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Texas Instruments

Texas Instruments is a semiconductor design and manufacturing company. It develops analog ICs and embedded processors, and it manufactures most of its chips in house at its own foundries. The company has two core business segments: Analog and Embedded Processing. The Analog segment contains High Volume Analog & Logic (HVAL), Power Management, and Signal Chain (previously High Performance Analog and Silicon Valley Analog). The Embedded Processing segment consists of Connected MCU (previously Processor and Microcontrollers), and Connectivity. The Other segment includes legacy wireless products, DLP, ASICs, sales of its namesake calculators and royalty payments. (04 Sep 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.

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

TXN 3Q18: Calls the Top; See No Growth in 4Q

Earnings Note: 24 Oct 2018, 5:16 AM ET - TXN reported mixed 3Q results, and 4Q guidance came in below street expectations. We have no concerns about TXN's credit profile, but see a negative read-through for the chip industry as a whole. We maintain our M/P recommendation.

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: Semiconductors – Winter is Coming

Sector Analysis: 28 Sep 2018, 5:18 AM ET - In this note, we compare recent trends in the chip industry vs. historical levels, take a look back the prior 2015 / 2016 downturn, and discuss the potential for slowing growth in memory, data center compute, and broad-line components.

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.

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

TXN 2Q18: Moderating Growth Ahead

Earnings Note: 24 Jul 2018, 11:07 PM ET - TXN reported solid 2Q results, though guidance implies moderating growth ahead. We maintain our M/P recommendation on TXN credit.
Focused

TXN: Replaces CEO; Preannounces Solid 2Q

Worth Watching: 17 Jul 2018, 10:17 PM ET - TXN: On Tuesday after market close, Texas Instruments announced the resignation of Brian Crutcher as president, CEO, and member of the board due to behavioral violations "unrelated to the company's strategy, operations or financial reporting." Cha ..

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.

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

TXN: $200 mn Add-on to Existing 30-yr Issue

Worth Watching: 01 Jun 2018, 12:35 PM ET - TXN returned to the market this morning with a $200 mn add-on to its existing $1.3 bn of 4.15% notes due May 15, 2048, which the company recently issued on April 30. Reported use of proceeds is GCP. The bonds priced at +93 bp, in-line with the exi ..

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

IG Note: TXN Issuing New 30-year Notes

IG Note: 30 Apr 2018, 10:04 AM ET - TXN is in the market this morning with a new 30-year bond.
Focused

TXN 1Q18: Double Digit Growth Continues

Earnings Note: 25 Apr 2018, 4:33 AM ET - TXN reported strong 1Q results. We maintain our Market perform recommendation on the credit.

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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