BNY Mellon appointed paying agent on hybrid bonds issued by Telefonica Europe
First hybrid bonds issued in sterling by a Spanish company since financial
LONDON, Jan. 14, 2014
LONDON, Jan. 14, 2014 /PRNewswire/ --BNY Mellon, the global leader in
investment management and investment services, has been appointed paying
agent, common depositary and fiscal agent on a tranche of hybrid bonds issued
by Telefonica Europe B.V.
The hybrid bonds, which are deeply subordinated guaranteed fixed-rate reset
securities, raised £600 million and are unconditionally and irrevocably
guaranteed on a subordinated basis by Telefonica, S.A. Telefonica's hybrid
bonds will pay 6.75% interest per annum and have a non-call option for the
first seven years which means the issuer can redeem them after this period.
"We have seen a recovery in the issuance of European corporate bonds recently,
particularly in hybrid bonds," said Dean Fletcher, Head of EMEA Corporate
Trust, BNY Mellon. "These are the first hybrid bonds issued in sterling by a
Spanish company since the financial crisis. The fact the issuance was
oversubscribed shows that there is strong demand for sterling denominated
bonds from investors in the UK and elsewhere."
Telefonica is one of the largest telecommunications companies in the world in
terms of market capitalisation and number of customers, with its mobile, fixed
and broadband businesses as the key drivers of its growth in Europe and Latin
Notes to editors:
As of September 30, 2013, BNY Mellon Corporate Trust served as trustee and/or
paying agent on more than 67,000 debt-related issues globally. Its clients
include governments and their agencies, multinational corporations, financial
institutions and other entities that access the global debt capital markets.
The corporate trust business utilizes its global footprint and expertise to
deliver a full range of issuer and related investor services and to develop
customized and market-driven solutions. Its range of core services includes
debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments
and other entities issuing debt to perform a variety of duties, including
servicing and maintaining the debt issue, processing principal and interest
payments for investors, representing investors in defaults, and providing
value-added services for complex debt structures.
BNY Mellon is a global investments company dedicated to helping its clients
manage and service their financial assets throughout the investment
lifecycle. Whether providing financial services for institutions,
corporations or individual investors, BNY Mellon delivers informed investment
management and investment services in 35 countries and more than 100 markets.
As of September 30, 2013, BNY Mellon had $27.4 trillion in assets under
custody and/or administration and $1.5 trillion in assets under management.
BNY Mellon can act as a single point of contact for clients looking to create,
trade, hold, manage, service, distribute or restructure investments. BNY
Mellon is the corporate brand of The Bank of New York Mellon Corporation
(NYSE: BK).Additional information is available on www.bnymellon.com or follow
us on Twitter @BNYMellon.
This press release is issued by The Bank of New York Mellon to members of the
financial press and media.
All information and figures source BNY Mellon unless otherwise stated as at
September 30, 2013.
The Bank of New York Mellon, London Branch, registered in England and Wales
with FC005522 and BR000818.
Branch office: One Canada Square, London E14 5AL. The Bank of New York Mellon
is supervised and regulated by the New York State Department of Financial
Services and the Federal Reserve and authorised by the Prudential Regulation
The Bank of New York Mellon London branch is subject to regulation by the
Financial Conduct Authority and limited regulation by the Prudential
Details about the extent of our regulation by the Prudential Regulation
Authority are available from us on request.
Contact: Malcolm Borthwick
+44 20 7163 4109
SOURCE BNY Mellon
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