Telefonica's double does double in virus fearing market

stocks down negative adobe stock
By Mike Turner
27 Jan 2020

Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.

The spread of the coronavirus in China sent equity markets plummeting by more than 2% on Monday, and corporate credit took a hit later in the day.

Senior corporate bonds in euros widened a few basis points by midday UK time, while hybrid debt went 5bp-10bp wider, a syndicate ...

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