BBVA Corporate and Investment Banking has been appointed by Telefónica to handle finance for two deals to acquire the German telecoms operator, E-Plus, and infrastructure assets of Nokia Solutions and Networks.

BBVA Corporate & Investment Banking, along with another seven international banks, has been selected to place perpetual corporate bonds totaling €1.75 Bn – an issue that prompted demand of €12 Bn in total. The placement was made with a lower than expected coupon. The transaction, which included an international roadshow stopping at the main European stock exchanges, comprised a subordinated debt or "hybrid" bond issue. Telefónica will use the issue to part-finance the acquisition of the German telecoms operator, E-Plus – a subsidiary of the Dutch land-line and mobile telecommunication company, KPN. The remaining purchase price will primarily be financed by increasing the capital of the operator's German subsidiary, and a convertible bond placement.

BBVA has also been selected as agent bank, alongside two other banks, in the awarding of a long-term credit facility of €557 Mn to finance the acquisition of infrastructure assets from Nokia Solutions and Networks. Telefónica expressed an interest in using alternative financing instruments in this deal, which also involved the export credit agencies,Finnvera and Finnish Export Credit.