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GC Asia
Telefónica keeps green hybrid hotline ringing
Telefónica, the Spanish telecommunications company, showed the depth of demand for green hybrids on Wednesday, with a seven times oversubscribed trade that came a day after a similarly successful deal from compatriot issuer Iberdrola.
Telefónica, rated Baa3/BBB-/BBB and printing hybrid debt at Ba2/BB/BB+, opened books on a euro benchmark sized green hybrid perpetual non-call 8.25 at 3.125%.
The deal followed a day after utility Iberdrola attracted €9.5bn for a €2bn dual tranche green hybrid.
“It’s a bit of a perfect storm,” said a ...Already a subscriber? Login
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