Telefonica Europe has announced the issue of two new undated subordinated guaranteed fixed rate reset securities with a view to funding the repurchase of over EUR 5 billion of outstanding hybrid bonds from 6 issues with maturities ranging from September 2018 to March 2024, according Telecompaper. In a statement to Spanish market regulator CNMV, the company said the 5.7-year and 8.5-year securities will be used to proactively manage its level of hybrid capital.