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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COMM
PRCD
TELEFO
Telefonica Emisiones SAU€750
1EMEA
May 19, 2026
currency
EUR
size (m)
750.000
maturity
Nov 27, 2034
type
Fixed
tenor
8.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa3
s&p
BBB-
fitch
BBB
size description
-
re-open/tap
No
ipt
MS+145-150
ipt-pxd
-29.5
guidance
n/a - straight to launch
spread
118
coupon
4.3525%
spread set
-
price
100.00000
yield
4.343%
book size (m)
1,600
peak book (m)
2,000
x-covered
2.13
book attrition
-20.00%
nic
9
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,600
peak book (m)
2,000
x-covered
2.13
book attrition
-20.00%
nic
9
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1600; First Pay: 2027-11-27; Registration: Reg S Only; Comments: DBR 2.6% 08/2034 @96.36% / HR: 100%. Par Call: 3m. MWC: B+20. Clean-Up Call: 75%. LEI: 549300Y5MFC4SW5Z3K71;
Guarantor(s)
Telefonica SA
Use of Proceeds
General Corporate Purposes
Relative Value

Senior

8.5 year (Nov 2034) @ MS+140 to +150

Implied Spread for fresh 8.5 year @ +109

Priced at MS +118

NIC of +9



COMPS

Bond

Ratings (M / S&P / F)

Maturity

Tenor (yrs)

Amount (€m)

I-spread (bid)

TELEFO 3.707 05/02/33

Baa3 / BBB- / BBB

02/05/2033

7,0

1000

100

TELEFO 4.183 11/21/33

Baa3 / BBB- / BBB

21/11/2033

7,5

850

102

TELEFO 3.724 01/23/34

Baa3 / BBB- / BBB

23/01/2034

7,7

1000

108

TELEFO 3.941 06/25/35

Baa3 / BBB- / BBB

25/06/2035

9,1

750

113

TELEFO 4.055 01/24/36

Baa3 / BBB- / BBB

24/01/2036

9,7

750

124