Search
 

Investors Demanding More from Bond Issuers

Pushback on Vodafone's bond plans shows that investors are learning to just say no, even to investment-grade issues.

By Michelle F. Davis and Cordell Eddings, Bloomberg | Updated on December 02, 2015

After more than seven years of an anything-goes market, corporate-bond investors are starting to flex their muscles.

Vodafone Group Plc shelved plans to sell as much as US$2 billion of bonds last week after investors demanded sweetened terms, including provisions that would’ve protected them against losses in the event the company is taken over, according to people with knowledge of the matter. Such requirements, once rare for investment-grade issues, are being added with increasing frequency as the tide begins to turn after years of easy-money policies that fueled an $11 trillion corporate borrowing binge, data compiled by Bloomberg show.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.