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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5 Goldman Sachs 49,093.57 183 4.36%

Bookrunners of Euro Denominated Corporate IG Bonds

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5 UniCredit 9,827.69 40 5.62%

Bookrunners of European HY Bonds

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5 Deutsche Bank 1,993.88 21 5.27%

Bookrunners of Dollar Denominated HY Bonds

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4 Bank of America Merrill Lynch 8,770.59 82 7.01%
5 Goldman Sachs 8,019.67 66 6.41%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 17,994.64 70 6.72%
2 Barclays 16,624.98 48 6.21%
3 BNP Paribas 16,416.11 62 6.13%
4 JPMorgan 16,204.87 48 6.05%
5 Citi 14,811.85 58 5.53%