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  • 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.
  • Vodafone’s £3.4bn mandatorily convertible bond with share buyback language, sold to huge demand this week, may have created a new financial product. Certainly it will set off a maelstrom of analysis and pitching to clients, as banks seek other companies willing to try this daring structure. Jon Hay and Aidan Gregory report.
  • The root of arbitrage is the same thing being priced differently in two markets. As markets have got bigger and more sophisticated, arbitrage has become harder to find.
  • Pitts-Tucker takes sole control of Nomura International IB — Hourican turns up at NewDay — NatWest hires RBC SSA banker
  • Shares in Funding Circle Holdings, the UK peer-to-peer lending platform, closed up on Thursday despite the company reporting a widening loss in 2018 because of the costs of its £440m IPO on the London Stock Exchange in September.
  • Dan Oakes, head of international ECM origination at Commerzbank, is changing roles with the bank and moving to Paris.
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