The policy of easing monetary policy, confirmed recently by the European Central Bank, made us pay attention to the securities denominated in euros. One of the highest returns in the segment of relatively high-rating securities is offered by the release of Vodafone Group PLC with maturity in 2078. The nearest call for paper (at par) is provided for in October 2028, then calls will follow each year. If the call option won't revoke in October 2028, the coupon rate will be recalculated.
An issue of 0.5 billion euros was placed in September 2018. Note that the minimum lot for paper is 100 thousand euros. The payout rank is junior subordinated, the release has a BB + composite rating from the Big Three agencies. The yield to the nearest call is 4.8% per annum.
On March 14, 2019, Moody’s upgraded the Metalloinvest rating from Ba2 to Ba1. The rating outlook has been changed from "positive" to "stable". The rating improvement reflects Moody's expectations that the issuer's “adjusted debt / EBITDA” metric will remain below 2.0, and the company will generate a steady positive free cash flow, as well as maintain strong liquidity indicators. Note that the S & P agency holds the BB + rating for the issuer, while the Fitch agency keeps one step lower (BB).
We note that the Eurobond Metalloinvest with redemption in February 2024 looks quite competitive against the background of securities from international issuers of similar credit quality.
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