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Newly Issued Telefonica 2036s Look Wide Vs. Vodafone Curve

COMMUNICATIONS
  • An often-made observation in the market is the tightness of the Vodafone curve to the Telefonica curve despite a seemingly stronger credit profile (often attributed to Telefonica’s inclusion in ECB purchases).
  • However, the Telefonica Green 36s issued in January buck this trend with an OAS nearly 25bps wider than the Vodafone curve – potentially worth investigating as an RV opportunity against VOD 34s or VOD 37s.


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