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Euro IG TMT Weekly: Risk Off for December

Sector Analysis: 10 Dec 2018, 7:08 AM ET - December kicked off with a soft week, with Euro IG TMT delivering excess returns of -0.41%. While all subsectors of TMT underperformed the Euro IG index, TMT only marginally underperformed Ex-Financials.

Euro IG TMT Weekly: A Long November

Sector Analysis: 03 Dec 2018, 6:10 AM ET - The last week of November saw TMT deliver -0.09% of excess return. This brings the total decline for the month to -0.67%, although we note this is better than the IG index, which delivered -0.91% on the month.

Euro IG TMT Weekly: Giving Thanks for End of Nov

Sector Analysis: 26 Nov 2018, 6:55 AM ET - Negative excess returns continued, somewhat impacted by lower government yields, with TMT delivering -0.27% excess return on the week. Hybrids were supportive, outperforming the overall TMT index.

Euro IG TMT Weekly: Weak Markets, Weak Results

Sector Analysis: 19 Nov 2018, 5:17 AM ET - With Brexit-driven risk-off sentiment infitrating markets, the TMT sector saw the Telecoms sector deliver -0.68% in excess return. Meanwhile, crossover investor focus has switched back to Telecom Italia, where a new CEO has taken the reins.

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

TDC 3Q18: 'Get' Sold, Operations Back in Focus

Earnings Note: 14 Nov 2018, 10:24 PM ET - With the use of proceeds from the 'Get' disposal confirmed in the weeks preceding TDC's 3Q18 earnings, the focus was largely back on operating performance in Denmark.
Focused

TDC: Remaining Get Proceeds Earmarked for Tender

Worth Watching: 13 Nov 2018, 5:55 AM ET - TDC has announced its intended use for the remaining proceeds from the DKK ~17 bn/~€2.3 bn disposal of Get. The majority of these proceeds (DKK ~15 bn/~€2 bn) had already been earmarked for the prepayment of TDC's TL B. This included all of the US ..

Euro IG TMT Weekly: Reverse Yankees Drive Telecoms

Sector Analysis: 12 Nov 2018, 6:18 AM ET - Telecoms was the best performing sector in the IG Index last week, driven by long dated reverse yankees.

Euro IG TMT Weekly: IBM Drives Weak Tech Returns

Sector Analysis: 05 Nov 2018, 7:19 AM ET - A mixed week for IG TMT, with the hybrids benefiting broadly as market sentiment turned at the start of November. Nonetheless, all sub-sectors underperformed the index, with a mixture of earnings newsflow and macro drivers.

Tele Columbus Initiation: Shoulda’ Stayed Home

HY Note: 04 Nov 2018, 10:23 PM ET - We initiative coverage on German cableco, Tele Columbus, with an Underperform recommendation. The market's faith in TC has been shaken, and we see potential for further negative surprises in 2H18.

Euro IG TMT Weekly: Catching Knives

Sector Analysis: 29 Oct 2018, 6:56 AM ET - Market jitters continue to impact performance with Telecoms and hybrids taking the brunt of risk reduction, with no-one willing to catch the falling knife.

Transcript: European TMT - Separation Anxiety

Transcript: 24 Oct 2018, 10:30 AM ET - CreditSights' European TMT team recently presented  in Amsterdam, Paris and London on the theme of network separation in European telecoms.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

TDC: Commits Get Proceeds to Debt Reduction

Worth Watching: 22 Oct 2018, 10:17 AM ET - TDC has announced its use of proceeds from the Get disposal, which was completed on the 15th October. DKK ~15 bn will be used to prepay at par the TLB under TDC's senior secured credit facilities – including all of the USD-denominated tranche. ..

Euro IG TMT Weekly: Risk Off Impacts the Core

Sector Analysis: 22 Oct 2018, 5:46 AM ET - The TMT sector delivered excess returns of -0.09%, outperforming the ICE/BAML Euro IG index which delivered -0.18% excess return. Investors' risk off positioning appears to be driving core names weakness.

Euro IG TMT Weekly: Weaker Into Earnings

Sector Analysis: 16 Oct 2018, 10:48 PM ET - With the risk-off sentiment spreading from the US into Euro markets, the week ending 12 October yielded weaker performance with Euro IG TMT delivering -0.09% excess returns.

Euro IG TMT Weekly: October Starts Strong

Sector Analysis: 08 Oct 2018, 4:52 AM ET - The EUR IG TMT sector posted 0.08% in excess returns in the week to 05 October. Results were bolstered by a return to positive performance by TMT IG hybrids as well as outperformance by Tech as a whole. 

Euro IG TMT Weekly: Hybrids Lag on New Issuance

Sector Analysis: 01 Oct 2018, 6:02 AM ET - Euro IG TMT delivered -0.03% of excess return on the week in-line with weaker sentiment and as new issuance picks-up. Specifically we view Vodafone's hefty hybrid issuance as having weighed on IG hybrid performance.

September 2018 Euro Company Recommendation Changes

Euro Recommendation Changes: 30 Sep 2018, 9:26 PM ET - Our monthly report provides executive summaries for the eleven companies recommendation changes made on European companies during the month of September.

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.

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