GlobalCapital, the financial information platform, has awarded Telefónica as the Most Impressive Corporate Hybrid Capital Issuer in Europe. The award was announced this week at the Bond Awards 2018 gala, in which GlobalCapital annually highlights the most relevant players in European debt capital markets.
Last March Telefónica carried out the first exercise in Europe of proactive management of multi-currency and multi-management hybrid capital, successfully launching two simultaneous transactions: an issue of new hybrids amounting to € 2,250M and a bond repurchase offer of existing hybrids. Telefónica currently has a hybrid portfolio of €7.4bn.
The company has also obtained the third position in two additional categories: Most Impressive Investment Grade Corporate Funding Team and Most Innovative Investment Grade Corporate Borrower. On an individual basis, Eduardo Alvarez has been voted second in the category Most Impressive Investment Grade Corporate Funding Official.
During the first quarter 2018, Telefónica’s financing activity amounted to approximately €10,692m equivalent and focused on maintaining a solid liquidity position, and refinancing and extending debt maturities in an environment of low interest rates. Therefore, as of the end of March, the Group has covered debt maturities for the next two years and the average debt life stood at 9.11 years (vs. 8.08 years in December 2017).