Telefonica has announced that it has issued its first senior sustainable bond. The bond will be used to sponsor sustainability initiatives and projects. The nine-year bond amounts to €1 billion ($1.06 billion). Telefonica saw immense success with the bond as it was over subscribed by more than double. In addition, the company saw about 150 orders from diverse investors. According to the company, the funds will be used to fund social and green projects.
These projects will be used to increase energy efficiency by transforming copper networks to fiber networks and the development of 5G technology. Furthermore, Telefonica will use the funds to deploy and improve broadband connectivity in rural areas while stimulating employment generation and entrepreneurship. Telefonica is making significant steps towards sustainability. In fact, the company revealed that it has a goal of achieving zero net emissions by 2030.
