Clifford Chance has advised Telefónica in relation to the issuance of EUR 600 million Zero-Coupon Equity Linked Bonds, issued by Telefónica Participaciones and guaranteed by Telefónica. The bonds were issued on 9 March 2016 and carry a five year term. The bonds do not pay interest, but instead confer on investors the benefit of a cash settled conversion option, linked to the performance of Telefónica ordinary shares.

The multi-jurisdictional Clifford Chance team that advised on this transaction was led by English law Senior Associate Paul Deakins in the London Capital Markets team, and Partner Habib Motani and Senior Associates Andrew Woolmer and Anwesha Kar in the London Derivatives group. Corporate Partner Javier García de Enterría and Capital Markets Partner Yolanda Azanza led the Spanish law team in Madrid.