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 96,950.75 438 5.87%
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3 Citi 80,636.38 424 4.89%
4 Barclays 70,395.85 272 4.26%
5 Goldman Sachs 66,323.53 257 4.02%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 21,423.94 96 8.87%
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5 Credit Agricole CIB 11,841.20 56 4.90%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 4,034.08 48 7.08%
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5 Credit Suisse 3,303.94 34 5.80%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 17,194.51 135 9.92%
2 Credit Suisse 12,843.21 88 7.41%
3 Goldman Sachs 12,130.01 89 7.00%
4 Citi 12,023.66 101 6.94%
5 Bank of America Merrill Lynch 11,966.50 108 6.91%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 22,617.39 93 5.95%
2 BNP Paribas 22,551.58 94 5.93%
3 Barclays 22,073.53 73 5.80%
4 Deutsche Bank 21,008.00 83 5.52%
5 Citi 20,528.49 81 5.40%