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Verizon: Completes Significant Headcount Reduction

Worth Watching: 10 Dec 2018, 2:02 PM ET - Verizon (Baa1/BBB+) today announced that it completed its voluntary separation offer, resulting in the "separation" with 10,400 of its employees. The headcount reduction stems from Verizon's 4-year cost cutting and realignment initiative, which ..

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

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.
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Verizon 3Q18: New Sheriff in Stad

Earnings Note: 24 Oct 2018, 5:09 AM ET - Hans Vestberg’s first quarter as CEO delivered solid results – momentum in wireless, including low churn and subscriber improvements. Our sense is that change is afoot, including layoffs and a much-needed reality check with Oath.
Focused

Verizon: Quick Take on RV following Earnings

Worth Watching: 23 Oct 2018, 12:12 PM ET - Verizon : (Baa1/BBB+, Outperform) reported a solid set of 3Q18 numbers, underscored by 2.6% wireless service and consolidated revenue growth. Margins held in, and VZ has an aggressive cost-cutting initiative in place. Leverage ticked down to 2. ..

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 IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 

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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IG Note: Verizon Tender Offer for Long-Dated Notes

IG Note: 11 Sep 2018, 9:11 AM ET - Verizon announced a cash tender offer across a series of eight notes. The offer is capped at $2.5 bn. This is business as usual for Verizon; the company has utilized tenders/exchanges as a tool to manage its balance sheet in recent years. 

CBS: So Long Moonves

IG Note: 10 Sep 2018, 4:39 PM ET - CBS has seen its drama-filled summer come to an end with the departure of Les Moonves and a resolution with its controlling shareholder, National Amusements.

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.

Euro TMT RV: Telecoms Sector Update

Euro TMT RV: 03 Sep 2018, 11:53 PM ET - We provide an update of the European Telecom sector, looking at the key trends and events that have impacted results so far in 2018, before taking a look at sector bond performance and reviewing our issuer level recommendations.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 
Focused

US Wireless: 2Q18 in Pictures

Sector Analysis: 06 Aug 2018, 4:58 AM ET - Following the end of 2Q18 earnings for the four largest US wireless carriers, we provide a summary of the industry through tables and charts.

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.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.
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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 ..
Focused

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

Verizon 2Q18: Here Comes Hans

Earnings Note: 24 Jul 2018, 6:34 PM ET - Lowell McAdam is handing the reins to Hans Vestberg on a high note. Verizon grew wireless service revenue for the first time in 13 quarters and began post-tax reform balance sheet clean up. 

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.

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