EU COMMUNICATIONS: TMT: Week In Review
May-16 14:54
Earnings this week included Deutsche Telekom (neutral), Sage Group (neutral), DXC Technology (mixed), Telefonica (neutral), NTT (slight neg), Cellnex (neutral), Proximus (slight pos), ITV (neutral), Ubisoft (negative), Inwit (neutral), Bertelsmann (neutral).
- Busy week for supply with deals from Cellnex, from Orange, from Nexi and from Swisscom.
- On ratings, we saw American Tower moved to positive outlook. In HY Moody’s movedVodafoneZiggo’s outlook to negative.
- Bloomberg reported that Telefonica is preparing a full takeover of the highly levered VMO2, its 50:50 JV with Liberty. Previous reports indicated appetite for deal-making with the possibility of an equity raise. The curve widened notably; little is known about what final terms could look like and as the lowest rated €IG telco, there is not much in the way of additional headroom at the agencies.
- Charter announced an agreement to acquire Cox Communications.
- British Telecom are said to be carving out its international unit with a view to a future separation.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BOC SAYS PREMATURE TO QUESTION USD AS RESERVE CURRENCY
Apr-16 14:53
- BOC SAYS PREMATURE TO QUESTION USD AS RESERVE CURRENCY
OPTIONS: Expiries for Apr17 NY cut 1000ET (Source DTCC)
Apr-16 14:51
- EUR/USD: $1.1200(E605mln), $1.1215-25(E1.3bln), $1.1250(E849mln), $1.1350-60(E919mln)
- USD/JPY: Y142.80-00($1.1bln), Y145.00($1.4bln)
- USD/CAD: C$1.4000($1.4bln)
- AUD/USD: $0.6390-00(A$921mln)
- USD/CAD: C$1.3950($1.0bln), C$1.4000($2.0bln)
STIR: SOFR Option Update
Apr-16 14:45
Pick-up in downside put structures this morning as underlying futures see-saw off earlier highs. Curves steeper (2s10s +4.486 at 52.876) with the short end still outperforming. Projected rate hike pricing, however, has cooled vs. morning levels (*) as follows: May'25 at -4bp (-4.7bp), Jun'25 at -20.5bp (-21.2bp), Jul'25 at -39.6bp (-40.1bp), Sep'25 -57.6bp (-58.9bp).
- +3,100 SFRU5 95.62/95.68/95.75/95.87 put condors, 2.25
- +3,000 SFRU5 95.31/95.68 2x1 put spds, 0.25 net
- -10,000 SFRU5 96.50/97.00 call spds vs. 95.25/95.75 put spds and +5,000 95.25/95.81 put spds, 8.0
Related by topic
BRITEL
UK
Credit Sector
