Telefonica gets max sizes, little or no NIP on hybrid/senior pair

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Telefonica gets max sizes, little or no NIP on hybrid/senior pair

Telefonica 230x150

Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.

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