Telefónica brings €1.75bn hybrid with no warning, prices very tight

By Jon Hay
27 Mar 2014

Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.

Like most recent hybrid issues, the perpetual non-call six and 10 year bonds attracted very heavy demand, though they widened in early secondary trading. That may have been due partly to the deal’s aggressive pricing, or partly to a wider weakening of risk appetite in financial markets on ...

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