Telefonica Plans Mexico Issue

Telefonica plans to sell up to MXP6bn in bonds on Mexico’s domestic market, according to S&P, which assigns a AAA national scale rating. The Telefonica Finanzas Mexico unit wants 2014 and 2020 notes to refinance maturing debt. The deal would be the telecom’s first issuance in Mexico since 2006, when it raised MXP4.5bn in floating-rate bonds that come due this September. BBVA Bancomer is the bank listed on Telefonica’s MXP24bn shelf filed last year.