Owen Wild is Deputy Editor of International Financing Review based in London and also has global responsibility for equity capital markets coverage. Prior to 2010 he was associate editor for equities and structured equity. Owen joined IFR in 2004 as a reporter and has since worked across Equities, Structured Equity and Derivatives sections as both reporter and editor. Before joining IFR, Owen covered foreign exchange markets. Follow Owen on Twitter @IFR_Owen
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Vodafone will receive zero equity credit from S&P for its £3.44bn of mandatory convertible bonds. The €4bn-equivalent issue will part-fund the acquisition of assets from Liberty Global, with equity credit a crucial component in protecting the mobile network operator’s ratings.
When law firm DWF Group filed its registration document at the start of February, the omens were not good for a UK IPO as it remained unclear if the UK would leave the European Union with a negotiated deal. Most bankers covering the UK were not keen to attempt an IPO in that climate.
The UK still does not know how – or even whether – it will leave the European Union in three week’s time, yet Vodafone was able to issue the largest equity-linked deal ever seen in the UK to raise £3.44bn.