Telefónica pounces for quick €1.25bn 8yr

telefonica building for new website
By Jon Hay
13 May 2014

Telefónica is no rare bond issuer, but remarkably, it has not issued a substantial euro senior bond for nearly a year, having sold a €1.75bn hybrid in March.

On Tuesday it jumped into the euro market, eschewing the recently typical dual tranche structure for a €1.25bn eight year deal.

BayernLB, BNP Paribas, Citigroup, Commerzbank, Credit Suisse, Lloyds and Mitsubishi UFJ Securities led the issue for the Baa2/BBB/BBB+ rated Spanish company.

“The deal was put together very ...

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