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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.
Focused

ETM 3Q18-Trends Improve Again; Refinancing Soon?

Earnings Note: 06 Nov 2018, 10:13 PM ET - ETM showed sequential improvement. YoY rev and Adj EBITDA declines moderated further and are expected to return to growth in 4Q18. ETM has a sizable cash balance which it will likely use to repay debt when it refinances its debt stack.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.
Focused

ETM: Records a Much Better 2Q18

Earnings Note: 09 Aug 2018, 12:08 AM ET - ETM's 2Q18 results represented a sequential improvement in trends compared to 1Q18. More improvement is expected in 2H18, reflecting the progress ETM has made integrating CBS Radio into its station group. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

DC Circuit Court Rules for FCC; UHF Discount Stays

Sector Analysis: 26 Jul 2018, 4:42 AM ET - The DC Circuit Court of Appeals dismissed a lawsuit challenging the FCC's decision to reinstate the UHF discount. We take a look at the ruling and what this means for the broadcasters. 

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.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

June 2018 US Company Recommendation Changes

US Company Recommendation Changes: 01 Jul 2018, 9:55 PM ET - Our monthly report provides executive summaries for the thirteen company recommendation changes made on North American companies during the month of June.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.
Focused

Entercom: Looking Back to Look Forward w/CBS Radio

Company Spotlight: 06 Jun 2018, 5:29 AM ET - Investors appear to have focused more on ETM's disappointing 1Q18 results and less on the progress ETM has made integrating CBS Radio. Our review of what ETM promised and what it's delivered to date underpins our shift to Outperform. 

US Media: A Top Down Look at Linear Networks

Sector Analysis: 30 May 2018, 5:39 AM ET - We all know video subscribers are declining, but that means different things for different content owners. We review cable and broadcast networks relative positioning across a number of metrics. 

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

HY TV Broadcasters: Rel Val Update (2/2)

Sector Analysis: 24 Apr 2018, 5:27 AM ET - In Part 2, we review our recommendations on the HY broadcasters ahead of the 1Q18 earnings season.  Concerns about a soft ad market, subscriber trends, declining prime-time ratings and M&A risk continue to weigh on the sector. 

HY TV Broadcasters: 4Q17 Recap; 1Q18 Outlook (1/2)

Sector Analysis: 23 Apr 2018, 3:44 AM ET - In Part 1, we review 4Q17 results and our outlook for 1Q18. We focus on: ad revenue trends; expectations for political; retrans, subscriber levels and OTT services; leverage trends; and M&A (and why there haven't been more deals).

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

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