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?

For the best part of the year, COLT, Energis and KPNQwest were widely regarded as having staying power – that even with highly leveraged balance sheets, these businesses were of enough substance and scope that they would be able to survive. We did not agree with this view and were consistently negative on the prospects of KPNQwest, culminating in an underweight recommendation in April 2001.

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