Coffee, Croissants & Credit/E.ON, SES, Cellnex, Deutsche Telekom, Wolt...

Utilities - E.ON: Decent 2024 results and strong prospects

Coffee, Croissants & Credit/Swisscom, Cellnex, SELP, Unibail

Telecom - Swisscom's credit rating lowered to A- by S&P. Cellnex evaluates sale of its Swiss business

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 ...

Coffee, Croissants & Credit/IBM, Cellnex, Proximus, Unibail and Gecina

Technology - IBM 1Q24 figures reasonable, but potential acquisition could worsen credit metrics

Cellnex/Further improvement to leverage to come

For some time now, Cellnex[de] has worked to improve its balance sheet. This has had success, as the recent leverage reduction shows. Today, the company reports new leverage targets and is aiming for a further leverage reduction to 5.0x-6.0x net debt / EBITDA. We continue to think the notes look attractive. They should trade as investment grade notes again.

Coffee, Croissants & Credit/Cellnex, KPN, ZIGGO, and ASML

Telecom: Cellnex not yet upgraded to BBB- Dutch 5G spectrum auction

Coffee, Croissants & Credit/Cellnex reports strong 3Q23 results

Telecom: Cellnex reports strong 3Q23 results

Coffee, Croissants & Credit/Telenor, American Tower, Cellnex, Metro & ...

Telecom: Telenor sells stake in fibre network. American Tower and Cellnex mentioned as potential suitors for Vantage Towers stake

Cellnex Telecom : Status quo on the shareholding structure

>Status-quo on Cellnex’ shareholding structure - While there was potentially the prospect of a change of the ownership structure as part of the Abertis takeover, the latter’s 34% stake in Cellnex will be in large part (29.9%) sold to Atlantia and then transferred to Edizione should the joint takeover bid of ACS/Hochtief/Atlantia on Abertis succeed. All in all, Cellnex will continue to have a core shareholder with a 30-35% stake in the company and the scenario of an acquisition of Cellnex by ...

Cellnex telecom : Status quo on the shareholding structure

>Status-quo on Cellnex’ shareholding structure - While there was potentially the prospect of a change of the ownership structure as part of the Abertis takeover, the latter’s 34% stake in Cellnex will be in large part (29.9%) sold to Atlantia and then transferred to Edizione should the joint takeover bid of ACS/Hochtief/Atlantia on Abertis succeed. All in all, Cellnex will continue to have a core shareholder with a 30-35% stake in the company and the scenario of an acquisition of Cellnex by ...

Cellnex telecom : Which scenario would be positive for CB holders?

Cellnex Telecom : Which scenario would be positive for CB holders?