Vodafone delivers on green promise

Vodafone logo PA 230x150
By Alex Radford, Jon Hay
21 May 2019

Vodafone, the UK-based telecoms company, became on Tuesday the latest issuer to enter the green bond market for the first time, delivering on expectations raised when it published its Green Bond Framework last August. The €750m green note was the shortest of three tranches in a €2.5bn deal that drew €8bn of demand.

The Baa2/BBB+/BBB+ rated issuer is better known in capital raising markets for its elaborate efforts to gain equity credit from the rating agencies without diluting shareholders, than for green finance initiatives.

But in 2015, the company made energy innovation one of its three core global transformation areas, and ...

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