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Vodafone

Vodafone is a UK domiciled global telecoms operator, boasting ~120 mn European and over 400 mn AMAP mobile customers. In Europe the group is increasing its fixed market penetration and has ~20 mn fixed broadband subscribers. VOD is publicly traded and widely held by institutional investors. The group is well diversified by geography with operations in ~25 countries and partnership agreements in ~50. Core operations in its Europe segment (~75% of EBITDA) including Germany, UK, Italy and Spain; while AMAP (Africa, Middle East and Asia-Pacific, ~25% EBITDA) now mostly reflects Vodacom (largely South Africa; ~15% of EBITDA). The group also has several JVs and associates. The group has been active in M&A to refocus on convergence in Europe. Recent deals include a JV with Ziggo in the Netherlands, with Idea in India, the merger of its JV in Australia, and announced acquisition of Unitymedia in Germany in May 2018. CFO Nick Read will take over as CEO from Vittorio Colao on 1 October 2018. The group changed its reporting currency to EUR from GBP in FY16/17 and reports full results semi-annually, YE March. (25 Sep 2018)

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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 ..

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.

T-Mobile NL: EU Gives Nod for Tele2 Deal

Worth Watching: 27 Nov 2018, 2:16 PM ET - T-Mobile NL (DT) has received unconditional approval from the European Commission for its acquisition of Tele2 in the Netherlands. This is a rare example of the EC giving the green-light for 4-to-3 mobile consolidation. As we have discussed prev ..

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

Vodafone F1H19: Read-ing Between the Lines

Earnings Note: 14 Nov 2018, 8:40 PM ET - Vodafone's F1H19 results was the first under new CEO Nick Read. In addition to reporting weak results due to tough conditions in Italy and Spain, the new CEO provided a strategy update.

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.

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.
Focused

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.
Focused

Vodafone: Promised Hybrids Take Shape

IG Note: 26 Sep 2018, 4:48 AM ET - Vodafone is issuing hybrids in scale as it raises capital for its proposed deal with Liberty Global. The group is aiming to bring a minimum of €3 bn equivalent hybrids across four tranches and 3 currencies.

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