Vodafone

The Düsseldorf Higher Regional Court rejected Vodafone’s emergency injunction, allowing the Federal Cartel Office to decide in a separate proceeding on possible market abuse. The background is an allegation that Vodafone, via infrastructure operator Vantage Towers, delayed providing sites for 1&1 and thus impeded network expansion; Vodafone denies bias and rejects the accusations. 1&1 welcomed the continuation of the proceedings and has meanwhile made significant progress in network rollout; customers additionally use Vodafone’s network under a roaming agreement. » More on golem.de

The government has commissioned two independent studies — a domestic review with the British Franchise Association and an international analysis by the Centre for Economic Policy Research — to reshape franchising rules after high-profile allegations involving Vodafone. The action follows claims linked to the death of a former Vodafone franchisee and a separate high court claim by 62 former Vodafone franchisees, which Vodafone settled confidentially. Ministers say the studies will inform possible new laws to better protect franchisees while avoiding undue burdens on small businesses, and franchising now sits in the small business minister’s portfolio. » More on theguardian.com

Moody’s has upgraded four Vodafone-issued hybrid bonds from Ba1 to Baa3 after changes to the bond terms and leaves the outlook at stable. The affected hybrids date from 2018, 2020 and two from 2023 with maturities between 2078 and 2086; the securities are now one notch below Vodafone’s senior unsecured debt. The changes cap a possible coupon suspension at five years, make the bonds pari passu with two 2025 hybrids and remove their preferred-equity equivalence. For leverage metrics they still receive 50% equity and 50% debt treatment; Moody’s expects a gradual improvement in operating performance through 2028. » More on de.investing.com