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Commentary & Deal Flow

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Telefonica SA

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Telefonica Emisiones SAU

by Anna Tkachenko

May 19, 2026 9:47 AM ET

PRICED: Telefonica Emisiones €750m 8.5yr Sr Unsec; MS+118bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Telefonica Emisiones, S.A.U.	8.5yr	4.3525%	27-Nov-34	€750m	Sr Unsec	Fixed	100	4.343%	MS+118	-29.5

Reoffer: 8.5yr: MS+118bp / 100 / 4.343%
Benchmark: 8.5yr: DBR 2.6% Aug-34 @ 96.36% / B+123.6bp / HR 100%

Final book above €1.6bn. Peak book above €2bn (pre-rec)

Launched: 8.5yr: €750m @ MS+118bp - Books above €2bn (pre-rec)
IPTs: 8.5yr: MS+145/150bp

Issuer: Telefonica Emisiones, S.A.U. (Ticker: TELEFO, Country: Spain)
Guarantor: Telefonica, S.A.
Guarantor Ratings: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
Expected Issue Ratings: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
Issuer / Guarantor LEI: 549300Y5MFC4SW5Z3K71 / 549300EEJH4FEPDBBR25
Format: Senior, Unsecured, Reg S, Bearer, New Global Note, Cat 2, TEFRA D. As per the Base Prospectus, no communications with or into the US or Canada (excluding Ontario)
Pricing Date: 19-May-26
Settlement: 27-May-26 (T+6)
Tenor: 8.5-year
Maturity: 27-Nov-34
Size: €750m
Reoffer: MS+118bp / 4.343% Yld / 100% Price
Benchmark: 123.6bps vs DBR 2.6% Aug-34 @ 96.36% / HR: 100%
Coupon: 4.3525% Fixed (Annual, Act/Act), long first coupon from 27-May-26 to 27-Nov-27
ISIN: XS3388349188
Documentation: EUR 40,000,000,000 EMTN Programme for the Issuance of Debt Instruments dated 10-Apr-26.
Governing Law: English law, except for the status of the Instruments and of the Guarantee, which are governed by Spanish law.
Listing: Irish Stock Exchange (Regulated)
Put/Call Options: MWC B+20bp / Clean-up call at 75% / 3m par call
Denominations: €100k+100k
UoP: General Corporate Purposes
Joint Bookrunners: Barclays (B&D), BBVA, Commerzbank, IMI – Intesa Sanpaolo, Mediobanca, Natixis, UniCredit
Advertisement: The Base Prospectus dated 10-Apr-26 and final terms when published – will be available via Euronext Dublin at www.ise.ie and on the website of Telefonica (https://www.telefonica.com/en/shareholders-investors/rating/debt-programs/)
Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
TOE: 14:34 UKT / 15:34 CET
FTT: 15:00 UKT / 16:00 CET