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Italian Wireless Market: Wind Of Change

13 May 2015 by lberuti

It was a quiet day across the board, and most names finished the day tighter. Indeed, credit indices opened tighter and spent the session in very tight ranges, except for their late spike wider which brought them unchanged compared with yesterday’s close during the last hour of trading. That did not leave enough time for single names to follow suit and catch a bid. The trading activity was subdued except for a few names. WINDIM (Wind) topped the list in terms of flow. The market eventually got the confirmation of the rumour that triggered yesterday’s 30bps tightening of its risk premium. Vimplecom’s CEO confirmed today that the company is in talks with Hutchison Whampoa to combine their mobile phone business in Italy. The 50-50 joint venture will form the country’s largest wireless operator by customers (with more than 30 million of them), combining WINDIM and 3 Italia. Italy was the last European telecommunications market not to have experienced consolidation.