Spanish incumbent Telefonica yesterday priced a €750m 5-year bond at par.
BofA Merrill Lynch, Intesa Sanpaolo, Barclays, BBVA and Mediobanca managed the transaction, which is due to settle on 19 September 2012.
The notes have a coupon of 5.811% and…
Spanish incumbent Telefonica yesterday priced a €750m 5-year bond at par.
BofA Merrill Lynch, Intesa Sanpaolo, Barclays, BBVA and Mediobanca managed the transaction, which is due to settle on 19 September 2012.
The notes have a coupon of 5.811% and were priced at 485 basis points over mid-swaps.
Price thoughts were initially around 510 basis points over this benchmark, and the bond’s order book reached in excess of €7bn, according to the company.
“This price represents a premium of 15 basis points below that seen in the markets in recent months for southern European issuers,” said a Telefonica spokeswoman.
The group added that more than 500 investors participated in Telefonica’s third bond issue of the year, of which 90% were non-domestic.
