No Treats, Just Tricks — October TMT Reference Sheet & Ratings Changes

This is J.P. Morgan's October iteration of its TMT Reference Sheet, refreshing relative value views and key catalysts across its North American investment-grade Tech, Media & Telecom coverage, along with 14 ratings changes. TMT spread performance was mixed in September: Technology outperformed the broader index, tightening 1.2bps despite a 1.2bps widening in the benchmark JULI; Media widened 4.2bps, driven by Cable widening 11.9bps amid persistent broadband subscriber pressures; and Telecom was largely unchanged, with Domestic and Yankee spreads tightening 0.1bps and 0.5bps respectively. New supply in September totaled $46.4bn, the sixth-largest monthly total YTD, with nearly 65% coming from Skydance's $30bn deal;