February 04, 2025 09:07 GMT
HYBRIDS: Vodafone vs Orange Perps: Call 28s VOD Rich To ORAFP
HYBRIDS
VOD equity is -5% today on German weakness
- Looking at VOD vs ORAFP Perps. The VOD curve is steeper than Orange, which makes sense given the lower rating
- One point which stands out is the Call28s
- VOD 4.2% Call July 28 102.34 3.36 YTC z+124 Ba1/BB+/BB+ pos
- ORAFP 1.75 Reset Oct 28 98.83 3.56 YTR z+134 Baa3 pos/BBB-/BBB-
See graph - VOD used to trade mid 20s cheap to ORAFP for this pair but is now 10bps rich
![VOD_ORAFP](https://media.marketnews.com/VOD_ORAFP_2fef230a42.png)
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