EM underperformed DM last week, but corporates still managed to generate positive excess returns. PEMEX and Mexican sovereign debt was among the weakest as were LATAM sovereigns more broadly. South African bonds rallied.
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Digicel: 2016 London Conference Transcript

Transcript: 14 Dec 2016, 10:46 PM ET - In this transcript from our December European conference, we discuss key issues and risks facing Digicel. We remain cautious on the credit and prefer investors to be underweight the name, particularly at the DGL (holdco) level.
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Digicel: Cruisin' on Cocktail of Risky Businesses

Earnings Note: 18 Nov 2016, 5:59 AM ET - Digicel results were weak, even on a cc. basis, and validate our cautious view on the credit. Leverage hits new highs and could further increase next quarter. Management are focusing on deleveraging, but this is a medium-term goal.
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Digicel F1Q17: Risky Business

Earnings Note: 25 Aug 2016, 9:14 PM ET - Digicel reported weak results, especially in Papua New Guinea, while FX headwinds continues to be a significant drag on earnings. There were some positives, notably lower capex, but leverage continues to rise and is now at very high levels.

June 2016 US Company Recommendation Changes

US Company Recommendation Changes: 01 Jul 2016, 4:38 AM ET - Our monthly report provides executive summaries for the thirty-two company recommendation changes made on US companies during the month of June.
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Digicel F4Q16: Outlook Still Stormy

Earnings Note: 16 Jun 2016, 9:29 PM ET - We view Digicel’s F4Q16 results as disappointing and we have increasing concerns on the credit, notably due to lack of near-term growth potential, continued investments and expected cash burn, which puts pressure on already high leverage.
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Digicel F3Q16: Better to Wait

Earnings Note: 28 Feb 2016, 8:23 PM ET - We view that the negatives outweighed the positives in Digicel’s results. We see few positive catalysts in the interim, while the high investment cycle constrains growth, adds to the company's cash burn and limits the scope to delever. 
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Caribbean/LatAm Telecoms: 2016 Outlook

Sector Outlook: 01 Feb 2016, 11:18 PM ET - In 2016, we do not see improving fundamentals for the Caribbean/LatAm Telecoms sector.  In this outlook, we delve into the challenges facing the sector, including FX exposure and macro environment, and discuss operating trends and RV.

Corporate Exposures to Latin America

Strategy Analysis: 25 Jan 2016, 11:10 PM ET - The slowdown in Brazil has raised concerns and client questions about Western companies' exposures to LATAM. We have asked CreditSights' analysts to provide what information they have on their companies' reliance on the region.
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Digicel F2Q16: Investment Cycle Not Over

Earnings Note: 01 Dec 2015, 8:18 PM ET - Digicel produced improving operating results, but leverage marginally increased due to further FX headwinds and continued investments. Leverage is expected to remain at historic highs in FY16, thus not alleviating current credit concerns.

October 2015 US Company Recommendation Changes

US Company Recommendation Changes: 01 Nov 2015, 12:33 PM ET - Our monthly report provides executive summaries for the twenty-three company recommendation changes made on US companies during the month of October.
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Digicel Didn’t Sell: IPO Pulled

HY Note: 07 Oct 2015, 1:25 PM ET - Digicel pulled their IPO citing challenging market conditions. We recommend investors hold existing positions, but we believe the bonds are exposed to potential short-term volatility. Therefore, we are shifting our recommendation to M/P.
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Digicel: to Sell 75% of Myanmar Tower Company

Worth Watching: 02 Oct 2015, 12:43 PM ET
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Digicel: File Updated IPO Prospectus – Affirm O/P

HY Note: 22 Sep 2015, 1:47 PM ET - Digicel filed an updated registration statement for their proposed IPO where they expect to raise ~$1.7bn in net proceeds and retire ~$1.3bn of debt. We view the update favourably and affirm our O/P recommendation.

August 2015 US Company Recommendation Changes

US Company Recommendation Changes: 31 Aug 2015, 10:52 PM ET - Our monthly report provides executive summaries for the fifteen company recommendation changes made on US companies during the month of August.
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Digicel F1Q16: Time to Dig It - O/P

Earnings Note: 24 Aug 2015, 11:12 PM ET - Recent weakness in Digicel offers an attractive entry point for a yield pick-up play, but one that is exposed to volatility.  F1Q16 saw stable underlying operations but with rising leverage linked to FX headwinds and continued investments.

C&W New Issue: $750mn 7NC3 at 7.25% - Paying Up

HY Note: 31 Jul 2015, 7:10 AM ET - C&W is pricing $750mn of 7NC3 Sr notes with talk at 7.25%. We view indicative levels as attractive but would not chase the new issue and would consider lightening up if the bonds were to trade up meaningfully on the break.
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Digicel: File plans for IPO - M/P

HY Note: 28 Jun 2015, 11:58 PM ET - Digicel announced plans to IPO, which would give them greater flexibility to pursue strategic investments and ease pressure as they are at peak leverage with limited near term deleveraging ability. We maintain our M/P recommendation.

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