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Unitymedia

UPC Holding is a European cableco that provides video, broadband, internet and fixed telephony services in seven countries – Switzerland, Austria, Poland, Romania, Hungary, Czech Republic and Slovenia. UPC has launched mobile services (via MNVO) in four countries and provides DTH services to customers in the Czech Republic, Hungary, Romania and Slovakia. As of YE16, UPC had 13.6 mn homes passed (99% upgraded for two-way access). Of its 13.1 mn total RGUs, its most popular service is video (6.0 mn RGUs at YE16), followed by broadband (4.2 mn) and fixed telephony (2.9 mn). UPC had 196k mobile subs at YE16. UPC reports two segments - Switzerland/Austria (62% of 2016 sales) and Central and Eastern Europe (38%). UPC's Swiss operations are located in 24 of 26 Swiss Cantons. In Austria, UPC's network covers regional clusters and it offers DLS services over LLU elsewhere. Across UPC's CEE footprint, its network covers regional clusters and large cities. Coverage varies by country. UPC is 100% owned by John Malone's Liberty Global. Mike Fries has been the CEO of Liberty Global since 2005. (15 Dec 2017)

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Focused

Vodafone: Liberty Global Deal Moves to Next Stage

Worth Watching: 12 Dec 2018, 10:25 AM ET - Vodafone 's acquisition of Liberty Global's assets (announced back in May 2018) has now been moved into Phase II of the regulatory approval process at the European Commission (EC). The decision to refer the deal for further consideration is in l ..

Telenet 2018 CMD: Candid Cable

HY Note: 11 Dec 2018, 9:09 PM ET - Telenet's CMD on the 5th December presented a pragmatic strategy going into what looks to be a tougher FY19. Telenet also announced a regular dividend, whilst maintaining a fairly conservative net leverage target.

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.

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.
Focused

Liberty Global 3Q18: Dutch Courage

Earnings Note: 08 Nov 2018, 10:00 PM ET - Liberty Global’s 3Q18 was characterized by diverging risk drivers for the credit pools. On the back of 3Q18, we are upgrading Vodafone-Ziggo to O/P, upgrading Virgin Media secureds to M/P, and maintaining our U/P on UPC.

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.

TNETBB 3Q18: Not Satisfied, but Satisfactory

Earnings Note: 31 Oct 2018, 10:26 PM ET - Telenet management was not satisfied by 3Q18 results. Results were satisfactory for creditors in our view, but given mounting operating pressure and the extent to which spreads have tightened, we are downgrading to Market perform.

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 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.

Euro IG TMT Weekly: Investor Days and Issuance

Sector Analysis: 24 Sep 2018, 5:43 AM ET - The week ending 21 September proved to be a strong one for the EUR IG TMT sector. The recent spout of Telco issuance was continued by BT while there were Investor Days for both BT (Global Services) and ITV.

Euro IG TMT Weekly: A Strong Week for Hybrids

Sector Analysis: 17 Sep 2018, 7:18 AM ET - IG TMT delivered a solid performance driven by Telco hybrids and long duration bonds. This drove excess returns of 0.21%, albeit lower than the 0.26% for the index in the week to 14 September. 

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