The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Telefónica convinces the doubters

Issuer: Telefónica Amount: $6 billion equivalent Type of issue: Global bond Date of issue: September 15

In the relatively quiet months of this summer, one nagging worry kept debt capital markets bankers from enjoying their vacations. Will investors be willing to buy the huge volume of bonds that Europe's telecom companies plan to issue in the Final months of 2000?


       

The first big test of that appetite came with Telefónica's $6 billion jumbo offering last month, a deal led by Goldman Sachs, JP Morgan and Morgan Stanley, followed two weeks later by a $4.38 billion deal from KPN.


High bids for UMTS licences in the UK and Germany, along with the frenetic pace of M&A activity and expansion in the industry, have left the world's biggest telecoms companies with a ravenous appetite for debt.



Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree