Davis Polk advised Telefónica, S.A. and Telefónica Emisiones, S.A.U. on the SEC-registered $500 million aggregate principal amount off-the-shelf notes offering by Telefónica Emisiones, S.A.U., guaranteed by Telefónica, S.A. The issuance constitutes a reopening of the 30-year notes issued by Telefónica Emisiones, S.A.U., guaranteed by Telefónica, S.A., in an amount of $2 billion, on March 8, 2017.

Telefónica is a diversified telecommunications group that provides a comprehensive range of services through one of the world's largest and most modern telecommunications networks. Telefónica is a provider of fixed-line telephone, wireless communications, Internet access and data transmission services in Spain and in several Latin American markets.

The Davis Polk corporate team included partner Michael J. Willisch and associate Sonia Rodríguez. Partner John D. Paton and associate Kelli A. Rivers provided tax advice. Associate Jennifer Wang provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, London and New York offices.