Telecoms: reconnecting

Credit of the month

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M&A-related news and trading activity were the themes for much of last month, the most high-profile news concerning the pursuit of AT&T Wireless by both Cingular Wireless and Vodafone. Although most analysts reckoned that Cingular – the ultimate winner after lodging a whopping $41 billion cash bid – was in the driving seat, some analysts were surprised, even taken aback, by Vodafone’s aggressive pursuit of the US company.

This led to spreads on the British telecom’s bonds and CDSs to widen

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