High-Yield Telecoms

Credit awards 2002

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What was one of the worst calls to make in your sector over the past year that you avoided?

We avoided the German cable euphoria because we were sceptical of the success of triple play in the German market. Our view of the German market stemmed from several key factors: the abundance of free-to-air channels, strong competition from Deutsche Telekom and the fragmented nature of the cable market. Moreover, we believe that German cable operators overpaid for cable assets acquired from De

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