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Vodafone’s EUR Tendered Line Spread Changes vs. Tender Premiums

CREDIT SUPPLY

• Unusual tender given the use of priority pools for groups of bonds.

• Spread changes on the tendered EUR lines vs. tender premiums below.



BondOutstandingPool NumberLevel of Priority Within PoolMax Acceptance For PoolFriday’s Closing MS Spread (bps)Early Tender Premium (bps)Current MS Spread (bps)Change On Day (bps)Change On Day vs. Tender Premium
3.25% 29sEUR 650mn12/2EUR 660mn40.6771533.6557.021946.8%
1.875% 29sEUR 750mn21/2EUR 400mn34.1181529.0855.032833.6%
1.6% 31sEUR 1150mn31/1EUR 290mn61.1923055.3545.838119.5%

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