Telefónica dials single digit premium for €3bn of 10 year orders

By Nigel Owen
07 Sep 2017

Telefónica printed the largest single tranche of the day on Tuesday, with a €1.25bn deal with a January 2028 maturity. Despite competing with three other corporate bond deals in the euro market, the deal built a €3bn order book and was printed with a single digit new issue premium.

The Spanish telecoms provider last came to the euro market with a dual-tranche eight year and 11.7 year deal in January, but the combined order book was smaller than Tuesday’s single tranche deal and the new issue premiums were 7bp on the shorter tranche and low teens on ...

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