
Things got much worse since my last article: VMO2's bonds trade at restructuring prices, Ziggo's unsecured bonds now yield about 16%, and Liberty Global is down about 25%. Until 9 October, roughly half of the fall was a European telecom sell-off. Since then, the drop has been all VMO2 and Ziggo bonds. The history explains the bond panic: since 2021, the owners have taken £5.15 billion out of VMO2 against £2.61 billion of free cash flow.










