Vodafone PLC is one the largest telecommunications operator in the world, a household name and is 2nd largest company in the UK FTSE-100 Index.

Apart from its shares in issue it has a large debt issuance programme, its bond issue programme to finance its day to day business operations
[http://www.vodafone.com/content/index/investors/debt_investors.html]

Vodafone issues bonds (debt) to investors who are looking to get a regular fixed income.
It has two programmes a US Shelf [http://www.vodafone.com/content/index/investors/debt_investors/bonds/us_shelf.yes.html] and a EU Shelf [http://www.vodafone.com/content/index/investors/debt_investors/bonds/european_shelf.yes.html].

What is the level of debt issued by Vodafone ?

US Shelf = $16,739,400,000
EU Shelf = $16,683,496,000

∑ ($16,739,400,000 + $16,683,496,000) US Dollars.

That is $33,422,896,000 = $33 Billion = $33,400 Million of outstanding bonds.

With such strong cash flows, (eg prepaid sims, where Vodafone gets the cash up front, or contract customers paying every 31 days) servicing this debt is no problem, but also Vodafone is able to satisfy fixed income investors such as pension funds by offering them bonds that gives a safe, regular and stable fixed income to meet monthly pension commitments to pensioners.

The bond market is essential to the smooth functioning of the Global Banking and Financial Markets.