Vodafone to try equity-neutral mando magic again

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Vodafone to try equity-neutral mando magic again

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Visitors of the electronics fair IFA in Berlin looking at an installation of the theme moonlanding at the stand of the company Vodafone, 02 September 2017. Photo: Maurizio Gambarini/dpa | Maurizio Gambarini/DPA/PA Images

Vodafone has lived up to its reputation for daring in corporate finance by launching an €18.4bn takeover of Liberty Global’s German business Unitymedia that includes a second outing for the unique and controversial equity-neutral mandatorily convertible bond it first used in 2016, writes Jon Hay.

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