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Pitney Bowes

Pitney Bowes provides mailing and office solutions and supplies as well as shipping management and ecommerce solutions. The company reports in three segments: SMB Solutions, Commerce Services, and Software Solutions. SMB includes North America and International Mailing, and provides mailing and office solutions; and financing services and supplies for small and medium businesses. Commerce Services includes mail presort services as well as the growing global ecommerce business, which provides cross-border and domestic retail and ecommerce solutions, including fulfillment and returns. Software Solutions providees customer engagement, customer information, and location intelligence software solutions and related support services. Pitney Bowes Inc. was founded in 1920 and is headquartered in Stamford, Connecticut. (18 Jul 2018)

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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

PBI 3Q18: Still Looking for a Turnaround

Earnings Note: 01 Nov 2018, 3:09 PM ET - PBI 3Q results were a mixed bag. We maintain our Underperform recommendation on the credit.

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.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

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.
Focused

PBI 2Q18: Not Out of the Woods

Earnings Note: 01 Aug 2018, 10:58 PM ET - PBI's 2Q results were mixed. We are not yet sold on the turnaround story, and maintain our Underperform recommendation.

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.

US IG Chart of the Day: Issuer Entrants and Exits

Strategy Analysis: 16 Jul 2018, 9:04 AM ET - In today's chart of the day we identify issuers that have moved into or out of the ICE / BAML IG index since the beginning of the year. 

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.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.
Focused

PBI: Redeems 2019s in Planned Debt Paydown

Worth Watching: 03 Jul 2018, 11:49 AM ET - PBI (Ba1/BB+) announced on July 3 that it will redeem all outstanding $300 mn of 6.25% senior unsecured notes due 2019 with the embedded make-whole call. Estimated price of redemption is ~102.15 for August 2 redemption.Note that the company had pr ..

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.

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. 
Focused

PBI 1Q18: Struggles Continue

Earnings Note: 02 May 2018, 11:52 PM ET - PBI reported disappointing 1Q results. We maintain our U/P recommendation.
Focused

PBI: Production Mail Divesture to Net $270 mn

Worth Watching: 30 Apr 2018, 6:38 PM ET - PBI (Ba1/BBB-) announced Monday morning that it is selling its global production mail business to Platinum Equity for $361 mn. The company initially announced a "strategic alternatives review" in November. There have been a number of headlines spe ..

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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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