INVITE: VMO2 - BONDS STILL NOT ATTRACTIVE

What's New: James Ratzer will be hosting a client call to discuss all the latest CMA/ VMO2 developments on Wednesday 14 October, 10am ET/ 3pm UK​.

New in-depth note: Earlier today, we published a new note looking at VMO2 and Cityfibre in more depth following the recent CMA Interim Report - see HERE.

There will be a presentation followed by an interactive Q&A session.

​​​​​​Topics: ​The call will cover the following key topics:

• What is the probability of the nexfibre/ netomnia deal going ahead?
• Why Liberty Global/ Telefonica are incentivised to offer an aggressive remedy?
• Who benefits from the remedy?
• What are the implications for VMO2? What is being priced into the current bonds?
• What happens if the deal is blocked? What are the network implications for VMO2?
• What does a combined Cityfibre/ netomnia look like financially?
• Can it afford to be more aggressive on wholesale pricing?
• What are the VMO2 implications from the BT/ TalkTalk deal?
• What does all of this mean for Openreach?