Telefónica stumbles over price but gets its Eu5.5bn

Spanish telecom company Telefónica achieved its objective this week, raising Eu5.5bn in the European corporate bond market to finance its £17.7bn takeover of UK mobile phone company O2.

  • 20 Jan 2006

 But in a market weakened by doubts about the telecom sector and precipitous falls in Japanese and global equities on Tuesday and Wednesday, investors were in no mood to hand over money cheaply to a borrower that so obviously needed the cash.

Telefónica's first set of spread guidance for ...

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