Vodafone answers investors’ call but is left hanging

Vodafone_19July2017_PA_230x150
By Nigel Owen
20 Jul 2017

For months investors have been complaining about how far pricing moves from initial price thoughts to guidance and again in final pricing in the corporate bond market. On Wednesday, Vodafone responded with a new approach to marketing. The response, however, was not what those involved expected, writes Nigel Owen.

Vodafone only had limited funding needs in euros, so the issuer and its syndicate of Goldman Sachs, JP Morgan, Santander and UniCredit, decided a €500m no-grow 10 year deal with a €150m tap of Vodafone’s July 2031 deal would be the right opportunity to test a new approach.

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