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Actionable: Opportunity courtesy Vodafone Idea


Franklin Templeton UST has recently announced that it will be taking a full hit on its Vodafone Idea exposure owing to concerns with its financial health. Franklin UST has a 4.27% (Rs 722 Cr according to Dec 31st 2019 portfolio) exposure to Vodafone Idea debt and that will be effectively marked down to zero. What makes it interesting is Franklin Templeton UST has not done side pocketing. Because you can't do a side pocketing unless rating agency confirms the firm has defaulted. And Vodafone Idea till now has not . . .

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