Deutsche Bank's daily update on European telecoms covers Telenor's structural reorganization, BT Group's recent bond issuance, and rising competitive pressure in the Spanish mobile market.
Key Takeaways
- 1.Telenor is restructuring into a country-led model to improve execution as individual assets gain importance following recent disposals.
- 2.Poste Italiane has stated it has no plans to raise its bid for Telecom Italia, which currently trades in line with the offer value.
- 3.BT Group successfully issued EUR 850m in bonds but faces headwinds from refinancing older, cheaper debt at higher rates.
Table of Contents
- Telecommunications
- Wireless Services
- Appendix 1
- Important Disclosures
- Analyst Certification
- Additional Information
- International Production Locations
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Authors
Robert GrindleJohn KaridisKeval KhiroyaRoshan RanjitVijay SaravananAnkit Sharma
Securities
TEL.OLTelecom ItaliaPoste ItalianeBT/AVODCLNXEutelsat
Themes
Corporate RestructuringShareholder ReturnsDebt and Refinancing Risk
Regions
EuropeNorwayItalyUnited Kingdom