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US TMT: FCC To Review Local Media Ownership Rules

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We review and summarize some of the key components of the FCC's Notice of Proposed Rulemaking and the local media ownership rules under review. 

McClatchy and Tribune Publishing: Getting Married?

HY Note: 16 Nov 2018, 3:39 PM ET - Is McClatchy interested in Tribune Publishing? We take a look at what it might cost McClatchy to acquire TPCO, how it might fund the deal and what impact a potential deal would have on McClatchy's balance sheet. 

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.

MNI's 3Q18: A Challenging Quarter

Earnings Note: 13 Nov 2018, 11:49 PM ET - It was a challenging quarter for MNI.  Revenues were down 10% but Adj EBITDA was down more than 50%. Leverage ticked up 1x on lower Adj EBITDA and higher debt levels as MNI debt financed the cost of refinancing its capital structure. 

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. 

CDS: Trust the Players, Love the Game?

Company Analysis: 12 Sep 2018, 4:58 AM ET - We provide an update on changes in market practice following recent shenanigans based on our discussions with various CDS participants.  We also summarize recommended changes to CDS practices to address participants' concerns. 

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.

CDS and Restructurings: Historical Perspective

HY Note: 10 Aug 2018, 4:50 AM ET - We examine the role of CDS in distressed restructurings, as well as recent transactions where CDS trades played an important role and discuss our thoughts on the implications of these transactions on the synthetic market generally. 

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.

Cenveo: You Can't KEIP It

HY Note: 09 Jul 2018, 3:23 AM ET - We review highlights from Cenveo's Plan Supplement ahead of the Confirmation Hearing. 

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.

MNI: 9% New Issue Priced at 97.242 to Yield 9.5%

Worth Watching: 29 Jun 2018, 3:56 PM ET - MNI (B1/B-): McClatchy's $310 mn 1st lien bonds due 2026 priced with a 9% coupon and a 97.242 issue price to yield 9.5%. We are putting a speculative outperform recommendation on the new issue: given the 9% coupon and 9.5% yield (both of which ar ..

McClatchy: Marketing $310 mn of Secureds due 2026

HY Note: 28 Jun 2018, 1:26 PM ET - MNI is marketing $310 mn of secured bonds due 2026 in conjunction with a revised agreement with Chatham which also pushes out its longer dated maturities even further. 

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.

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