Vodafone Credit Investors Relieved as Liberty Talks Scrapped
- Vodafone CDS best-performing in the Markit iTraxx Europe index
- Bonds issued by Liberty Global units fell to records
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The cost of insuring Vodafone Group Plc’s debt against default fell the most in almost four months after the company ended assets-exchange talks with John Malone’s pay-TV giant Liberty Global Plc.
Vodafone five-year default swaps are quoted at about 98 basis points, compared with 105 on Friday, while bonds of Liberty Global units fell to records after news the talks had failed. Vodafone’s five-year credit-default swap is the best-performing so far Monday in the Markit iTraxx Europe index, which is based on the credit-default swaps of 125 investment-grade European companies.