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Ciena Corp: 1 director

A director at Ciena Corp sold 8,332 shares at 60.202USD and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

Valens Research
  • Valens Research

CIEN - Valens Credit Report - 2024 02 22

Credit markets are slightly overstating CIEN's credit risk with a YTW of 5.965% relative to an Intrinsic YTW of 5.295% and an Intrinsic CDS of 105bps. Furthermore, Moody's is overstating the company's fundamental credit risk, with its speculative Ba1 credit rating three notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate BehaviorTM analysis highlights mostly negative signals for credit holders. As a positive, management has low change-in-control compensation relative to the...

Valens Research
  • Valens Research

Valens Credit Weekly Insights - 2024 02 28

Valens Credit Research team highlights CIEN, which has a compelling bond offering that we believe the market is currently mispricing, with strong fundamentals, favorable management alignment, and an actionable trade.

CIENA Corporation: Update to credit analysis

Our credit view of this issuer reflects its strong liquidity profile with cash balances typically exceeding $1 billion, constrained by its demand volatility of service provider market.

Moody's announces completion of a periodic review of ratings of Ciena ...

Moody's Investors Service (Moody's) has completed a periodic review of the ratings of Ciena Corporation and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 8 February 2024 in which Moody's reassessed the appropriateness of the ratings ...

Valens Research
  • Valens Research

Valens Credit Weekly Insights - 2023 12 06

Valens Credit Research team highlights CIEN, which has a compelling bond offering that we believe the market is currently mispricing, with strong fundamentals, favorable management alignment, and an actionable trade.

Valens Research
  • Valens Research

CIEN - Valens Credit Report - 2023 11 23

Credit markets are overstating CIEN's credit risk with a YTW of 6.624% relative to an Intrinsic YTW of 5.604% and an Intrinsic CDS of 116bps. Furthermore, Moody's is overstating the company's fundamental credit risk, with its speculative Ba1 credit rating three notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most members of management are material owners of CIEN equity relative to their annual...

Valens Research
  • Valens Research

CIEN - Valens Credit Report - 2023 11 22

Credit markets are overstating CIEN's credit risk with a YTW of 6.624% relative to an Intrinsic YTW of 5.604% and an Intrinsic CDS of 116bps. Furthermore, Moody's is overstating the company's fundamental credit risk, with its speculative Ba1 credit rating three notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate BehaviorTM analysis highlights mixed signals for credit holders. As positives, most members of management are material owners of CIEN equity relative to their annua...

Moody's assigns Baa3 rating to Ciena's proposed debt

Moody's Investors Service (Moody's) assigned Baa3 ratings to Ciena Corporations ("Ciena") proposed senior secured first lien term loan and revolving credit facility, the same rating as the existing first lien term loans.  The new facilities will be used to repay the existing 2025 term loan and to re...

Ciena Corporation - July 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Valens Research
  • Valens Research

Valens Credit Weekly Insights - 2023 09 20

Valens Credit Research team highlights CIEN, which has a compelling bond offering that we believe the market is currently mispricing, with strong fundamentals, favorable management alignment, and an actionable trade.

Valens Research
  • Valens Research

CIEN - Valens Credit Report - 2023 08 17

Credit markets are materially overstating CIEN's credit risk with a YTW of 6.442% relative to an Intrinsic YTW of 5.392% and an Intrinsic CDS of 120bps. Furthermore, Moody's is overstating the company's fundamental credit risk, with its speculative Ba1 credit rating three notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most members of management are material owners of CIEN equity relative to t...

Moody's announces completion of a periodic review for a group of Diver...

Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below. The review was conducted through a portfolio review discussion held on 10 July 2023 in which Mood...

Ciena Corporation - April 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Valens Research
  • Valens Research

CIEN - Valens Credit Report - 2023 05 23

Credit markets are materially overstating CIEN's credit risk with a YTW of 6.413% relative to an Intrinsic YTW of 4.683% and an Intrinsic CDS of 114bps. Furthermore, Moody's is overstating the company's fundamental credit risk, with its speculative Ba1 credit rating three notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most members of management are material owners of CIEN equity relative to t...

CIENA Corporation: Update to credit analysis

Our credit view of this issuer reflects its strong position in the optical networking industry and moderate leverage.

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