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Share Price Information for Vodafone (VOD)

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Share Price: 74.96
Bid: 74.94
Ask: 74.98
Change: 0.18 (0.24%)
Spread: 0.04 (0.053%)
Open: 74.90
High: 75.90
Low: 74.52
Prev. Close: 74.78
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US CORP BONDS-IG MIDDAY: Vodafone readies five-part deal

Mon, 11th Feb 2013 17:42

By John Balassi

Feb 11 (IFR) - The new issue calendar picked up Monday withfive high-grade deals announced. On the back of last week'srespectable US$14.139bn in volume, when IBM and AT&T drovesupply, a blue-chip Yankee telecom name is moving today'sprimary market.

The combination of earnings-related blackout periods, there-emergence of eurozone tail risks, and fears of rising rateshave limited supply volumes to between US$11bn and US$14bn overthe last three weeks. Syndicate desks expect estimates in thesame range for the next several weeks before volumes pick up inMarch.

Corporate issuers have shown themselves aware of investors'shorter-duration mandates within the current rising rateenvironment. Seven of the eleven tranches bought on Monday havetenors of five years or less, including two floaters. Thisfollows three floaters issued last week, when a total of elevenof 16 tranches were five years or less in maturity.

Among the sizable offerings in the market on Monday isVodafone Group PLC, which is out with a USD benchmarkSEC registered five-part deal that consists of a fixed & FRNthree-year, five-year, 10-year, and 30-year senior notes.Barclays, HSBC, JPM, MS and MUS are the joint books.

Price guidance on the Vodafone deal is 3mo Libor equivalentson the 3yr FRN, T+60bp area on the 3yr fixed, T+80bp area on the5yr fixed, T+110bp area on the 10yr fixed and T+130bp-135bp onthe 30yr fixed. Area is +/- 5bp.

Vodafone last came to the US dollar market on March 13, 2012with a US$1bn 1.625% 5yr at T+80bp. The 2017s were last tradingat T+48bp. Before that Vodafone priced a two-part deal on March9, 2011 that consisted of a US$600m 2.875% 5yr at T+85bp and aUS$500m 4.375% 10yr at T+100bp.

Kellogg Co launched a US$650m no grow SEC registeredtwo-part deal that consists of a US$250m two-year (2/13/15) FRNat 3mL+23bp and a US$400m 10-year (3/1/23) fixed senior note at87.5bp. Proceeds are being used for general corporate purposes,including the repayment of US$750m 4.25% senior notes due3/6/13. Price guidance on the 2yr FRN was 3mL+25bp and T+90bparea on the 10yr fixed.

Airgas Inc launched a US$600m (upsized from US$500m)SEC registered two-part senior note deal that consists of aUS$325m five-year at T+85bp and a US$275n seven-year at T+105bp.Proceeds are being used for general corporate purposes,including to fund acquisitions, repay indebtedness under the CPprogram and to repurchase shares. Price guidance was T+95bp onthe 5yr and T+115bp on the 7yr.

Also in the market are a pair of Yankee issuers, Russiansteel maker NLMK, which launched a US$800m 5-yearUSD-denominated bond issue at 4.45%, and Banco de Bogota, with a US$500m 10-year subordinated bond offering withrevised price guidance to 5.375% area.

At midday, the CDX indices were trading near the worstlevels of the year, with the IG19 at 89.9375-90.1875 and theHY19 at 102.125-102.1875. Meanwhile, the long-end of theTreasury curve was relatively unchanged, with the 10-year yield0.2bp higher at 1.957%.

U.S. Treasuries..........

U.S. Treasury outlook...

U.S. corporate bonds....

U.S. agencies...........

U.S. mortgage-backeds...

U.S. asset-backeds......

U.S. municipal bonds... (Reporting by John Balassi; Editing by Marc Carnegie)

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22 Mar 2024 09:19

TOP NEWS: UK CMA says Vodafone/Three merger raises competition worries

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CMA warns Vodafone, Three deal will face full probe if solutions not given

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18 Mar 2024 09:39

IN BRIEF: Vodafone CFO buys 2.5 million shares for GBP1.7 million

Vodafone Group PLC - Berkshire, England-based telecommunications provider - Group Chief Financial Officer Luka Mucic purchased 2.5 million shares on Friday in London at 69.64 pence each for GBP1.7 million in total. Vodafone also on Friday announced the sale of its Italian business to Swisscom AG for EUR8 billion, with EUR4 billion to be returned to shareholders through a buyback. It said, however, that annual dividends from financial 2025 onwards will be rebased to 4.5 euro cents, down from 9.00 cents for financial 2024.

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(Alliance News) - London's FTSE 100 overcame a muted morning to head into Friday afternoon on the up, though its progress was shy of the loftier gains seen by mainland European peers, as investors showed some signs of trepidation ahead of a pair of interest rate decisions next week.

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Vodafone Germany makes surprise chief executive change

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LONDON MARKET OPEN: FTSE 100 treads water; buyback boosts Vodafone

(Alliance News) - Stock prices in London opened in a muted fashion on Friday, as a hotter-than-expected US producer price reading stifled risk appetite, with focus beginning to move to interest rate decisions from the Federal Reserve and Bank of England next week.

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LONDON BRIEFING: Vodafone, Scottish Mortgage Investment plan buybacks

(Alliance News) - London's FTSE 100 is called to open fractionally lower on Friday, possibly a tepid end to a decent week, as a robust US producer price reading hurt risk appetite on both sides of the Atlantic.

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15 Mar 2024 06:58

TOP NEWS: Vodafone plans share buyback after Italy sale to Swisscom

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Vodafone unveils €4bn capital return after selling Italian unit

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