Vodafone mando surprise: issuer happy with S&P treatment

Standard & Poor’s will not give explicit equity credit to the £3.4bn of mandatorily convertible bonds issued by Vodafone a fortnight ago. But S&P will give some rating benefit, and the UK telecoms company is cheerful about the result. Some bankers believe other issuers will follow suit, writes Jon Hay.

  • By Jon Hay
  • 21 Mar 2019

The extraordinary deal, issued on March 5, is designed to provide ballast to Vodafone’s balance sheet as it pays an €18.4bn enterprise value to take over Unitymedia, the German and central European business of Liberty Global.

Vodafone is anxious to protect its credit ratings by not taking on too ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 135,414.03 562 8.27%
2 Citi 128,055.36 503 7.82%
3 Bank of America Merrill Lynch 106,567.48 424 6.50%
4 Barclays 102,724.49 401 6.27%
5 Deutsche Bank 83,239.76 333 5.08%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Bank of America Merrill Lynch 11,525.35 30 6.99%
2 UniCredit 8,872.38 48 5.38%
3 BNP Paribas 8,684.90 48 5.27%
4 Deutsche Bank 8,298.69 30 5.04%
5 Commerzbank Group 8,007.20 41 4.86%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 4,430.39 19 11.07%
2 Goldman Sachs 4,006.06 15 10.01%
3 Citi 3,572.77 22 8.93%
4 JPMorgan 2,809.08 19 7.02%
5 UBS 2,281.21 12 5.70%