New Street: Brazilian 5G auction - Few surprises, relief for the stocks
Brazil's two day 5G auction concluded on Friday. There were no unpleasant surprises, with 3.5 GHz blocks going for close to reserve meaning spend (including extra obligations but pre capex commitments) was ~US 2 cents/MHz/POP on this band - cheap by global standards; it was a fraction of this (US0.13 cents/MHz/POP) on the 26 GHz band. Perhaps the most interesting development was the acquisition of the final 700 MHz block by Patria while we note the acquisition of regional blocks here and there (as expected) by regional ISPs.
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