Coffee, Croissants & Credit/Statkraft, DLR, Telefonica, Deutsche Telek...

Utilities - Statkraft: 9M25 results underline ongoing challenges

DLR reports strong 3Q25 results/FY25 guidance raised again

Last week Digital Realty Trust (DLR) raised its FY25 guidance again, on the back of growing revenues and adj. EBITDA. The company's net debt to adj. EBITDA ratio has been stable while it benefits from a growing asset base. Demand for data centre services is high on favourable sector trends. We continue to like DLR's Euro notes, as they trade relatively wide for the TMT space.

Coffee, Croissants & Credit/TMT bond supply, Cellnex, Verizon, Equinix...

Strategy – TMT bond supply: Euro debt markets in favour with tech firms in 2025

Euro debt markets in favour with tech firms in 2025/Foreign tech compa...

Euro-denominated issuance by TMT companies has been ahead of expectations in FY25. American companies issued far more Euro debt than expected. This is driven by attractive funding costs in Euro markets, because the risk premium required by investors for European credit markets is lower. Some of the large issuers of Euro-denominated debt are active in the technology sector. This was contrary to our earlier expectations because these companies fund their capital expenditures from cash flow. Finall...

Euro debt markets in favour with tech firms in 2025/Foreign tech compa...

Euro-denominated issuance by TMT companies has been ahead of expectations in FY25. American companies issued far more Euro debt than expected. This is driven by attractive funding costs in Euro markets, because the risk premium required by investors for European credit markets is lower. Some of the large issuers of Euro-denominated debt are active in the technology sector. This was contrary to our earlier expectations because these companies fund their capital expenditures from cash flow. Finall...

Credit Outlook update/An unstoppable force against an immovable object

As we approach summer and reflect upon the already very busy and volatile first half of the year, we review our Credit Markets Outlook for 2025 and offer an update on our views, positioning and forecasts for the remainder of the year. We include our Picks and Pans on the Utilities, TMT, Real Estate and Bank sectors.

Autos & industrials, OpenAI/io deal, NVLink Fusion, AI cloud & capex, ...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 5 names we followed last week, follow the link below.

Tier 2 AI capex, PC pull-ins, Cisco downgrade. Our weekly wrap-up.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 14 names we followed last week, follow the link below.

Auto/Industrial recovery; Enterprise IT slowdown; Chinese semicap; Rob...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 29 names we followed last week, follow the link below.

Autos & Industrials, AI re-platforming, HBM, Tesla, Intel, LAM, and mo...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 21 names we followed last week, follow the link below.

Equinix and Digital Realty Trust print good FY24 results/Solid credits...

In this report we evaluate Equinix and Digital Realty Trust, two data centres with bonds outstanding in the Euro market. The notes of both companies look attractive, in our view. Below, we first present our investment views, followed by an update of our data centre market view. We end with a summary of the recent earnings reports of both companies.

Digital Realty Trust Inc: 1 director

A director at Digital Realty Trust Inc sold 3,400 shares at 145.500USD and the significance rating of the trade was 66/100. 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 year...

How Do You Know When You’re Wrong – Three Case Studies

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Corporate Office Properties Trust - Mergers & Acquisitions (M&A), Part...

Summary Marketline's Corporate Office Properties Trust Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Corporate Office Properties Trust - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partners...

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

DLR 4Q21 Quick Take: Results Okay, Guidance Better

What’s new: DLR 4Q21 results beat on revenue (driven by utilities reimbursements, as recurring revenue actually missed) but were a hair behind consensus on EBITDA, with lower property taxes and insurance costs almost, but not entirely, offsetting the weakness in recurring revenue. Core FFO still met expectations on lower interest expense, but AFFO missed materially on much higher recurring capex and slightly higher cash taxes.