Vodafone rides again with mando and buyback language
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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