Telefonica sells new pair of hybrids alongside tender

Spanish telecoms company Telefonica has announced the sale of its latest hybrid new issues while also tendering for several of its outstanding hybrids. After over a month since the last benchmark euro hybrid issue, investors contributed to a large order book.

  • By Nigel Owen
  • 13 Mar 2018

Before the new deal was announced, the Baa3/BBB/BBB rated issuer had €6.35bn of hybrids outstanding, having sold its first one in September 2013 and its most recent in November 2017

The most recent deal was a perpetual note with a non-call 5.5 year structure and a 2.625% ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 125,350.32 549 5.86%
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4 Barclays 84,284.85 343 3.94%
5 Goldman Sachs 83,858.93 328 3.92%

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5 HSBC 16,617.09 92 5.22%

Bookrunners of European HY Bonds

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1 Goldman Sachs 5,527.11 43 7.83%
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5 Credit Suisse 3,757.05 40 5.32%

Bookrunners of Dollar Denominated HY Bonds

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4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 28,288.85 117 5.96%
2 BNP Paribas 27,573.48 118 5.81%
3 Barclays 26,271.31 92 5.53%
4 JPMorgan 26,099.31 90 5.49%
5 Deutsche Bank 24,766.67 100 5.21%