TMT Bond Outliers Amid High Capex, Intense Competition: BI Replay

Communications and technology are among the weakest-performing investment-grade sectors this year, posting excess returns of -113 bps and -59 bps, respectively, versus 36 bps for the Bloomberg US Corporate Bond Index. Yet dispersion within TMT remains significant amid rising capital intensity and competitive pressure. Many technology, media and telecom bonds trade at materially wider spreads than peers, creating potential opportunities. Join Bloomberg Intelligence Senior Credit Analysts Robert Schiffman and Stephen Flynn as they assess the credit outlook for AT&T, Charter, Comcast, Meta, Oracle and SpaceX, highlighting where valuations, funding needs and fundamentals could drive the next round of bond outperformance. The discussion will assess where elevated capex, balance-sheet demands and competitive dynamics could drive further spread differentiation—and where bond valuations may offer attractive risk-adjusted opportunities.