Vodafone

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

Vodafone has amended the terms of four securities series totalling €2.75bn to harmonise their subordination provisions. The affected instruments are capital securities (€500m, maturity 2078), capital securities (€1bn, maturity 2080), subordinated reset notes (€750m, maturity 30 Aug 2084) and subordinated reset notes (£500m, maturity 30 Aug 2086). The changes ensure these series rank equally among themselves and with the subordinated reset notes of €1.4bn (maturity 2055) issued on 12 September 2025; supplemental trust deeds and revised final terms have been signed and published. » More on de.investing.com