Telefonica gets max sizes, little or no NIP on hybrid/senior pair
Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.
The company is rated Baa3/BBB/BBB, all with stable outlooks, but with such a huge debt — 3.7 times its Ebitda at the end of 2018 — it needs to be careful with its balance sheet structure.It has a €705m hybrid that will reach its call date in ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org