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Equity

Vodafone mando surprise: issuer happy with S&P treatment

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Standard & Poor’s will not give explicit equity credit to the £3.4bn of mandatorily convertible bonds issued by Vodafone a fortnight ago. But S&P will give some rating benefit, and the UK telecoms company is cheerful about the result. Some bankers believe other issuers will follow suit, writes Jon Hay.

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