CreditSights logo
Forgot Password?

Sirius XM

Search Results

Excerpts only. To access full content please login or request a free trial.

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. 

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.

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.
Focused

SIRI: Operating on All Cylinders, Raises Guidance

Earnings Note: 28 Oct 2018, 11:54 PM ET - SIRI delivered another strong quarter and raised guidance (again).  The go-shop period for Pandora expired uneventfully, HSR filings have been submitted and the deal is on track for a 1Q19 closing. 

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. 
Focused

SIRI: Buying All of Pandora

HY Note: 25 Sep 2018, 4:18 AM ET - SIRI is buying Pandora in an all-stock transaction that values Pandora at $3.5 bn. We review the deal and why we view this to be a relatively credit-neutral event.  Staying Market perform. 

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.

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.
Focused

SIRI: Delivers in 2Q18 and Raises Guidance

Earnings Note: 25 Jul 2018, 11:46 PM ET - SIRI's strong results continued in 2Q18, with results largely beating consensus estimates and SIRI raising its full year guidance. Leverage ticked down to 3x but will go back up if SIRI resumes share buybacks at historical levels. 

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.

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

SIRI: Starts 2018 On a Strong Note

Earnings Note: 25 Apr 2018, 10:35 PM ET - SIRI started 2018 just like it ended 2017, on a strong note with solid operating results that overcame headwinds from slower new car sales and a 40% increase in royalty rates. Staying m/p but still prefer SIRI over NFLX, TMUS and AMCX.   

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.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Sector

Refine Results