Telefónica’s 51/8, Feb 2013 |
| Source: Bloomberg |
A new-issue premium is always expected on a jumbo transaction but no one expected Spanish telecom Telefónica to run into quite as many difficulties on the first part of its refinancing of the £18.5 billion ($33 billion) purchase of UK mobile provider O2. In particular, ABN Amro, Barclays Capital, Société Générale and BBVA found the going rather tough on the euro tranches of Telefónica’s benchmark trade. Investors, having lost confidence, sat on their hands until spread guidance widened substantially.
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