Telefonica gets max sizes, little or no NIP on hybrid/senior pair

Telefonica 230x150
By Jon Hay
08 Mar 2019

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:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.