Telefónica paves the way for possible convertible

Spanish incumbent telecoms operator Telefónica is to ask shareholders to waive their rights to a &quotfirst look&quot at a potential convertible bond issue, in a sign that the European equity-linked market is becoming more sophisticated.

By getting investors to waive their pre-emptive rights if a convertible is issued, companies can hugely simplify the paperwork and procedure behind an equity-linked issue.

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