High-divi Telefónica has to change terms to sell €600m CB

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High-divi Telefónica has to change terms to sell €600m CB

Telefonica 230x150

Telefonica’s €600m equity-neutral convertible bond, launched and priced on Wednesday, proved controversial and had to be restructured mid-sale, highlighting the discomfort many investors feel with some of the currently fashionable CB structures.

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