TMT Picks & Pans/July 2024 update

In this note we again highlight what we identify as attractive opportunities in the TMT credit space. Our picks and pans for TMT are largely unchanged since our update of 9 February, although the first half of 2024 has been quite eventful - especially for SES, but also for Equinix. SES has announced an agreement to acquire Intelsat, while Equinix has faced allegations of misreporting. Despite the upgrade to IG and some tightening of its notes YTD, we continue to like Cellnex. The combination of our long and short ideas in this report provides a fresh perspective on the current relative value o...

Coffee, Croissants & Credit/EDP, Enel, Telefonica, Equinix

EDP: 1Q24 EBITDA down on lower power prices. Enel 1Q24 beats estimates on strong renewables. Telefonica reports soft 1Q24 results. Equinix reports strong 1Q24 results.

Coffee, Croissants & Credit/Equinix, CBRE

Technology - Equity short seller accuses Equinix of providing misleading information

Claranova : Final agreement regarding the sale of PlanetArt: Claranova set to formalise its change of profile (towards a pure Software player)

Credit Morning 06/24/2025

Webuild: New HY issuance and tender offer|Skechers has announced plans to issue debt in euros and dollars|

Morning Crédit 24/06/2025

Webuild: New HY issuance and tender offer|Skechers : projet d’émission obligataire|