EU COMMUNICATIONS: COMMUNICATIONS: Deutsche Telekom: Strong Q3 With Leverage Back Into Target Range
Nov-15 14:41
DT Baa1[P]/BBB+/BBB+
Strong results with slight beats on revenue and EBITDAal and stronger beats on CapEx and FCF helping to move leverage back below the <2.75x target range.
- Q3 revenue +3.4% YoY (Service rev +3.7% YoY, domestic +6.1% YoY, international +2.6% YoY) was +0.4% vs. BBG cons. 9M24 +2.7% YoY.
- Adj-EBTIDAal +5.8% YoY (+0.4% vs. cons) for a margin of 38.9% vs. 38% last year. 9M24 margin of 38.2% from 36.9% in 9M23.
- CFO +11.5% YoY for 9M24 +7.5% YoY with Cash CapEx (ex. Spectrum) -11.4% YoY for 9M24 -9.8% YoY (-1.1% vs. cons). FCFal +32% YoY for 9M24 +28.3% YoY (+9.4% vs. BBG cons).
- Leverage of 2.64x from 2.81x at Q2 and 2.94x at Q323. KPIs look healthy.
- EBITDAal guidance raised; EUR ~43bn vs. EUR ~42.9bn before (BBG cons is EUR 42.91bn)
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OPTIONS: EUR, GBP Hedging Picks Up On Break Lower in Spot
Oct-16 14:38
- G10 FX options volumes sit ahead of average for this time of day, with busier EUR/USD and GBP/USD markets more than making up for quieter trade in AUD/USD, NZD/USD.
- Tuesday also saw decent action as markets played catch-up with the Columbus Day break - with over $100bln notional crossing via the DTCC, led by demand for CAD, CNY and MXN hedges.
- Post-CPI GBP hedges have been dominated by downside demand, with $3 in puts trading for every $2 in calls so far today - with 1.30 put strikes seeing close to £350mln notional in interest.
- Coinciding with the slip to 1.0875 this morning, longer-dated EUR/USD vol hedges traded in size, with trades consistent with 1.0480, 1.0500 straddles as well as a 1.0520/1.0450 diagonal put spread making up a large part of the morning's activity - and raising focus on lower strikes in the medium-term.
GILT PAOF RESULTS: GILT AUCTION PREVIEW: On offer next week
Oct-16 14:30
The DMO has announced it will be looking to sell GBP4bln of the 3.75% Mar-27 Gilt (ISIN: GB00BPSNB460) at its auction next Wednesday, October 23.
USD: Testing broader highs
Oct-16 14:30
- Some broader highs for the Dollar, against the SEK, PLN, NOK, SGD, EUR, AUD, and the USDJPY extends further gains to clear the 149.50 area.
- Market participants will now be watching for potential risk extension to the 150.00 handle, achieved back on Monday, after printing a 149.98 high.
- There's very little price action in Govies or Yields, so more of an FX move here.
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