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Corporate Bonds

Telefónica seeks exit from retail pref note bind via €2bn exchange

Telefónica has launched an exchange offer for €2bn of preferred securities that it sold to Spanish retail investors 10 years ago. The notes were originally expected to be called next month, but the Spanish telecoms company wants to replace them with what is effectively new debt and equity, rather than face the dilemma of whether to call them expensively at par.

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