Telefonica pulls 7-yr sterling bond

LONDON, UK: Spanish telecoms company Telefonica has pulled plans for a seven-year sterling bond issue, an official with one of the banks managing the sale said on Thursday.

The company will, however, go ahead with its planned 19-year sterling issue and has set guidance at gilts plus 165 to 170 bps, the official said.

"There was stronger demand from investors for the 19-year bond," said the official.

HSBC, Royal Bank of Scotland and Societe Generale are managing the deal.