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Telefónica secures €850 million with oversubscribed green bond

Published Nov 15, 2023 06:13AM ET Updated Nov 15, 2023 06:19AM ET
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Telefónica has successfully issued an €850 million green bond, exceeding its initial target of €750 million due to robust investor demand. The bond, which is Telefónica's third this year, attracted nearly 200 orders totaling €2,500 million (EUR1 = USD1.0861) in book value.

The strong interest from international investors led to improved terms for the Spanish telecommunications giant, with the spread tightening from the initially proposed 135-140 basis points to just 110 basis points. The final coupon was set at 4.183%.

The company's latest foray into sustainable finance demonstrates its ongoing commitment to environmental initiatives, as it follows two previous green bond issuances earlier in the year, one in January and another in August. This pattern of activity highlights Telefónica's strategy of leveraging green finance instruments to fund projects that have a positive environmental impact.

The settlement for the transaction is scheduled for November 21, which will officially conclude this round of funding. The success of this issuance underscores the market's confidence in Telefónica's creditworthiness and its dedication to sustainability.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Telefónica secures €850 million with oversubscribed green bond
 

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