Call it a week: European IG and HY TMT update

研报英文原文证据摘录

Call it a week: European IG and HY TMT update

J P M O R G A N Europe Credit Research

19 June 2026

Call it a week

European IG and HY TMT update

This week, Bouygues’ CEO expressed an optimistic tone on the Altice France Europe Corporate Credit -

regulatory process, following the MoU signing last week. MasOrange confirmed Technology, Media &

talks to sell its Spanish data centre portfolio; Eolo is in talks with Apollo for a Telecommunications

€500m refinancing; Publicis received unsolicited offer for LiveRamp's identity Andrew Webb AC

assets; and WPP Media increased its advertising outlook, on unexpected (44-20) 7134-0121

resilience. Elsewhere, we note rating actions for Altice France and JCDecaux, andrew.x.webb@jpmorgan.com

and new euro issuance from Orange, Fiserv, and Wolters Kluwer. Issuers Alvaro Calero Fernandez

highlighted: DECFP, ENFP, FISV, ILDFP, LORCAT, ORAFP, PUBFP, (44-20) 7134-3000

alvaro.calerofernandez@jpmorgan.com

SFRFP, WKLNA, WPPLN.

Dihan D Udugampola, CFA

(44-20) 3493-6714

Altice France, Bouygues, Iliad, Orange (SFRFP, ENFP, ILDFP, ORAFP): dihan.udugampola@jpmorgan.com

Bouygues CEO comments on SFR acquisition. J.P. Morgan Securities plc

• Bouygues CEO Olivier Roussat told the Financial Times the breakup Recent TMT publications:

of SFR has a plausible path to regulatory approval stating that “we - Altice France: Accord de Principe (7th

think there’s a path to do it… two or three years ago, I wouldn’t have June)

said that”. In his view, regulators appear more willing to challenge earlier - Odido: Q1’26 (29th May)

assumptions, that France must have four telecom operators. He highlighted

- Iliad: Q1’26 (21st May) policy shifts in other markets (citing the UK’s Vodafone-Three approval)