Telefónica gets €10bn book for first hybrid in week’s other telco hit
Telefónica, the Spanish telecoms group, joined the march of the national champion industrial companies into the hybrid capital market this week, selling its first such deal on Wednesday to huge demand from European investors.
The €1.75bn bond was overshadowed by Verizon Communications’ $49bn acquisition financing, priced the same day, in more ways than one.
“I feel a bit sorry for Telefónica,” said a banker away from the deal. “They got a massive book and no one talked about it.”
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