Spanish Telefonica sold three, five and seven year bonds for CZK 2.4 bn, CZK 3 bn and CZK 2.6 bn respectively. Its first sale of debt was denominated in Czech koruna. Company will pay 16 basis points more than Prague interbank offered rate for three – year bonds, 27 basic points more than the mid- swap rate for CZK for five –year bonds and 38 basis points more than mid-swap rate for CZK for seven- year bonds. Our view: Until Telefonica S.A doesn’t specify the destination of cash come from transaction, we can’t say that it will have positive impact on Telefonica O2. We expect the news to have neutral trading impact on the stock price today.