Vodafone brings first sterling mandatory

摘要

Vodafone illustrated the flexibility of the equity-linked market last week with an unusual £2.88bn mandatory convertible bond that smashed the record for the largest sterling issue ever in the sector. The deal was also the largest equity-linked trade in EMEA since KfW's €3.3bn exchangeable into Deutsche Telekom in 2008 and was more than four times the size of British Aerospace's £685.96m exchangeable, the former sterling record holder.