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November 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the forty company recommendation changes made on North American companies during the month of November.

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

HY Note: Zayo Update Following Moody’s Review

HY Note: 09 Nov 2018, 12:05 PM ET - Moody's placed Zayo (B3/B) on review for downgrade following Zayo's announcement that it plans to separate into two companies. We continue to believe the transaction is a long-term positive for Zayo bondholders.
Focused

Zayo: Splitting Into Two

Earnings Note: 08 Nov 2018, 7:07 AM ET - Zayo plans to split into two, but bondholders are staying with the Fiber and higher-multiple assets. Our initial take is that this transaction is positive for Zayo bondholders.

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. 

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.

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.

August 2018 Company Coverage Initiated

Company Coverage Initiated: 02 Sep 2018, 9:48 PM ET - Our monthly report provides executive summaries for the four companies on which we launched coverage in North America and Europe during the month of August.
Focused

Zayo F4Q18: Try and Try Again

Earnings Note: 23 Aug 2018, 8:50 PM ET - Zayo's F4Q18 results left much to be desired. The company again missed its gross installs and churn targets. However, Zayo's asset base remains very strategically valuable in the emerging 5G ecosystem.

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.

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.

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.

US Telecom: Pai Announces 3 more mmWave Auctions

Worth Watching: 12 Jul 2018, 2:43 PM ET - US Telecom: On August 2, 2018, the FCC will hold its monthly Commissioners' Meeting, and the agenda will focus on 5G. This week, Chairman Ajit Pai announced a plan to hold three more millimeter-wave (mmWave) spectrum auctions – the 37 GHz, 39 G ..

Satellite C-Band: A Look Ahead of July 12 Vote (1)

Sector Analysis: 10 Jul 2018, 9:42 PM ET - On July 12, the FCC plans to vote on a strategy to open at least a portion of C-Band spectrum. We take a look at the current uses of the band, the FCC's NPRM, third-party commentary, and discuss high level valuation scenarios.  

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.

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. 

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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