Telefonica Europe offers euro-denominated guaranteed hybrids

By Marisa Wong

Los Angeles, Nov. 15 – Telefonica Europe BV plans to issue euro-denominated undated 6.5-year non-callable deeply subordinated fixed-rate reset securities guaranteed by Telefonica, SA, according to a press release.

A separate announcement from the London Stock Exchange said Telefonica priced €750 million of undated securities at par with a coupon of 2.88% with SG CIB as manager.

The telecommunications group is based in Madrid.

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