Vodafone rides again with mando and buyback language

Vodafone from media gallery
By Aidan Gregory, Jon Hay
05 Mar 2019

Vodafone brought to market on Tuesday its second mandatorily convertible bond that comes with language indicating Vodafone will buy the shares back — a second attempt to achieve the corporate financing holy grail of 100% equity credit without diluting shareholders.

Unlike Vodafone’s first essay in this direction — its £2.88bn issue in February 2016, billed as the first equity-neutral mandatory convertible — the latest deal was a storming success in the market, having to be repriced in Vodafone’s favour and drawing an immense book of €16bn.

Early ...

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