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Transcript: IG & Crossover Contrarian Trade Panel

Transcript: 10 Dec 2018, 5:22 AM ET - This is the transcript of the Contrarian Trade Ideas panel at the CreditSights IG & Crossover conference on December 4, 2018.

Transcript: US IG & Crossover Technology

Transcript: 07 Dec 2018, 3:06 AM ET - This is the transcript of the 2-part technology sector presentation given at the CreditSights IG & Crossover conference on December 4, 2018.
Focused

Dell: $1 Bn 5-Year Term Loan A

Worth Watching: 03 Dec 2018, 12:49 PM ET - Dell (Baa3/BBB- ratings on term loans) is seeking a $1 bn 5-year Term Loan A-4 with pricing at L+175 (subject to a ratings based grid) and an upfront fee of 25 bps. Amortization is 5% in each of the first 4 years and 80% due at maturity. The lende ..
Focused

VMware F3Q19: Continued Momentum in FY 2020

Earnings Note: 30 Nov 2018, 3:32 AM ET - VMware's operating trends remain excellent, and Dell confirmed it has no plans to get cash from VMware. 
Focused

Dell F3Q19: Mixed Results Prior to DVMT Vote

Earnings Note: 30 Nov 2018, 3:32 AM ET - Dell's F3Q19 results were mixed as the company reported double-digit revenue growth despite margin pressure and weak free cash flow. 
Focused

Dell: Revised DVMT Offer, Revised Recs

HY Note: 15 Nov 2018, 12:02 PM ET - Dell increased its offer to acquire DVMT by $2.2 bn (to $23.9 bn) although increased the maximum cash consideration by $5 bn (to $14 bn). We downgrade Dell to M/P, although we reiterate our O/P rec on VMware. 

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

VMW: Acquiring Heptio; Expanding AWS Partnership

Worth Watching: 06 Nov 2018, 12:07 PM ET - VMW (Baa2/BBB-) announced at VMworld 2018 Europe that it signed a definitive agreement to acquire Heptio, a leader in the open Kubernetes ecosystem. Heptio's products and expertise helps organizations deploy and operationalize Kubernetes. Terms we ..

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.

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

Dell: Interviewing Banks for IPO as Backup Plan

Worth Watching: 24 Sep 2018, 12:04 PM ET - Dell is interviewing banks for an IPO as a backup plan if the DVMT transaction falls through, according to a WSJ article. As a result, Dell postponed its roadshow (to pitch the DVMT transaction) by about a week. The WSJ article states that shareho ..
Focused

Dell: Analyst Meeting (Pitch to DVMT Shareholders)

Company Analysis: 19 Sep 2018, 5:45 AM ET - We discuss key takeaways from Dell’s financial analyst meeting held ahead of the investor roadshow and DVMT shareholder vote.  
Focused

Dell F2Q19: Raising FY 2019 Guidance

Earnings Note: 06 Sep 2018, 11:08 PM ET - We discuss Dell’s F2Q19 results and raised FY 2019 guidance, and what it means for the pending DVMT transaction.

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.
Focused

VMware: Continues to Shine

Earnings Note: 24 Aug 2018, 5:15 AM ET - VMware continues its streak of reporting double digit top line growth which is expected to continue next quarter. 
Focused

Dell: Transaction Update and Our Views

Company Analysis: 23 Aug 2018, 4:19 AM ET - We provide an update on the Dell-DVMT transaction and proxy statement/prospectus, and we no longer consider VMware a high conviction trade given significant tightening. 

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.

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.

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 ..

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