Vodafone breaks CB mould but £2.9bn is tough sale
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Equity

Vodafone breaks CB mould but £2.9bn is tough sale

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The extraordinary versatility of convertible bonds — but also the market’s unpredictability — were highlighted on Thursday when Vodafone launched an unprecedented £2.88bn bond designed to achieve the near impossible: debt-like funding that counts as equity but is not dilutive to shareholders, writes Jon Hay.

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