Spanish incumbent Telefonica is offering eight-year notes denominated in euros, according to market reports.
The notes will be priced to yield about 260 basis points over swaps, the reports said.
Banca IMI, Barclays, BBVA, Citigroup, Lloyds and…
Spanish incumbent Telefonica is offering eight-year notes denominated in euros, according to market reports.
The notes will be priced to yield about 260 basis points over swaps, the reports said.
Banca IMI, Barclays, BBVA, Citigroup, Lloyds and Mitsubishi UFJ are lead managers, Dow Jones said.
Last time Telefonica tapped the European bond market, in January, it offered €1.5bn 3.987% notes due 2023.
This morning the telco began a £100m (€115m) buy back of a portion of its 5.88% notes due 31 January 2014. The tender will close on 21 March and BBVA, Barclays and Citigroup are acting as dealer managers. Should the buyback be successful the operator will still have £346m (€401m) in the series due at the start of next year.
Telefonica cut its net debt by more than €4.7bn in Q4 last year, from €56bn to €51.3bn, through asset sales and refinancing. The company aims to cut its debt pile still further this year, to €47bn.
