Telefonica unveils EUR1bn ‘green’ bond deal

Telefonica has declared a EUR1 billion (USD1.09 billion) so-called ‘green hybrid’ bond tied to the Spanish telco’s efforts to become more sustainable in terms of energy efficiency. Madrid-based Telefonica has not only upped its initial EUR750 million offer to EUR1 billion, it has also submitted two further green hybrid bonds – that are reportedly due to close next week. The company is quoted as saying: ‘The funds obtained will be allocated to investments in green projects that seek to achieve greater energy efficiency, consisting mainly of the shutdown of obsolete equipment and the deployment and improvement of network infrastructure.’ Further, it lists ‘fibre and 5G deployments’ in plans for ‘the transformation of telecommunications networks’, and states that ‘renewable energy generation plans’ form ‘the main levers to improve efficiency and reduce the carbon footprint’.