Free Trial

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
73 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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