Whether Vodafone’s £3.44bn issue of two and three year mandatorily convertible bonds on Tuesday this week ends up being judged a corporate finance success for the company may take time to discover. But it is already clear it was a great hit with investors — much more so than the first time Vodafone issued the structure in 2016.
Then, when Vodafone was seeking to monetise loan notes owed to it by Verizon, it had to restructure the deal during the bookbuild, which lasted from early morning till well into the evening. Notably, it reversed the original decision to allow conversion only at maturity. The market was
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