1987 – Year of the shrinking market?
Telefonica, the most widely traded stock on the Madrid Stock Exchange, with a fifth of all daily transactions, needs an international investor base to feed its $7 billion four-year investment programme.
As the first part of a plan to extend the telecommunications network throughout Spain, it is investing $47.2 million in a research centre outside Madrid.
It has also set up a subsidiary in the US to market a switching system, one of its rare in-house products.
Early this year the company raised a 10-year facility for $250 million in the Euromarket, with the help of American, Japanese and European banks.
The company is already listed on the stock exchanges of London, Paris, Frankfurt and Tokyo.
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