High Yield – Technology, Media & Telecommunications: First
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High Yield – Technology, Media & Telecommunications: First



David Caldana, Andrew Webb & team

J.P. Morgan

“They are energetic and always available.”

It’s three straight years on top for J.P. Morgan’s four-strong squad co-piloted by David Caldana and Andrew Webb. The London-based analysts have ratings on 60 issuers and keep their eyes on another 40. In July they recommended buying Wind Telecomunicazioni’s 11.75 percent 2017 senior notes, at $79.75, arguing that investors were overstating the threat posed by rising competition and declining sales at the telecommunications services provider, which is headquartered in Italy. By mid-January the bonds had rallied to $108. Also in July the team launched coverage on Numericable and urged clients to buy the 12.375 percent 2019 notes, at €100, on the French cable operator’s dominant market position and attractive yield. The notes jumped to €120, through mid-January, and they remain recommended. Caldana, 36, joined the firm in 1999 after earning a bachelor of commerce degree at Queen’s University at Kingston in Canada. Webb, 35, who holds a bachelor’s degree in finance and economics from Canada’s University of Western Ontario, came to J.P. Morgan in 2004. — Ben Mattlin

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