EU TECHNOLOGY: TMT: Week In Review
Feb-28 15:35
- C&S/M&E/Telco/Tech indices were-1bp/+1bp/+1bp/-1bp vs. €IG corps WoW as of yest close. YTD: +7bp/+2bp/flat/+5bp.
- No rating actions this week. In supply, we had a GBP 300mn deal from business software provider Sage Group; we view them as a stable BBB+ name. The deal priced well through our FV but has widened since (+5bp as of writing).
- Earnings was busy; we flagged Amadeus (neutral), Pearson (neutral), Nexi (mixed), Proximus (slight pos), Dell (neutral), Telefonica (mixed), Teleperformance (mixed), Warner Bros (mixed), WPP (negative), Cellnex (slight pos), Deutsche Telekom (neutral), Ipsos (neutral), SES (positive), Worldline (slight neg), American Tower (neutral), Wolters Kluwer (neutral).
- Elsewhere, we flagged SES shareholder proposals, Telefonica selling it’s Argentinian business, ASML export control reports, Telia selling it’s TV & Media unit and Prosus bidding for Just Eat.
- Please see our weekly PDF for links.
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GILT AUCTION PREVIEW: On offer next week
Jan-29 15:32
The DMO has announced it will be looking to sell GBP2bln of the 1.50% Jul-53 Green Gilt (ISIN: GB00BM8Z2V59) at its auction next Wednesday, February 5.
MNI: US EIA: CRUDE OIL STOCKS EX SPR +3.46M TO 415.1M JAN 24 WK
Jan-29 15:30
- US EIA: CRUDE OIL STOCKS EX SPR +3.46M TO 415.1M JAN 24 WK
- US EIA: DISTILLATE STOCKS -4.99M TO 124.0M IN JAN 24 WK
- US EIA: GASOLINE STOCKS +2.96M TO 248.9M IN JAN 24 WK
- US EIA: CUSHING STOCKS +0.33M TO 21.0M BARRELS IN JAN 24 WK
- US EIA: SPR +0.25M TO 394.8M BARRELS IN JAN 24 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE -2.4% TO 83.5% IN JAN 24 WK
EURIBOR OPTIONS: Call Fly buyer, the Call Spread trades for more
Jan-29 15:26
- ERM5 98.00/98.12/98.25c fly, bought for 1.25 in 20k.
- For the ERM5 98.12/98.25cs, this has now been bought for half in 79.5k.
